Since 2007, American Senior has offered various kinds of reverse mortgages, from jumbo reverse mortgages to reverse mortgages for purchase. It's licensed in many states across the United States and has an A+ rating with the Better Business Bureau.
The company helps you through the entire process with a dedicated and experienced loan officer, ensuring you understand your options and end up with the right reverse mortgage for your needs.
Loan types: Reverse mortgages
Loan products: Reverse mortgages, jumbo reverse mortgages, refinance existing reverse mortgage with a new one, reverse mortgage for purchase
Minimum credit score: Varies
Repayment terms: Repay once you move out or when the final borrower dies and the property is sold
American Senior is a trustworthy company with an A+ rating from the Better Business Bureau. You work directly with knowledgeable and helpful loan officers and can choose from several types of reverse mortgages.
However, there are a few drawbacks. First of all, the company doesn't publicly share its rates and fees online. The site also lacks some detail and resources—there's no FAQs page, for example. While its reviews are positive, there aren't many of them compared to other providers.
To qualify for a reverse mortgage with American Senior, you need to
The application process is straightforward and involves a few easy steps:
1. You can either call the company directly at 866-619-6947 or click the “How Much Do I Qualify For?” button on the website to get started.
2. After clicking, you're taken to a form where you need to provide your ZIP code, property value, mortgage balance, address, contact details, and personal information.
3. Next, an experienced loan officer will reach out to you for a 1-on-1 consultation. They'll go over a personalized quote with you and help you find the right solution.
4. You'll also have to complete a counseling session with an approved agency to make sure a reverse mortgage is the right option for you.
The company doesn't publicly disclose the documentation needed or how long it takes to get a reverse mortgage.
American Senior focuses on reverse mortgages, including the following:
Reverse mortgage: This is a standard reverse mortgage that lets you borrow against the home equity you have.
Reverse mortgage for purchase: These allow you to use the loan proceeds from a reverse mortgage to buy a new home.
Jumbo reverse mortgage: This is a loan designed to help owners of high-value homes get access to more of their home equity than most government-insured reverse mortgages allow. Jumbo reverse mortgages let homeowners borrow as much as $4 million against their home equity.
Reverse mortgage refinancing: The ability to refinance an existing reverse mortgage with another one.
A reverse mortgage is a good option for people 62 years and older who want to get additional value out of their home. Some of the benefits of getting a reverse mortgage include:
In some cases, it's difficult to continue to pay bills and fund your lifestyle on the smaller fixed income that retirement provides. A reverse mortgage gives you more freedom to easily cover bills and living expenses while maintaining peace of mind.
While there's a lot to like about reverse mortgages, there are a few things to keep in mind, too. First of all, if you fall behind on your property taxes or home insurance, you could be at risk of having to pay back the loan immediately, which could require selling the home.
A reverse mortgage could also leave your children and/or dependents in a tough situation as they'll often have to sell the property to pay off the loan. Be aware that interest rates for reverse mortgages are generally higher than for a traditional mortgage, as well.
A great feature of American Senior reverse mortgages is that you get expert guidance from the start. The agent you work with really gets to know you and gives advice that's easy to understand and personalized for your unique situation.
Also, the company offers an info guide and webinar to help you understand all you need to know about reverse mortgages.
The interest rate on your reverse mortgage depends on things like your unique situation, the value of your home, and the specifics of the loan. Unfortunately, the company doesn't publicly list its interest rates on the website.
There's no mention of the fees you'll have to pay, either. If you want detailed information about rates and/or fees, you'll need to reach out to the company directly.
When it comes to terms, many reverse mortgages pay the loan money in one large lump sum. But in some cases, you may be able to request regular monthly payments, have it set up as a credit line, or any number of other options.
While you'll need to eventually repay the loan, most reverse mortgages aren't paid back until the borrower either moves out of the home or once they pass away and the property is sold.
American Senior offers a variety of different reverse mortgages to older adults all over the country. It's a great choice if you're looking to put your home equity to good use without having to move out of your house.
The company is accredited by the BBB and specializes in jumbo reverse mortgages and high-end homes. You'll be guided by experienced loan officers every step of the way.
You can reach out to American Senior over the phone at 866-619-6947 or fill out a form on its website. Expert loan officers are available to answer all of your questions and go over any concerns you have.
The company only has a couple of reviews on Trustpilot at the time of this review, but they're generally positive and highlight the quality of the customer support. American Senior is a part of HighTechLending Inc., which has an A+ rating with the Better Business Bureau.