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About Promise Home Loans Reverse Mortgage
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Promise Home Loans is a mortgage broker that connects adults who are at least 62 years old with lenders to secure home equity conversion mortgages (HECMs). It also helps qualified seniors purchase a home with a HECM for purchase loan. In addition, seniors over the age of 55 can work with Promise Home Loans to access up to $4 million in equity through a jumbo reverse mortgage. The company’s mission is to be transparent about all loan options and to provide excellent customer service.
Pros & Cons
- Free online loan calculator
- Provides customer education
- Stays connected during the entire loan process
- Doesn’t provide its own loans
- Limited information about loan terms online
As a mortgage broker, Promise Home Loans works with various lending companies to find the best deal for your reverse mortgage. It also provides other mortgage options for seniors. A reverse mortgage professional walks you through each step of the process and answers any questions you have.
What is Promise Home Loans reverse mortgage?
Promise Home Loans helps qualified senior citizens improve their monthly financial situation by connecting them to reverse mortgage lenders. The company reviews your circumstances and helps you determine what type of reverse mortgage program would be the best fit for your needs.
The company focuses on providing transparent customer service. It offers consumer education material on its website for you to learn more about your loan options and separate fact from fiction. In addition, there’s a page dedicated to helping your adult children have more peace of mind about your decision to get a reverse mortgage.
How does Promise Home Loans reverse mortgage work?
When you get in touch with Promise Home Loans, either by calling the company or filling out a form on its website, you’ll connect with a mortgage loan originator. This person gathers information about you, your home and your financial goals.
Next, they will help you decide if a reverse mortgage is right for you. If it is, you’ll be required to take counseling from an independent third-party provider and submit your completion certificate to the Promise Home Loans office.
Once you finish the needed counseling, you’ll work with your mortgage loan originator again to complete a loan application. The originator is there to help you through each step. You can meet with them over the phone or in person at your home, office or another agreed-upon location.
As a part of the process, your home will get appraised. When all the paperwork is done, your loan originator sends it off to a loan underwriter to see if the loan can be approved. Upon loan approval, you’ll sign the loan forms and receive your money.
Promise Home Loans reverse mortgage rates
As a mortgage broker, Promise Home Loans doesn’t offer its own mortgages. Instead, it partners with other lenders to find you the best rates. The terms of the loans vary from one lender to another. The fees, terms and rates are subject to change, so they’re not posted publicly on the company website. You'll need to contact the company to get the specific terms for a reverse mortgage product.
Promise Home Loans reverse mortgage FAQ
Where is Promise Home Loans reverse mortgage available?
According to the NMLS Consumer Access website, Promise Home Loans is licensed in four states at the time of publishing: California, Colorado, Oregon and Texas. We recommend reaching out to the company to find out if it provides services in your state.
Who is eligible for a Promise Home Loans reverse mortgage?
To qualify for a reverse mortgage from Promise Home Loans, you must be at least 62 years old. You must have enough home equity to pay off any outstanding balances. In addition, you must live in your home as your primary residence.
Where is Promise Home Loans located?
Promise Home Loans is based in Aliso Viejo, California.
Does Promise Home Loans offer other mortgage products?
Promise Home Loans works with consumers to secure reverse mortgages and jumbo reverse mortgages from a variety of lenders. You can also use the company for help getting HECM for purchase loans, which allow qualified seniors to purchase a home and get a reverse mortgage at the same time. In addition to reverse mortgage products, Promise Home Loans can also help people obtain more traditional mortgages and refinance options.
Is Promise Home Loans reverse mortgage worth it?
If you’re an older homeowner looking for a reverse mortgage, Promise Home Loans could be a good fit. The company searches available loan options to help you find the one that’s best for your unique situation. Then, your loan originator works with you every step of the way, so you’re never confused about the process. However, because Promise Home Loans is a broker and not a direct lender, you’ll need to submit an application with another company to actually get a loan.
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Promise Home Loans Reverse Mortgage Company Information
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