Simple Reverse Lending

Simple Reverse Lending Reviews

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About Simple Reverse Lending

Simple Reverse Lending is part of the full-service mortgage company Click n’ Close. It’s been in business since the 1940s. The company’s reverse mortgage team completes all stages of the lending process on-site. Its qualified loan officers offer on-site HUD underwriting to help customers get the best rates. Simple Reverse offers free reverse mortgage proposals to interested homeowners. The company is licensed in 23 states.

    Pros & Cons

    Pros
    • Refinancing options
    • Multiple payment options available
    • Full-service provider, not a broker
    • Experienced team of loan officers
    Cons
    • Only licensed in 23 states
    • No online information about rates

    Featured Reviews

    Verified
    Davenport, FL

    The application process was very simple. Also, I felt comfortable with the time frame. Ryan ... was very instrumental in helping me. ... The only thing that slows the process down...

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    Verified
    Spring, TX

    Everything was excellent with Simple Reverse Lending. They were clear about everything and answered all my questions. I was not very knowledgeable on the process but I was comfort...

    Read full review

    What is Simple Reverse Lending?

    Simple Reverse Lending strives to streamline the reverse mortgage lending process to simplify it for seniors. The company's qualified loan officers help customers through the roughly 30-day process between the mandatory counseling and the loan's close.

    It specializes in Home Equity Conversion Mortgage (HECM) reverse mortgages. However, you can get other mortgage products from the other brands in the Click n’ Close family. Simple Reverse Lending rolls almost all closing costs and loan fees into the loan to reduce your out-of-pocket expenses.

    Qualified borrowers won't have to make a monthly mortgage payment if they don't want to. However, they must maintain their home, pay their hazard and flood insurance premiums, keep their property taxes up to date and pay their utilities. These requirements are typical for reverse mortgage lenders.

    How does Simple Reverse Lending work?

    To begin the loan application process with Simple Reverse Lending, you’ll need to contact the company. You can request a quote by completing an online form or calling.

    The loan officer who works with you will review your situation and explain what reverse mortgage terms you qualify for. Then, before you can continue with the application process, you must attend third-party counseling. You can complete the counseling over the phone or in a face-to-face setting.

    After you complete the counseling requirement, it’s time to continue the application process. As a part of this, you’ll need to:

    • Fill out the application
    • Submit to a credit check
    • Coordinate with an appraiser to determine the value of your home
    • Complete a title report to check for liens
    • Provide any required documentation to your loan officer

    After the underwriting process is complete, you’ll need to sign the final loan documents. You’ll select how you want to receive your money during this stage. Simple Reverse Lending offers:

    • Guaranteed monthly payments as long as you remain in the home
    • Higher monthly payments for a set amount of time
    • Line of credit that lets you access the available cash anytime
    • A lump sum

    You can also mix and match options to create a customized plan.

    Once you sign the HECM loan, you’ll have a rescission period of three business days. If you decide during this time that you’d like to cancel the loan, there are no penalties.

    After your cancellation period has passed, you’ll get the money in the manner agreed upon at closing.

    Simple Reverse Lending rates

    Simple Reverse Lending has no information about its lending rates available online. To get a customized quote, you must contact the company and provide information about yourself and your home.

    Different factors determine your rate, including:

    • Your age
    • Your home’s value
    • The home’s location
    • Your existing mortgage (if any)
    • The plan you select for receiving your funds

    If you don’t make payments, interest accrues on the loan balance. This interest is not tax deductible until you make partial or full repayment.

    Simple Reverse Lending FAQ

    Do I have to get an appraisal to get a Simple Reverse Lending mortgage?

    Yes, Simple Reverse Lending requires an appraisal to get a reverse mortgage.

    Where is Simple Reverse Lending available?

    Simple Reverse Lending is available in 23 states:

    • Alabama
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Florida
    • Georgia
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    When was Simple Reverse Lending founded?

    Simple Reverse Lending is a part of the Click n’ Close Brand. This company rebranded in 2022. Simple Reverse Lending has roots in a company founded in the 1940s.

    Is Simple Reverse Lending legit?

    Simple Reverse Lending can be a good option for qualified senior homeowners who want to access the equity in their home or get rid of their current mortgage payments. Reverse mortgages aren’t for everyone, though. The experienced team at Simple Reverse Lending can walk you through the decision. It has some educational material on its website that can also help, including a downloadable guide that’s simple to read. However, the company doesn’t publish information about its rates online, and you’ll need to submit some personal information to request a quote.

    Simple Reverse Lending Reviews

    Stars Rating

    • 75%
    • 21%
    • 4%
    • 0%
    • 0%

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      How do I know I can trust these reviews about Simple Reverse Lending?
      • 4,465,035 reviews on ConsumerAffairs are verified.
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      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 5
      Verified purchase
      StaffLoan Process

      Reviewed Oct. 15, 2023

      Simple Reverse's rep did good up until I saw that $13,000. I had signed all the papers and it had one sheet in there that said $13,000 that would go to him and other people that had to work on my mortgage. I told him that I didn't want to do the loan anymore. But I had signed everything and he didn't inform me that if I didn't want to go through with the loan, that there was some paperwork that I would need to do. Because I talked to the lady that came out from the law firm for me to sign the papers. She said I should have asked her. She would have told me that there were paperwork that I needed to sign not to get the loan. I thought I didn't need that because the rep didn't say that they needed something. So the next week, I got $16,000 deposited into my account. So, he went on with the mortgage. I could have caused a lot of trouble but I didn't. I just said I would just go ahead with the loan.

      I wouldn't recommend anybody to Simple Reverse Lending from what their rep did. We were getting along fine until I told him I didn't want the loan anymore. But he went ahead and I had signed everything. He took it on himself to go ahead on and pay off the mortgage that I had, the $25,000 that I had left on the house. He told me that, "They've paid your house." So, I was mad for six days. I did sign all the paperwork. But I didn't get a good understanding as to how I could not have to get this loan.

      Verified purchase
      StaffLoan Process

      Reviewed Oct. 3, 2023

      I was referred to Simple Reverse, and they were able to help me. It was a very positive experience. I would not hesitate to recommend Monica to anyone who might be looking to do this. She was extremely helpful. I've never done anything like this before, and so I just followed and did what she told me to do. I just retired and I'm trying to get everything together and one of the reasons that I decided to do a reverse mortgage was I wanted to get everybody that I owed money to paid off, which I was able to accomplish through Simple Reverse. It worked out really great, and I can't say enough about Monica. She went beyond what she would be required to do.

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        Verified purchase
        Customer ServiceStaffLoan Process

        Reviewed Sept. 16, 2023

        I spoke with Monica and she explained to me that Simple Reverse did a lot of changes. There was a big difference in the old way that they did the process. I asked her questions about it and she answered me. She told me that she would send me a package to give me a visual on how they would proceed with it. Every time I called her and left her a message, if she didn't pick up, she would call me back. I like that too. Another rep called and walked me through the whole process as well and explained it. So I like that. He answered all my questions. They didn't hesitate to answer the question. I feel relieved right now that I don't have to pay this mortgage. I don't have to worry about paying this big AC bill that I've been having for the last four months. I can pay the bills with a little more at ease.

        Verified purchase
        Customer ServiceLoan ProcessRates

        Reviewed Aug. 23, 2023

        I have been working with the loan officer, Jason, for quite a few years and I finally decided to do a reverse mortgage. The application process was pretty much over the phone. Then, we sat down with the notary who came and finished the process. It was very simple and the easiest process I've ever gone through, as far as a loan. Also, the rate and terms were exactly what I expected. A reverse mortgage, by nature, is more expensive than others because of the up-front mortgage insurance to the FHA. But for our situation, it was the best alternative and the rate was was very competitive and fair in today's rate environment.

        Verified purchase
        Staff

        Reviewed July 28, 2023

        Once I talked to the reps at Simple Reverse, signing up sounded like a pretty good idea. I had to fill out a bunch of stuff during the application like my W2 and about what social security paid me, and the rep who helped me was thorough about telling me what I needed to hear or what it was all about. The terms of the loan were good enough and working with Simple Reverse helped me out.

        Simple Reverse Lending
        Simple Reverse Lending
        Pinned

        Thank you for your feedback. I am glad to hear that you were happy with your loan.

        Verified purchase
        StaffLoan Process

        Reviewed Nov. 1, 2023

        Monica helped us out and everything went smoothly. Also, the loan officer was very nice and he explained everything very well. He took his time. If I wanted to look over something, he let me do it and read it.

        Verified purchase
        Staff

        Reviewed Oct. 14, 2023

        SimpleReverse was very easy to work with. The rep was very helpful and walked me through everything. He explained everything very thoroughly.

        Verified purchase
        Customer ServiceStaffLoan Process

        Reviewed Sept. 28, 2023

        Their rep Miranda went out of her way to help me. No question was too dumb, too small or too big. I couldn't get a better person on the phone than her. She made it so that I understood it all. The process seemed like it took forever. But it was only a couple of months. We did most of the document process over the phone and emailed back and forth what she needed to get to me. Working with them worked out really well for me.

        Verified purchase
        StaffLoan Process

        Reviewed Aug. 24, 2023

        The application process took a while and it was a lot of paperwork but it was all right and the rep who helped me was great.

        Simple Reverse Lending
        Simple Reverse Lending
        Pinned

        Thanks for the feedback. The paperwork can be a bit much, but I'm glad to know that your loan officer was able to be a great resource for you.

        Verified purchase

        Reviewed Aug. 23, 2023

        Simple Reverse has helped considerably as far as financial issues go. It took two weeks to get all the paperwork done. And we had the notary come to the house. So, it worked fine. We were pleased.

        Simple Reverse Lending
        Simple Reverse Lending
        Pinned

        I'm very happy that the loan was helpful, and that you are pleased with our service.

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          Simple Reverse Lending Company Information

          Company Name:
          Simple Reverse Lending
          Website:
          simplereverse.com