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.
- Refinancing options
- Multiple payment options available
- Full-service provider, not a broker
- Experienced team of loan officers
- Only licensed in 23 states
- No online information about rates
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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.
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- We use intelligent software that helps us maintain the integrity of reviews.
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Simple Reverse Lending Company Information
- Company Name:
- Simple Reverse Lending
- Website:
- simplereverse.com