Simple Reverse Lending
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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
- 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
Simple Reverse Lending is part of the Click n’ Close brand. The company’s dedicated team of reverse mortgage loan officers has more than 70 years of experience in the industry. It handles all parts of your application in-house. For a simple way to get started, you can request a quote online.
Top Simple Reverse Lending Reviews
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...Read full review
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:
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
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I spoke to three other companies, and I decided to go with Chris from Simple Reverse. After he left, then it was David that I worked with. He was very nice, very helpful, and always, if I had a question, he returned my call. There was another gentleman towards the end. He was part of the underwriting, and he was also very nice. The whole process took two months. They completed it sooner than I thought. Once I got the money, I was able to pay off some things that had been putting a lot of pressure on me. I did that. I still got some saved for emergencies. It did just what I wanted it to do.
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We have filed for a reverse mortgage and the application process was a woolgathering. I'm an older lady myself and I found that it was very confusing. I had one of my neighbors to help me with some of it. But we have satisfied all the requirements and I was told last week that the money that my brother-in-law is gonna get from his reverse mortgage should be in the bank by now. In fact, it should have been in the bank on Friday of last week. The whole process was nerve-wracking. It was a lot of paperwork. But the gentleman that was helping us gave me most of the help that I needed.
Evelyn, Thank you for the feedback. We do our best to assist with the documentation needed for the loan.
The reps went it over with us that we can pay the loan back when we can afford to and if we were to sell, we'd have to pay the loan off. If we sold the house or if something happened to us and our children had the house, then they'd have to sell it and then pay off that loan. We had some minor repairs that needed to be done so the application and underwriting process took a little while. Andrew, the rep, helped us through the whole thing. He answered all of our questions and walked us through everything. He told us what we needed to do and what needed to be done. Working with Simple Reverse helped us a lot and it was a very positive experience.
Thank you Wanda. I appreciate the feedback and I am glad Andrew was able to help you make an informed decision.
The application process was very simple. Also, I felt comfortable with the time frame. Ryan from Simple Reverse Lending was very instrumental in helping me if I had any questions. The only thing that slows the process down is clients often don't know what to do, when to do it, and the questions they have sometimes go unanswered for days or weeks and that could slow things down. But when you have a guy like Ryan who if I needed something, I could email, call, or text him, and he had a response back in a short time. It went well for one of my clients. Always available whenever there was a question. He anticipated issues and we were out in front of anything and everything that came up at us.
Simple Reverse Lending is efficient. The person who I talked to to get me involved was polite. But when I needed money, he said not to call him anymore because he was done with me. He didn't say it in those terms, but that was how I felt at the end of that phone call. I dealt with another person who was easy to work with. They kept telling me we could do it online but I'm not that type of person. I'd rather speak with them, tell them what I want, and they tell me what I got to do to get it done.
The application process was quite lengthy, both verbal and written. Most of it was done via email. There was the consultation that we received from a group in Florida, which was verbal. The rate was fair and it was fair market value. If I didn't have friends in the markets, it would have absolutely driven me crazy with the feds and all they did. But having the people there, and the management and professionals really, really helped a lot with the anxiety. Right now, I'm very happy with the process.
The application process with Simple Reverse Lending was good. I did most of the work with Greg. He's a knowledgeable and friendly guy. If Simple Reverse Lending would fit your needs, it would be a good company to go with.
Thank you Dale. I'm very glad Greg and our team were able to assist.
Their reps seemed really nice. I've got their phone number if I needed anything or needed to talk to them about anything. Everything that they said would happen happened and we got it through and we're well satisfied with it.
The rep was nice. If there was anything I didn't understand, I'd tell him and he'd tell me again. However, going with Simple Reverse made a bunch of stuff in my mailbox. I didn't know what was going on and I had to call Lawrence to ask, "Why am I getting all these papers from these mortgage companies?"
The rep and his assistant were both very nice, helpful, kind of the friend of the family type people. Everything worked smoothly.
Simple Reverse Lending Company Information
- Company Name:
- Simple Reverse Lending