One Reverse Mortgage offers a variety of loan options to eligible homeowners. The process may be confusing at times, but licensed agents are available to answer questions and provide support.
- Licensed in all 50 states
- Online educational resources
- Reasonable fees
- Aggressive marketing tactics
About One Reverse
One Reverse Mortgage products and services
One Reverse Mortgage has four types of reverse mortgages options available to qualified homeowners.
- Adjustable-Rate HECM
- Fixed-Rate HECM
- HECM for Purchase
- Home Equity Loan Optimizer (HELO)
- One Reverse offers the Home Equity Loan Optimizer, or HELO, for homeowners without enough equity to qualify for a traditional reverse mortgage. HELO loans have higher principal limits and don’t require a mortgage insurance premium.
How does One Reverse Mortgage work?
The process for getting a HECM or HELO from One Reverse is similar to other reverse mortgage lenders:
- The first step in the One Reverses Mortgage process is an educational session with a HUD-approved counselor.
- If you determine that a One Reverse HECM or HELO loan is a smart choice for your financial situation, complete an application. One Reverse customer service representatives are available to help complete the paperwork.
- An FHA-approved appraiser evaluates your property to determine its current value.
- Once the appraisal and application processes are complete, and if you are approved, you close on your loan and receive your payout.
One Reverse Mortgage fees
If you get a loan with One Reverse Mortgage, expect to pay an origination fee of up to $6,000 and a servicing fee of around $30. Other costs — appraisal fees, title fees and escrow costs — are similar to conventional mortgages. The Mortgage Insurance Premium (MIP) is typically about 0.5% of the total loan amount and due at closing. Some loan types also require an annual MIP payment.
One Reverse Mortgage FAQ
- How long does it take to get a loan from One Reverse?
- How does One Reverse Mortgage calculate total loan amounts?
- For most programs, there are federally-mandated limits on how much One Reverse Mortgage can loan. Each total loan amounts primarily depends on the appraised value of your home, your age and how much equity you have.
- Where is One Reverse Mortgage available?
- One Reverse Mortgage currently operates in 47 states, but the company is licensed in all 50.
- Will One Reverse Mortgage own my home?
- No, One Reverse will not own your home — the title stays in your name.
Is One Reverse Mortgage worth it?
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One Reverse Mortgage hired an appraiser who was totally incompetent. He actually used a single wide mobile home 4 miles outside of town as one of his comparables, even though we live in town in a stick built house that’s been completely remodeled. When I complained, they dropped us saying we has inadequate equity, but our house is paid for. The appraisal came in over $100k low. Stay away from this company.
Don’t do it. One Reverse Mortgage is the WORST company to deal with. After spending months jumping through hoops got my grandmother who was in hospice, they never finalized my loan and we had already paid all processing and interview fees. Found another lender and got a reverse mortgage for her to stay in her home hospice and got it super easy in just a couple weeks.
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Signed a 3rd Reverse Mortgage. We received $25,000.00. Was told to cash 60% the first year and the balance the next year. The next year we did not really need the money but were told to cash the balance because it would not be available anymore. We did. We signed the Reverse in August 17, 2017. Last month we received a letter telling us that our Mortgage had been registered in N.Y. (we live in Texas) for $615,000.00??? We had no idea that we had signed 2 contracts the day we took this Mortgage.
We remembered that the Public Notary Lady who was telling us where to sign, stopped to read a document and said "Humm! I have never seen one like that". She read a little and said "OK! It seems that you will not have to sign another contract next year" and we kept on signing, never seeing that it was a 2nd contract with $615,000.00 written anywhere. Today I tried to find out what is the amount we have to insure and was told by Longbridge $250,000.00 -- on this contract we owe 233,000.00 + $ 25,000.00 + interest & insurance. As of today June 21, 2019 we owe $300,000.00. No one will explain to us what this 2nd contract is and the reason for the $615,000,00 new mortgage. We are still trying to find out but they do not answer their phone.
The salesman was very friendly and nice in the beginning and when I told him I wanted to review the info he had given me he became borderline abusive and angry. He continued calling every day with VERY high pressure pitch. After my experience with them even if I were to do a reverse mortgage it would not be with them!
Michal called to get information and asked what type of home I had even though I had put manufactured home in the information page. Even though their website states they will do a reverse mortgage for a manufactured under certain conditions which my home meets, he stated they do not do reverse mortgages on manufactured home. They need to change their website if that is what they do.
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This process was very time consuming. The person that called initially could have saved a lot of time before having me send numerous documents only be denied. I did the counseling, which I paid for. I also had an appraisal that came in significantly higher than I had anticipated. I received a conditional approval letter. I was told I had adequate income and credit score. I was hounded me to get everything done and called repeatedly. However, after she passed it on for approval and after faxing 31 pages of requested documents, I was told that I did not have sufficient income.
My taxes and insurance were paid. I did not understand this as a reverse mortgage doesn't require any payments and there was no risk of not being paid back. The loan amount was less than the appraised value. I also did not have a mortgage on the property. I was also denied after I could provide additional income and because I was joint tenant on a property owned by daughter. This property a cooperative, with cash in and cash out and she only pays a association fee. There is no mortgage and had cash value, but, because I could prove that my daughter paid the association fee that worked against me. They also wanted a DTE bill in my name? My son pays this for me. The bill is in his name which also worked against me. I want to share this information hopefully to save someone from the same frustration that I had. I was very disappointed dealing with One Reverse.
I had called Quicken Loans on a HARP program. The guy named Jacob appears not to have ANY life experience. After taking all my personal information said he could not assist me since he could not find if my lender was FMNA of Freddie Mac. Told me to look it up & then call back. Then this AM 8/24/17 I rec'd a call (never did I give a phone #) from someone at One Reverse Mtge who left no name or even when I called them to inquire what other options they had as she had stated on the VM. Was transferred to a Patrick **, in Florida who had a such bad attitude thinking just because I'm a Senior Citizen he could get away with it. I did call him on it which he denied-hopefully this was recorded. He asked the same questions that had already been provided to Kim the 1st caller-I told him so then he talked about the privacy act! WHAT BS. THESE PEOPLE SHOULD BE TAKEN OUT OF BUSINESS NOW.
Worst experience that I have ever had. If they listened to me months of my producing documentation ad infinitum would have been resolved. They acted like they knew what they were doing and obviously didn't. Wes ** their fixer guy was pompous and didn't think thing through. By the time they got to the end, they had wasted almost five months of my time. If you own your own business stay away from them. They didn't follow section 31.86 rules and kept wanting more and more information that they disallowed. By the end the appraisal, counseling, and HUD file number expired. Worst company in the business.
What the consumer does not realize is that all the advertising out there is very deceptive and misleading. Saying a person gets to stay in their home does not tell the full story of all the charges that continue to add to the loan. There is an initial huge charge for PMI insurance and an annual charge. PMI insurance does not protect you, it protects the mortgage company but you end of paying for it and it continues to add to the loan amount on your home! Your choice of a company for your homeowner's insurance has to be approved by them. If they do not like your choice or it does not meet their approval, you have to go with their choice. If you have one late payment on your taxes or insurance, that is cause for default and they can start foreclosure.
When you apply, your credit is checked and scrutinized. Even if you currently have excellent credit, they look back to previous years and items that have zero balances and make you respond to everything. You truly are under a microscope. So if that happens in the application process, imagine what happens after you have the loan. They truly look for ways to get your home from you. Once you sign on the bottom line, you really are not the owner of that home. All the advertising that is done with famous actors, is totally misleading. Those people are not the ones that are using the reverse mortgage! They can say anything that makes the program sound wonderful without having any firsthand knowledge of the process.
I almost signed my home away in this manner until I got the loan docs and the first paper I was to sign was a blank form asking for my credit card number along with the three digit number on the back of the card. Plus a disclaimer on the bottom of the form that said by signing the form I could not dispute any charges they made! This was a blank form they told me was necessary because I needed to pay for an appraisal on my home. When I refused to sign it, they basically said that they didn't know what my problem was as this form was requested by all applicants. I even contacted an attorney who told me to absolutely not sign such a form.
I think that seniors are being duped into thinking that the reverse mortgage is such a wonderful product for them when in reality, it is only a wonderful product for the mortgage companies who end up owning your home in the end as they hold all the cards. Seniors think twice, don't fall for the false ads out there! Don't be duped and scammed into giving away your home because after all the interest and charges continue to accrue on your home, your heirs will not be able to sell your home and gain ownership! They will have no choice but to turn it over to the mortgage company.
People were very pleasant in explaining process and were very helpful and friendly. They made things very easy if I had to would deal with this company again. Financing fees were fairly reasonable. They were not as high as some places. Repayment options were ok too. Not as bad as it could have been. Gave lots of choices to choose from to find best option suited for me. The value was good. Received more than expected too. Was able to do things like pay bills and make repairs that needed to be done.
One Reverse Mortgage Company Information
- Company Name:
- One Reverse Mortgage
- Year Founded:
- 9920 Pacific Heights Blvd, Ste 350
- San Diego
- Postal Code:
- United States
- (800) 401-8114