Based out of Marietta, Georgia, Premier Reverse Mortgage is a one-product company that specializes in reverse mortgages. The company offers traditional FHA HECMs and purchase reverse mortgages, also known as HECMs for purchase. Additionally, it provides proprietary reverse mortgages designed for younger individuals and higher-value homes above the FHA limit.
Premier Reverse Mortgage allows you to choose how you want to receive your funds. You can opt for a lump sum, line of credit, or fixed monthly payments. Best of all, you can mix and match the disbursement methods to find an income stream that fits your situation.
If you own or have equity in your home but are struggling to pay medical bills or other debt, then Premier Reverse Mortgage’s product offerings may be right for you. With a reverse mortgage from Premier Reverse Mortgage, seniors aged 62 and older (or 55 and above in some states) can tap into their home equity without having to take on large monthly payments.
Premier Reverse Mortgages carries three types of reverse mortgage products, FHA HECMs, HECMs for Purchase, and Proprietary Reverse Mortgages.
The Federal Housing Authority (FHA) controls the regulations that govern traditional HECMs. Accordingly, the qualifications and features of FHA HECM products don’t change significantly from one company to the next. Here are some of the main features of FHA HECMs:
HECMs for purchase are the same as regular FHA HECMs, except that they are used to borrow a portion of the purchase price for a new primary residence. Like a regular mortgage, HECMs for purchase have a downpayment requirement that typically ranges 50%-60% of your home’s purchase price.
Also known as private or jumbo reverse mortgages, proprietary reverse mortgages are backed by your mortgage lender rather than the federal government. Proprietary reverse mortgages function similarly to traditional HECMs with a few key differences as outlined here:
Follow these steps to get started with Premier Reverse Mortgage:
Your interest rate and APR will vary depending on your loan type, loan amount, LTV, and other factors. Fixed-rate reverse mortgages have a fixed interest rate over the life of the loan. Meanwhile, adjustable-rate reverse mortgages include both a fixed rate (known as the initial interest rate) and a variable interest rate. You don’t pay interest, premium, or closing fees until you move out of your home, sell your home, or pass away, except for a 2% upfront MIP charge on FHA HECMs.
You can reach Premier Reverse Mortgage’s customer service team via phone, chat, or email. Its customer service team is available 8am-5pm ET, Monday-Friday. You can also check out the learning resources on Premier Reverse Mortgage’s website, including FAQs, qualifications, and blog articles.
Phone: (800) 996-5361
|Premier Reverse Mortgage||Longbridge||Ratezip|
|Lender or Marketplace||Lender||Lender||Marketplace|
|Minimum credit score||None||None||Varies by lender|
|APRs||Fixed or adjustable||Fixed or adjustable||Varies by lender|
|Better Business Bureau score||4.86||4.07||Varies by lender|
|Proprietary loans available?||Yes||Yes||Varies by lender|
Premier Reverse Mortgage offers FHA HECMs along with proprietary and purchase reverse mortgages. It provides you with multiple ways to receive your funds and can finance proprietary loans up to $4 million.
While the company doesn’t do anything unique, it distinguishes itself from its competitors thanks to its excellent customer service. This focus on the customer experience is demonstrated by the many positive reviews left by customers on third-party websites. Premier Reverse Mortgage makes it easy for you to unlock the equity in your home by guiding you through the reverse mortgage process from start to finish.
There are 3 main criteria to qualify for a reverse mortgage - age, LTV, and income and credit history.
Premier Reverse Mortgage accepts applications in Arizona, Arkansas, California, Colorado, Florida, Georgia, Michigan, New Jersey, New York, Oregon, Pennsylvania, South Carolina, Texas, Virginia, and Washington.
Fixed-rate reverse mortgages must be taken in a lump sum. If you choose an adjustable-rate reverse mortgage, you can receive your funds as a lump sum, a line of credit, in monthly payments, or through a combination of all three methods.
The amount due is equal to the funds you received plus any interest, mortgage insurance, and closing costs.
1640 Powers Ferry Rd SE, Bldg. 28, Ste. 300, Marietta, GA 30067
The information relayed in this review comes from Premier Reverse Mortgage’s website and customer reviews.