Where does On Q Financial do business?
On Q Financial is based in Scottsdale, AZ. The company was founded in 2005 and offers reverse mortages in 46 states (and Washington, DC).
What types of reverse mortgages does On Q Financial offer?
On Q Financial allows borrowers to apply for the following types of reverse mortgage.
Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.
A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.
Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.
How much can you borrow with a reverse mortgage?
Reverse mortgages are a type of mortgage that makes it possible for older homeowners to borrow money by using the value of their home as security.
The maximum loan amount with this lender is $636. Note that the maximum loan amount you can borrow will vary depending on the value of the property, your age, how much you owe on it, and your creditworthiness.
What fees does On Q Financial charge for a reverse mortgage?
On Q Financial may charge a loan origination fee.
What types of property can you use as security for a reverse mortgage with On Q Financial?
Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. On Q Financial will consider lines of credit secured by the following property types:
- Primary home
- Secondary homes and vacation properties
Other Services by On Q Financial
- Washington, DC
- New Hampshire
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia