One Reverse Mortgage
in Reverse Mortgages from Quicken LoansUnaffiliated
|Origination Fee ($)||N/A|
|Loan Amount||$10,000 - $4,000,000|
One Reverse Mortgage Review
One Reverse Mortgage is offered by Quicken Loans (NMLS #3030), a direct lender founded in 1985 and based in Detroit, MI. One Reverse Mortgage is available in 47 states (and Washington, DC).
What types of reverse mortgages does One Reverse Mortgage offer?
One Reverse Mortgage 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 $4,000,000. 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 range of rates does One Reverse Mortgage offer?
Reverse mortgage rates can be fixed or variable. Fixed rates do not change over the life of the reverse mortgage, but they are only available to homeowners who choose a lump sum payment reverse mortgage. Adjustable reverse mortgage rates are used for borrowers who choose a line of credit or regular payments. They depend on two factors: an index and the lender's margin. Combined they form the adjustable rate charged to borrowers.
Reverse mortgages use the London Interbank Offered Rate, also known as LIBOR, as an index. One Reverse Mortgage has a margin rate of 2%. To illustrate, if the LIBOR were 4%, the reverse mortgage rate would be 6%. Remember this rate does not include origination, servicing or counseling fees
What is the estimated funding time for a home loan via One Reverse Mortgage?
One Reverse Mortgage will typically provide a credit approval decision in less than an hour and fund the loan within 1 and 30 days.
What fees does One Reverse Mortgage charge for a reverse mortgage?
One Reverse Mortgage may charge a loan origination fee.
1050 Woodward Avenue
Detroit, MI 48226 USA
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Other Services by Quicken Loans
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- South Carolina
- South Dakota