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Best Reverse Mortgage Lenders in West Palm Beach, FL

Nov. 19, 2019, 10:57 p.m.

West Palm Beach has long been a popular destination for retirees who want to enjoy their golden years. Many can benefit from a reverse mortgage, which allows you to draw on your home’s equity to receive cash from a lender. Our partners at ConsumerAffairs reviewed the best reverse mortgage lenders in West Palm Beach to help you find financial security during retirement.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. WPTV may receive compensation from our partners. Learn more.

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#1
RECOMMENDED
Finance of America Reverse

Prepare for retirement with us!

VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(855) 622-6838
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#1 Most popular
Finance of America Reverse
Finance of America Reverse
Features
  • Jumbo reverse mortgages
  • NRMLA certified
  • Available in West Palm Beach
  • Retirement investment options
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VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(855) 622-6838
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#2 MOST POPULAR
American Advisors Group (AAG)
American Advisors Group (AAG)
Features
  • BBB accredited company
  • 97% customer satisfaction
  • Available in West Palm Beach
  • Free info kit online
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VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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#3
Liberty Home Equity Solutions
Liberty Home Equity Solutions
Features
  • No upfront fees
  • Fixed & variable rates
  • Wholesale lending options
  • Available in West Palm Beach
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VISIT WEBSITE
CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
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#4
CTC Reverse Mortgages
CTC Reverse Mortgages
Features
  • Competitive rates & fees
  • Commitment to customer service
  • Prompt communication
  • Free online quote
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Location
1475 Centrepark Blvd., Ste.301
West Palm Beach, FL 33401
(800) 610-3570
#5
All Reverse
All Reverse
Features
  • Specializes in reverse mortgages
  • No-hassle, timely closing
  • Direct lender
  • A+ rating with BBB
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Location
Serves residents in
West Palm Beach, FL
(800) 565-1722
#6
Palm Beach Mortgage Group
Palm Beach Mortgage Group
Features
  • Represents a wide range of "A"-rated lenders
  • Leverages more than 100 investors
  • Individual service
  • Free consultation
Read More
Location
5589 Okeechobee Blvd., Ste. #105
West Palm Beach, FL 33417
(561) 475-3685

How to choose a reverse mortgage lender in West Palm Beach

WPB Skyline

In West Palm Beach, where over 18 percent of the population is 65 or older and home prices are rising faster than the national average, senior homeowners can supplement their cash flow with reverse mortgages. Reverse mortgages in West Palm Beach allow qualified senior homeowners to tap into equity to receive funds in a variety of ways, often with few restrictions on how the money can be spent.

There are several different types of reverse mortgage loans in West Palm Beach for homeowners to consider. Each is generally repayable once the borrower dies, but may need to be repaid sooner if the home is no longer used as a principal residence or if the borrower fails to meet minimum requirements, like paying taxes or insurance or making repairs.

Type of reverse mortgage Insurer Features Use of funds
Home Equity Conversion Mortgage (HECM) U.S. Department of Housing and Urban Development (HUD) Several options for receiving funds; bigger loan advances at lower total cost Any purpose
Proprietary reverse mortgage Private company Loans can exceed HECM limits; funds usually available only as lump sum at closing Any purpose
Single-purpose reverse mortgage State and local government agency or nonprofit Least expensive option; most homeowners with low or moderate income can qualify Single purpose, specified by lender

By far the most common type of reverse mortgage is a federally-insured Home Equity Conversion Mortgage (HECM). To qualify, you must meet the following requirements:

  • Be 62 or older
  • Own the property completely or have a considerable amount paid off
  • Occupy the property as a primary residence
  • Not have any federal debt past due
  • Be able to make ongoing payments of property taxes and insurance
  • Participate in a federally-approved HECM counseling session

It is important to work with a reverse mortgage lender in West Palm Beach that is transparent, reliable and trustworthy. When shopping for a reverse mortgage, compare origination fees, interest rates, closing costs and servicing fees. If you have a spouse, be sure to ask your lender how he or she will factor into the agreement. Also, ask your lender what happens if you owe more than the value of your home when the loan becomes due. Most agreements are “non-recourse,” meaning you will never owe more than the sales price of the home.

Remember, the funds from a reverse mortgage are usually non-taxable and will not affect your federal benefits. You also have a right to cancel for several business days after closing without penalty.

Finance of America Reverse

Finance of America Reverse

CALL FINANCE OF AMERICA REVERSE

(855) 622-6838 VISIT FINANCE OF AMERICA REVERSE

This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in West Palm Beach, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.

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American Advisors Group (AAG)

American Advisors Group (AAG)

CALL AMERICAN ADVISORS GROUP

(855) 299-1519 VISIT AMERICAN ADVISORS GROUP

This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.

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Liberty Home Equity Solutions

Liberty Home Equity Solutions

CALL LIBERTY HOME EQUITY SOLUTIONS

(866) 268-5369 VISIT LIBERTY HOME EQUITY SOLUTIONS

As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Home Equity Solutions representatives.

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Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.