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The Process
RFS offers a streamlined process that begins with mandatory counseling from a HUD-approved counselor to ensure borrowers understand the reverse mortgage product. The application process is supported by digital tools and personalized assistance from loan officers. Customers can use online calculators and other tools provided by RFS to estimate their potential loan amounts and plan their finances (BestCompany.com) (HousingWire).
Loan Options
RFS provides a range of reverse mortgage products, including:
- HECM Reverse Mortgage: The standard Home Equity Conversion Mortgage backed by the FHA, with a loan limit of up to $1,149,825.
- HECM for Purchase: Allows seniors to use a reverse mortgage to purchase a new home.
- HomeSafe Reverse Mortgage: A proprietary jumbo loan for higher-value homes, with loan amounts up to $4 million.
- Reverse Mortgage Refinance: Options for refinancing an existing reverse mortgage to potentially secure better terms (LendEDU) (HousingWire) (Review Counsel).
Customer Experience
RFS has a strong reputation for customer service. It holds an A+ rating from the Better Business Bureau (BBB) and a high rating of 4.9 out of 5 on LendingTree, based on customer reviews. Customers frequently highlight the professionalism and helpfulness of RFS loan officers and the ease of the application process (Better Business Bureau) (Birdeye Experience Marketing platform) (Review Counsel).
Pros
- Comprehensive Financial Tools: Offers various online calculators and resources to assist customers in making informed decisions.
- Flexible Loan Options: Multiple disbursement options, including lump-sum payments, monthly payments, and lines of credit.
- Strong Customer Service: High ratings and positive customer feedback indicate reliable and helpful service.
- Wide Availability: Licensed to operate in 48 states, making it accessible to a broad range of customers (BestCompany.com) (HousingWire) (Review Counsel).
Cons
- High Costs: Reverse mortgages come with significant fees, including origination fees (up to $6,000), mortgage insurance premiums, and various closing costs.
- Decreased Home Equity: The loan balance increases over time, reducing the homeowner’s equity.
- Repayment Requirements: The loan must be repaid if the borrower sells the home, moves out, or passes away, which can necessitate selling the home or using other funds to repay the loan (BestCompany.com) (Birdeye Experience Marketing platform) (Review Counsel).
Final Thoughts
Retirement Funding Solutions, now operating under the Mutual of Omaha Mortgage brand, is a reputable option for seniors considering a reverse mortgage. The company offers a variety of products, strong customer service, and helpful financial tools. However, potential borrowers should carefully weigh the costs and long-term implications of a reverse mortgage. Comparing multiple lenders and understanding all terms is crucial before making a decision.
