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Mortgages

Reverse Mortgage

American Senior/HighTechLending Reverse Mortgages Review

American Senior is a lender that offers reverse mortgages and the ability to refinance an existing reverse mortgage through HighTechLending, Inc. Taking out a reverse mortgage could help you fund your ideal retirement, but the lender can play a significant role in how effectively this loan type can meet your needs.

This guide takes an in-depth look at American Senior and its reverse mortgage offerings. Keep reading to get the reverse mortgage facts you need to decide whether this provider is a good fit for you.

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Best for refinancing an existing reverse mortgage

American Senior is a part of HighTechLending, which focuses on providing reverse mortgages and related loans for seniors. It offers several ways to tap into the equity in your home, including the ability to refinance an existing reverse mortgage into a new one. Doing so could help you turn more of your equity into cash to meet your financial needs.

American Senior/HighTechLending reverse mortgages pros and cons

Ability to refinance your existing reverse mortgage with a new one
Free online resources for financial planning
Non-recourse jumbo reverse loans

Interest rates and fees not published online
Limited reviews
No retirement mortgages

Pros explained

Ability to refinance your existing reverse mortgage with a new one

American Senior may be able to help you refinance an existing reverse mortgage with a better option for your current financial needs. This could potentially improve your interest rate, reduce your monthly mortgage payments or access more of the equity in your home now. Other popular reverse mortgage companies either don’t offer this option or don’t share information about it online.

Free online resources for financial planning

American Senior has compiled a variety of helpful financial planning tools on its website, which can help you make a more informed decision about a reverse mortgage. This includes:

A 30-second pre-qualification check
Reverse mortgage calculator
Free reverse mortgage guide
Webinars on reverse mortgages

Non-recourse jumbo reverse loans

If you have an expensive home, you may qualify for a jumbo reverse loan that lets you borrow more than the home equity conversion mortgage (HECM) limit of $1.089 million. American Senior’s jumbo reverse loans are non-recourse products. That means if the loan balance ever exceeds the value of your home, neither you nor your heirs can owe more than what the house is worth. It’s a way to keep your loved ones protected in the event that you face future financial difficulties.

Cons explained

Interest rates and fees not published online

You won’t find detailed information on interest rates or fees on American Senior’s website. The company shares very few details about its pricing. For example, it doesn’t say if it offers adjustable-rate loans and adjustable-rate HECMs or only fixed-rate products. This makes it difficult to determine whether American Senior is a viable option without calling in and speaking with a representative.

Limited reviews

American Senior says it opened its doors in 2007. But the company has very few reviews on trustpilot and other customer review sites for a business that’s supposedly been around for more than 15 years. Customer reviews can be a great source of information, and the fact that there are so few available could complicate your decision-making process.

No retirement mortgages

There’s also no option for a retirement mortgage from American Senior. These are designed for older borrowers who have quit working but can’t qualify for a standard reverse mortgage. If you suspect you may struggle with the reverse mortgage qualification criteria, another provider may be better.

American Senior reverse mortgage offerings

In this section, we take a closer look at American Senior’s reverse mortgage options. Here are three you may want to consider as you continue evaluating the pros and cons of a reverse mortgage.

HECM

HECMs are federally backed home equity loans designed specifically for seniors. You have to be at least 62 to qualify for one and meet other standards for eligibility as defined by the Department of Housing and Urban Development (HUD).

You can use your loan proceeds to achieve a variety of financial goals, such as:

Consolidating debt
Refinancing a current loan with a high-interest rate
Creating an extra source of income in retirement
Reducing your monthly mortgage payment
Funding major purchases with a lump sum payment

HECM for purchase

You can also take out a HECM loan through American Senior to help finance the purchase of a new home. This can be helpful if you want to upgrade or downgrade your living space but are unable to qualify for a traditional mortgage now that you’re retired.

Some of the features of a HECM for purchase at American Senior include:

Flexible repayment terms for reverse mortgage loan funds
The ability to choose your monthly payment
The option to pay no principal or interest

Jumbo reverse mortgage loan

Finally, you may also qualify for a jumbo reverse mortgage loan through American Senior. These can give you access to up to $4 million in home equity. American Senior offers a few nice features with its jumbo reverse mortgage loans, including:

Non-recourse borrowing (neither you nor your heirs can owe more than your home is worth)
Personalized reverse mortgage counseling
No prepayment penalties

American Senior reverse mortgage pricing

American Senior doesn’t provide any reverse mortgage pricing information online. Interest rates for these loans can vary as market conditions change. But it’s unclear whether American Senior’s rates are better or worse than the competition.

The company also doesn’t share information about the types of fees that it charges or how high they are. The only way to get this information may be to call a representative directly. You can also fill out a form on the company’s website requesting the information you want.

American Senior reverse mortgage financial stability

HighTechLending is a private company, which means it doesn’t need to share its financial information with the public. This makes it difficult to assess the company’s financial stability with any degree of certainty.

Given this lack of clarity, it may be best to proceed cautiously if you’re interested in taking out a reverse mortgage from American Senior. These are often long-term financial commitments, and you want a partner you can count on to be there for you throughout the lifespan of your loan.

Consider choosing one of the best reverse mortgage options if you’re in the market for this type of loan.

American Senior reverse mortgage accessibility

In this section, we analyze American Senior’s accessibility across several categories.

Availability

American senior/HighTechLending is licensed to offer reverse mortgage loans in 20 states. Those states include:

Arizona
California
Colorado
Florida
Georgia
Hawaii
Idaho
Illinois
Maryland
Nevada
New Jersey
New Mexico
North Carolina
Oregon
Pennsylvania
South Carolina
Texas
Utah
Virginia
Washington

You need to call American Senior to speak with a representative to apply for a reverse mortgage. The company doesn’t have an online chat service.

Contact information

You can contact the company at (866) 619-6947 for information on the reverse mortgage process. . The company doesn’t list hours of operation on its website. You can also fill out a form and wait for an American Senior representative to follow up with you.

User experience

There are pros and cons to American Senior’s user experience. It shares helpful financial planning materials like reverse mortgage calculators and webinars on its website. However, American Senior shares very little information about its offerings on its website. This is an inconvenience as it requires you to provide your information and speak to someone over the phone to decide whether the lender is a good fit.

American Senior reverse mortgage customer satisfaction

American Senior has an A- rating from the Better Business Bureau (BBB) and is not accredited by the organization. There are no customer reviews on American Senior’s BBB profile. There’s a little more information for HighTechLending, which has an A+ rating from the BBB and a 5 out of 5-star rating from customers based on six reviews — three of which mention American Senior.

American Senior reverse mortgage FAQs

How do you pay back a reverse mortgage?

You typically don't need to pay back a reverse mortgage until neither you nor your spouse are using the home as a principal residence. This could happen if you sell the house, move to another home or assisted living facility, or both of you pass away.

If you both die, your heirs will have to pay back the loan or risk losing the property to foreclosure. They can refinance into a traditional mortgage, pay back the loan (either out of pocket or by selling the home) or sign over the title to the reverse mortgage company.

Is a reverse mortgage a good idea?

A reverse mortgage can be a good idea as long as you plan for the financial ramifications of getting one. For example, you may have to pay the loan back immediately if you decide to sell the home as you age. It could also impact the estate you're able to leave to your heirs. You may want to speak to a financial advisor before making this decision just to be safe.

What happens to my reverse mortgage if I go into a nursing home?

Your reverse mortgage will become due if you and your spouse no longer use the home as a primary residence. However, this varies based on the terms set by your lending company. You can ask for clarification on this point if you know which lender you want to use already.

What are the eligibility requirements for an American Senior reverse mortgage loan?

The federal government sets the eligibility criteria for reverse mortgage loans, so you'll find they're largely the same across reverse mortgage lenders. You must be at least 62 years old and have enough equity in your home. You must also continue to pay property taxes and homeowners insurance, properly maintain the home and continue to live in it as your primary residence. Finally, you must complete a loan counseling session with a HUD-approved agency prior to applying for a reverse mortgage.

How we evaluated American Senior reverse mortgage

While creating our American Senior reverse mortgage review, we evaluated these factors:

Loan products: We considered how well American Senior reverse mortgages fit the needs of different types of borrowers.

Customer service availability: We looked at customer support options and availability.

Customer reviews: We searched through online customer reviews (although we were only able to find a handful).

Pricing: We considered the company’s lack of pricing data and what that means for you as a potential borrower.

Summary of Money’s American Senior reverse mortgage review

American Senior offers a good range of reverse mortgage products and some helpful online resources to help you choose between them. Its products are available in 20 states. However, the company shares very few details about its pricing or terms online. It also has relatively few reviews from verified customers, which makes it difficult to recommend without additional information. You may need to contact the company directly to get the information you need to decide whether it’s right for you.