Nationwide Equities Corporation offers multiple reverse mortgage options to meet your financial and lifestyle needs. This Nationwide Equities reverse mortgage review looks at these options, including the pros and cons of getting a reverse mortgage from the lender.
A reverse mortgage is a type of loan specifically designed for older homeowners, where you borrow money using your home as security. Unlike a traditional mortgage, you don’t need to make monthly payments to the lender. Instead, the lender pays you through a lump sum payout, a monthly payout or a line of credit. The loan is due when you die or move out of the house. Reverse mortgages are typically available if you’re 62 years or older.
Taking out a reverse mortgage is a great way to tap into your home’s equity as you continue to live in it. When done correctly, a reverse mortgage can provide additional income for making home improvements, paying medical bills, supplementing Social Security and covering other expenses while retaining home ownership.
Best for refinancing a reverse mortgage loan
If you already have a reverse mortgage, Nationwide Equities can let you refinance it either for cash, new interest rates, better terms or all three. Depending on the type of reverse mortgage you currently have, Nationwide may let you refinance it within six months of getting your existing loan. The new loan can provide more funds because it will be based on your new age and your home’s new valuation.
After refinancing your reverse mortgage, you can make monthly payments towards your new loan to keep the balance low, but you are not obligated to do so. Remember that you’ll still need to pay property taxes, maintenance and homeowners insurance premiums. As such, it’s essential to understand reverse mortgage pros and cons so you’re not caught up in a sour deal.
Nationwide Equities Corporation reverse mortgage pros and cons
- Wide range of reverse mortgage products
- Home purchase loans
- Competitive rates
- Only available in 16 states
- History of using unlawful marketing tactics
- Mixed customer reviews
Wide range of reverse mortgage products
Nationwide Equities has multiple reverse loan options, including home equity conversion mortgages (HECMs), reverse for purchase, New York co-op reverse and the company’s proprietary reverse mortgage called EquityPower. Nationwide also offers reverse mortgage refinance products, which include traditional refinance options like rate and term and cash-out loans.
Home purchase loans
Although it’s known for its reverse mortgage products, Nationwide Equities offers several home purchase loans, including:
- Conventional mortgage loans: Loans that do not exceed the limits established by Fannie Mae and Freddie Mac. Nationwide Equities has options that come with no mortgage insurance.
- VA loans: Backed by the U.S. Department of Veterans Affairs (VA), these mortgages are designed for veterans, active military members and their families.
- FHA loans: Guaranteed by the federal government through the Federal Housing Administration (FHA) and have low credit score and down payment requirements.
- Manufactured housing loans: Backed by the FHA and meant for buying manufactured homes.
- FHA 203(k): FHA-backed loans for building, purchasing, and remodeling a home.
- USDA loans: Guaranteed by the U.S. Department of Agriculture (USDA) and designed for buying homes in rural and suburban areas.
- Jumbo loans: Non-conforming loans with amounts exceeding the limits Fannie and Freddie set. They’re ideal for high-value home purchases.
Nationwide Equities charges competitive interest rates. As such, it’s a good lender for either taking out a new reverse mortgage at affordable rates or refinancing an existing reverse mortgage to access a better interest rate.
Only available in 16 states
Nationwide Equities mortgage services are available in 16 states and Washington, DC. The lender doesn’t operate nationwide, which means some borrowers may be locked out of its mortgage and refinance products.
History of using unlawful marketing tactics
The Consumer Financial Protection Bureau (CFPB) issued a consent order against Nationwide Equities Corporation in 2021 for unlawful marketing practices. The CFPB found the company violated the Mortgage Acts and Practices Advertising Rule (MAP Rule) and Regulation Z after it sent direct mail solicitations to hundreds of thousands of potential borrowers — among other violations.
Mixed customer reviews
Nationwide Equities mortgage reviews are excellent on Better Business Bureau (BBB) and mixed on other online platforms like Trustpilot. This points to a lack of consistency in service delivery and customer support.
Nationwide Equities reverse mortgage products
Nationwide Equities has five reverse mortgage programs: HECM reverse mortgage, EquityPower reverse mortgage jumbo loan, reverse for purchase HECM, New York co-op reverse mortgage and reverse mortgage refinancing.
HECM reverse mortgage
With Nationwide’s HECM reverse mortgage, you can use your home’s equity for tax-free cash and use the funds for any purpose. Nationwide Equities can disburse the funds as a lump sum payout, monthly payouts or a line of credit. The lender won’t require you to make monthly mortgage payments, but you’ll still need to pay homeowners insurance, maintenance and property taxes.
You must be at least 62 to be eligible for a Nationwide Equities HECM reverse mortgage loan. The loan doesn’t affect your house’s title — you still retain full ownership.
EquityPower reverse mortgage jumbo loan
This is Nationwide Equities’ proprietary jumbo loan. It comes with higher loan limits and lower age requirements than traditional reverse mortgages. In most states, you can qualify for EquityPower if you’re as young as 55. Loan amounts go as high as $6 million, depending on your age, interest rate and property value.
The funds you get from Nationwide’s EquityPower jumbo loan are tax-free and can be used for any purpose. The mortgage has no mortgage insurance, and you don’t need to make any monthly payments. However, you must pay homeowners insurance, maintenance and property taxes. You also keep full ownership of the house.
Reverse for purchase HECM
A reverse for purchase HECM is a mortgage loan you can use to buy another home. The reverse mortgage proceeds are used to pay a portion of the new home’s purchase price, and you can use the cash from the sale of your home as a down payment. A reverse-for-purchase loan is a great option if you want to change locations — like living closer to family and friends. To qualify for a reverse for purchase HECM, you must intend to use the new home as your primary residence. The mortgage has no monthly payments, but you must pay homeowners insurance, maintenance and property taxes.
New York co-op reverse mortgage
You qualify for this reverse mortgage if you’re at least 62 years old and live in a cooperative apartment in New York. You must have an ownership interest in the cooperative and obtain approval from the co-op’s board of directors. Nationwide Equities will give you a reverse mortgage loan based on your shares. However, you must meet with an approved mortgage counselor before starting the reverse mortgage process. You can use the tax-free proceeds of a co-op reverse mortgage for any purpose.
Reverse mortgage refinancing
Refinancing a reverse mortgage is similar to refinancing any other type of loan. You trade your current mortgage for a new one that potentially offers better rates and lending terms. Refinancing your reverse mortgage with Nationwide Equities Corporation may make sense if:
- You can improve your current interest rates: Keep your loan balance as low as possible by getting a lower rate.
- You want to eliminate or lower your mortgage insurance premiums: If you refinance to Nationwide’s EquityPower, you can avoid paying insurance premiums on your reverse mortgage. Some FHA loans are also eligible for lower premiums.
- You need extra cash: The lender allows a cash-out refinance, giving you money in exchange for your home’s built-up equity.
- You want to alter disbursement terms: When you refinance your reverse mortgage with Nationwide Equities, you can change how you receive the funds. The lender allows you to switch between monthly payouts, a lump sum payout or a line of credit.
- You want a large amount: If you’re eligible, Nationwide Equities can help you refinance your current mortgage into EquityPower, which offers loan amounts of up to $6 million.
- You want to add your spouse to the mortgage: If the original loan doesn’t include your spouse, you can refinance it and add your spouse’s name to the new loan.
Nationwide Equities reverse mortgage pricing
Nationwide Equities Corporation offers competitive interest rates. Although it doesn’t list the starting point of its rates, the lender lets you check the rate you’ll qualify for on its website.
Nationwide charges origination fees, mortgage insurance for HECM loans, closing costs and servicing fees on many of its reverse mortgage products. The company doesn’t specify rates or amounts for these fees.
Nationwide Equities reverse mortgage financial stability
Credit rating agencies (CRAs) usually analyze banks and other lenders and assign ratings based on their financial standing. A good rating indicates the institution is capable of meeting its ongoing obligations. Unfortunately, Nationwide Equities Corporation isn’t rated by any major CRAs, including A.M. Best and Standard & Poor’s (S&P).
Nationwide Equities reverse mortgage accessibility
Nationwide has branches in 16 states and Washington, DC. The company has a self-service website that’s easy to navigate and a “quick apply” button to simplify the reverse mortgage application process. There’s also a blog that contains educational resources. Its website doesn’t indicate whether it offers special accessibility functions to customers — like an on-demand translator or a teletypewriter (TTY) for those who are hearing impaired.
Nationwide’s reverse mortgage products are available for primary residences only. Eligible properties are single-family homes, multi-family properties with up to four units, condos and manufactured homes. Nationwide Equities Corporation is available in the following states:
- District of Columbia (DC)
- New Jersey
- New York
- North Carolina
- South Carolina
On its website, Nationwide says you may still get help if you’re in another state. You can reach the lender at 201-529-1401 for more information on this.
Nationwide Equities Corporation’s customer support number is 866-807-0826. Its website has links to a contact form and email. You can mail the company at:
1 International Blvd. Suite 1202
Mahwah, NJ 07495
Nationwide Equities Corporation doesn’t have a mobile app, meaning you have to do everything in person, via the phone, via email or the company’s website. Once you contact Nationwide Equities, a representative will conduct some market research to determine your home’s potential value. Based on that research, Nationwide will make an initial loan offer. Once you accept, the lender will assign a mortgage counselor and ask you to submit all the necessary documentation for a reverse mortgage. Nationwide will initiate a property appraisal before underwriting your loan and finally closing and funding it. Nationwide doesn’t say how long the entire process typically takes.
Nationwide Equities reverse mortgage customer satisfaction
Nationwide Equities has a 5-star rating on BBB’s page, with excellent reviews praising the company’s staff for being knowledgeable, friendly and patient.
Nationwide Equities reverse mortgage FAQs
What is Nationwide Equities?
Is Nationwide Equities a good reverse mortgage company?
What are Nationwide Equities' reverse mortgage eligibility requirements?
How we evaluated Nationwide Equities Corporation’s reverse mortgages
To evaluate Nationwide reverse mortgages effectively, we looked at the following factors:
- Plans and offerings: We considered the reverse mortgage products that Nationwide offers customers.
- Pricing: We looked at Nationwide’s interest rates, origination, closing and servicing fees.
- Availability: We considered the geographical locations that Nationwide Equities serves.
- Accessibility: We looked at how easy it is to apply and get approved for a Nationwide reverse mortgage.
- Customer satisfaction: We checked Nationwide Equities mortgage reviews by customers on multiple websites.
Summary of Money’s Nationwide Equities Corporation reverse mortgage review
Nationwide’s biggest selling point is its multiple reverse mortgage options for older homeowners. The lender has loan products for all types of homes, from FHA-funded houses to New York-based co-op homes. Plus, it charges competitive rates, which means you could refinance your current mortgage to get more favorable terms. On the downside, Nationwide Equities operates in only 16 states and Washington, DC. The CFPB has also cited it for using unlawful marketing strategies. Many Nationwide Equities complaints revolve around it sending direct mail solicitations.