Top 10 Reverse Mortgage Lenders in Wisconsin
*Source: BBB Lender Ratings as of 12-23-2018
|Lender Name||Company Start Date ||Lender Rating ||Review Stars (0-5.0)||% of Positive Reviews||# of Complaints Last 3 Yrs.||BBB Reviews
|All Reverse Mortgage, Inc. ||05/27/2004||A+||5.0||100%||2||Review Source
|American Advisors Group (AAG)||10/29/2004||A- ||4.1||82%||41||Review Source
|Reverse Mortgage Funding LLC||09/25/2012||A+ ||3.2||64%||3||Review Source
|Live Well Financial, Inc.||08/28/2008 ||A+||2.1||17%||9||Review Source
|One Reverse Mortgage, LLC||07/12/2001||A+ ||3.2||60%||5||Review Source
|Liberty Home Equity Solutions, Inc.||09/05/2003||A+ ||2.7||40%||5||Review Source
|HighTechLending Inc||06/06/2006||C+ ||2.3||0%||2||Review Source
|Reverse Mortgage Solutions, Inc.||02/21/2007||F ||1.05||1%||86||Review Source
|Synergy One Lending, Inc. (Retirement Funding Solutions)||01/09/2013 ||A+||N/A||N/A||1||Review Source
|Finance of America Reverse LLC||10/15/2003||A+ ||N/A||N/A||3||Review Source
We are proud to be Wisconsin's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends in 16 states nationwide, and throughout all of Wisconsin state.
All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
Wisconsin homeowners seeking reverse mortgages come to us because of our brilliant staff members, whose combined lending experience exceeds 100 years. We have national mortgage banking experience on both coasts and many points between. Due to this direct experience, All Reverse Mortgage® is well positioned to assist borrowers with their specific needs associated with reverse mortgage programs.
Wisconsin Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Wisconsin||Avg. Home Value
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for the reverse mortgage program it administers for seniors who are 62 and older.
All Reverse Mortgage® originates in Wisconsin and offers several reverse mortgage options. In some instances, borrowers are looking to pay off their existing loan and eliminate their monthly mortgage payment. Or, if they already have paid off their mortgage, a reverse loan can help borrowers utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a new home.
About All Reverse Mortgage
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and, as such, have extensive experience in jumbo or proprietary loan programs. We are always looking for new products to offer to borrowers with high valued homes in strong real estate markets where the HUD HECM might not serve well. Jumbo or proprietary programs typically offer lower Principal Limits as they relate to home values but can offer stronger borrowing power because they are not restricted by the federal loan limit set by HUD.
A seasoned originator can readily inform borrowers about their loan options, and can provide detail on the different options available, so that the borrower can make an informed decision. It is no longer uncommon to find markets where HECMs are most popular located near markets where jumbo reverse mortgages are more widely used.
Homeowners aged 62 and older in many markets have seen that the reverse mortgage can be a very solid financial tool, leading to many now seeking the reverse mortgage to augment their retirement plans rather than the last-resort approach more common in the past. Borrowers are using reverse mortgages for many purposes, from the elimination of existing mortgage payments to the line of credit that grows over time, offering more borrowing opportunities in the future.
Reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably and age-in-place, but to plan for their financial future as well.
Wisconsin Lending Limits
Wisconsin is the 20th most populous state in the United States and is the 23rd largest in terms of land size. As of 2017, about 5,795,483 people resided in the state, with the densest populations around Milwaukee and Madison. About 956,254 residents in the state are age 65 and older, and about 68% of people in the state are homeowners.
First inhabited by Paleo-Indians, the land that is now Wisconsin was inhabited by various native tribes when the French and English began exploring and settling the area. Wisconsin became the 30th state in 1848 and was the destination of many immigrants — especially Scandinavians — who came to America in the second half of the nineteenth century. After wheat was found to have depleted the many nutrients in the local soil, farmers turned to dairy cows, making Wisconsin the dairy capital that it is today.
Milwaukee is the largest city in the state with more than 600,000 residents. Originally founded as a trading post, the city has a rich beer brewing history as German immigrants opened Miller, Schlitz and Pabst breweries in the mid-1800s. By 1860, Wisconsin had more than 200 breweries and 40 of them were in Milwaukee. Along with beer, the state is the birthplace of actors Gene Wilder and Chris Farley, architect Frank Lloyd Wright, and anchorwoman Greta Van Susteren.
After Milwaukee, the largest cities are Madison, Green Bay and Kenosha. The biggest industries in the state are agriculture, manufacturing, and mining. Wisconsin has nine companies on the Fortune 500 list, including Northwestern Mutual Life Insurance Co., ManpowerGroup, and Kohl’s Corp.
Wisconsin has a mostly continental climate with some variations along Lake Michigan. In its northern location, the state has four seasons with warm summers and cold, snowy winters. Most northern areas are covered with snow the entire winter, and floods in the spring can result from the melting snow. The average high in July is 80 degrees Fahrenheit and the average low in January is 16 degrees Fahrenheit.
The average home value in the state is $181,800 and prices are expected to rise an additional 3.2% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $726,525 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in Wisconsin, All Reverse Mortgage is here to answer your questions. Access our online calculator or call us Toll Free at (800) 565-1722.
Top 3 Lender Resources in WI:
Top 10 Lender Reviews & Ratings: https://reverse.mortgage/best-reverse-mortgage-lenders
Reversemortgage.org NRMLA Members in Wisconsin: https://www.reversemortgage.org/Find-a-Lender/state/WI
HUD.GOV Lenders: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
WI Resources: 65 and over | Source 1, Source 2