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Name: Quicken Reverse Mortgage Review (2023 Update)
Brand: All Reverse Mortgage
Rating: 4.84 (32 reviews)

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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in mortgage banking, with the past 20 years devoted exclusively to reverse mortgages. A Forbes Real Estate Council member, he developed the industry's first fixed-rate jumbo reverse mortgage and has been featured in Forbes, Kiplinger, the LA Times, and Yahoo Finance. (License: NMLS# 14040)

Cliff Auerswald, President of All Reverse Mortgage, Inc., and co-creator of ARLO™ — the industry's first real-time reverse mortgage pricing engine — has 27 years of experience in mortgage banking, with 20+ years focused exclusively on reverse mortgages. A recognized expert in reverse mortgage technology and consumer education, he has been featured in Kiplinger, Yahoo Finance, Realtor.com, and HousingWire. (License: NMLS# 14041)

Quicken Reverse Mortgage Review (2023 Update)

By Michael G. Branson

CEO · 45 yrs in mortgage banking

Edited By Cliff Auerswald

President · All Reverse Mortgage Inc.

Updated May 10, 2019 ⏱ 3 min read ✓ Fact Checked HUD-Lender #26031-0007 16 comments

The national reverse mortgage landscape comprises lenders large and small. Some are regional, some are national; some are banks, others are non-bank lenders. Over the course of the last 10 years, the lender landscape has shifted from one that had several banks, to today where most of the top lenders by volume are non-bank mortgage lenders.

One of those companies is Quicken Reverse Mortgage, which carries a very prominent national presence and originates reverse mortgages through its One Reverse business channel. Over the years, Quicken has held a steady presence in the reverse mortgage space, typically appearing as one of the top 10 lenders by volume year after year.

Summary:

One Reverse Mortgage, operated by national lender Quicken Loans, holds a steady place among the top reverse mortgage lenders by volume.
One Reverse operates as a business channel under Quicken, which is known for its innovation of the mortgage process and user-friendly online platform
Quicken originates loans over the phone via licensed professionals

Quicken entered the reverse mortgage market when it purchased One Reverse Mortgage in 2008 for an undisclosed sum. In a short period of time, it ramped up its reverse mortgage production and rose the ranks to become one of the top lenders.

Its volume peaked in 2015 with more than 5,300 loans annually, before reverse mortgage product changes were made by the Federal Housing Administration that impacted volume nationwide.

Quicken Reverse Mortgage Facts

PROS
Recognizable brand that uses Henry Winkler pitchman on National TV
Founded in 1985 and currently employs 17,000 with branches in Detroit, Michigan; Cleveland, Ohio; Phoenix, Arizona; San Diego, California and Charlotte, North Carolina.
Offers both HECM and Proprietary Jumbo program (HERO)

Quicken Reverse Mortgages Originated

Year	Loans	National	Market Share
2018	3,002	17,784	16%
2017	3,093	55,322	6%
2016	3,696	48,902	7%
2015	5,372	58,043	9%
2014	4,857	51,642	9%
2013	5,306	60,091	9%
2012	4,907	54,822	9%
2011	4,361	73,131	6%
2010	3,083	79,106	4%
2009	2,698	114,692	2%
2008	537	112,154	.05%

MetLife HECM ENDORSEMENT SUMMARY REPORT BY LENDER ACTIVITY
Source: https://apps.hud.gov/pub/chums/f17fvc/hecm.cfm

Quicken and reverse mortgages

Quicken has risen to become one of the most prominent lenders in the country, in part due to its national presence and multimillion dollar national advertising efforts. It is known for advertising extensively on TV, including media buys in major events, such as the Super Bowl.

Its reverse mortgage division has partnered with celebrity spokesmen and spokeswomen including Henry Winkler, or “The Fonz,” of Happy Days fame.

Quicken’s rise in reverse mortgages

2008 — Quicken enters reverse mortgage market with One Reverse Mortgage purchase
2009 — Quicken names Jay Farner CEO of One Reverse. Farner brings experience from Quicken’s Web Mortgage Banking group
2013 — One Reverse volume peaks
2018 — One Reverse rolls out proprietary product HELO

What’s new with Quicken reverse mortgages?

Quicken’s One Reverse Mortgage company continues to be prominent in the reverse mortgage space. Recently, the company announced the launch of a proprietary reverse mortgage, which it offers in addition to the Home Equity Conversion Mortgage product insured by the Federal Housing Administration.

One Reverse has major offices in Detroit, alongside Quicken’s headquarters, as well as San Diego area. The company maintains a national presence. After long being a retail reverse mortgage lender, meaning One Reverse Mortgage originated all of its loans through its own originators, the company decided to launch a wholesale channel.

Through the wholesale channel, One Reverse can also close loans that are originated through independent mortgage brokers. Also more recently, the company entered the proprietary reverse mortgage market with its “HELO” product in August 2018.

The Home Equity Loan Optimizer (HELO), is available to qualifying homeowners with high-value homes, including some condominiums and homes with solar panels. The amount clients may receive in proceeds is up to $4 million with the HELO product.

Where to get a reverse mortgage

There are many active lenders in the reverse mortgage space today — including banks and non-bank lenders — as well as brokers who can help prospective borrowers navigate the different loan options and interest rates that are available.

A good place to begin is gathering a few pieces of information including your age (and the age of your spouse, if you are married), and your home address so that a reverse mortgage calculator can give a rough estimate of the amount you may be able to borrow.

Visit ARLO, the All Reverse Loan Optimizer, to help you get started.

America's #1 Rated Reverse Lender Celebrating 20 Years of Excellence.

Have a Question About Reverse Mortgages?

Look no further. Michael G. Branson, our CEO, brings a wealth of knowledge directly to you. With a robust 45-year tenure in mortgage banking and 20 years dedicated solely to reverse mortgages, he's the expert you want on your side.

Post your question in the comments below and anticipate a personalized response from Mr. Branson himself, typically within one business day. He's here to illuminate all angles of reverse mortgages, ensuring you're equipped with the knowledge to make informed decisions. Take this opportunity to gain insights from a seasoned professional.

Over 2000 of your questions answered by ARLO™
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16 Comments on this Article

Susan W.
November 26th, 2020

HI Arlo,
I am interested in using a reverse. mortgage to buy a condo in Hawaii. I am 69 and have great credit and some cash from a sale of my condo. However, I do not want to move to Hawaii for the whole year. I know I must live in the condo for 6 months, but most of these condos are also in rental programs where you can rent it for the months you are gone. If I live there for 6 months, can I still take advantage of the rental program and rent it out the other months? Thanks!! (I was pre-qualified with Quicken but they just shut down their program so now I must start over to get qualified)
Reply to Susan
- Michael Branson
  November 26th, 2020
  
  Hello Susan,
  You must live in the home as your primary residence which means more than 6 months out of every year and if you are to be gone more than 60 days at a time, you are supposed to contact the lender so that they can be sure you have properly secured the residence.
  The loan is not to be used for rental properties and so renting the home for 6 months of the year would be a violation of the terms of the loan.
  If you want to rent the condo out each year, you should consider other financing than a reverse mortgage.
  Reply to Michael
Evelyn S.
September 8th, 2020

Our mother died June 12, 2020 Quicken Reverse Mortgage sold the loan to Bank of America. Bank of America said there is no loan at this time and to keep checking back with them. How do we protect ourselves?
Reply to Evelyn
- Michael Branson
  September 8th, 2020
  
  Who is sending the monthly statement? Contact the servicer who sends the monthly statement on the loan.
  Remember the loan is now due and payable. Look at the last statement you have and use that to decide if you want to keep the home, sell it, or let the lender take it.
  If you plan to sell the property or keep it, you need to start getting the title changed so that you can sell it or keep it. Remember, you need to have the title to sell the home or to obtain new financing. If you plan to let the lender take the property because there is no equity, there is not the same urgency to act on title etc.
  If you do want to sell the home, you can talk to a senior real estate specialist in your area and they can help tremendously with estate sales if you need to clear personal belongings, tell you what improvements would really help the selling price and what would not be beneficial at this point.
  But the sooner you do this, the better off you will be because you will not be under added pressure of an imposed time constraint of the lender calling the loan due by waiting.
  Reply to Michael
Ann Marie
January 21st, 2020

I am power of attorney and I screwed up and missed a tax payment and got confused when the original lender sent it to HUD. Quicken is the lender. The house is in a trust. It looks like I screwed up and didn't send the occupancy letter in and didn't send proof of insurance in. I was so busy taking care of her these past three years when she got out of the hospital that I couldn't keep up with all the paperwork.
I paid the taxes and downloaded the occupancy cert form and sent all the paperwork to them. I see they called the loan due on my 96-year-old mother who is still living in the home. will they work with us and not call the loan due if I sent in all the paperwork? I am exhausted. I have so much paperwork to do for VA benefits and waiver programs.
Reply to Ann
- Michael Branson
  January 21st, 2020
  
  Hello AnnMarie,
  Send Quicken all the documentation to verify that she lives in the home and always has. I would include bills from her utilities, bank statements and anything else you have from the time period in question to show that she has continued to live in the home the entire time.
  Include a detailed letter of explanation as to what caused the tax and insurance delinquency and that you have it resolved so that it will not become an issue again.
  Their concern at this point is occupancy and the on-time payment of taxes and insurance. If you can resolve those concerns, you are probably ok. If Quicken loans refuses to work with you even after that, it may be that you need to get an attorney involved. If that is the case, I would recommend you do so before the lender starts any foreclosure actions.
  Reply to Michael
Jan
October 12th, 2019

I am in the middle of applying for a reverse mortgage through another company. The thing is, they are asking me to get some of the repairs done on my older home before I receive the loan. And in the disclosure, it states that if I'm not approved and I've gotten a bid and had the repairs done in order to qualify for the mortgage, I will be responsible of course for paying for the repairs if the loan does not go through. Is this common?
I have been dealing with this reverse mortgage loan for 3 months now and I'm concerned that my older home, even though it's worth $350,000, the home is preventing me from getting a reverse mortgage. I have the appraisal done, I have a barn a cabin that I will have to tear down and quicken wants me to get a structural engineer out here and repair some siding, put in insulation etc. I want to do upgrades to the home but in my own time.
I know I'm kind of rambling here, but I guess my question is, is all this normal when you're applying for a reverse mortgage? Will reverse mortgage companies be honest with customers and say that their home will just not qualify? I paid for the counseling and the appraisal out of my own pocket, is that normal? Thank you for listening and thank you for your time.
Reply to Jan
- Michael Branson
  October 12th, 2019
  
  Hello Jan,
  
  Has the loan been underwritten yet? If so, there should be a commitment from an underwriter stating the terms of the approval. In other words, what you need to do to close your loan. If the loan was not approved, then they need to tell you honestly that your loan is not approved and that IF you do the following things and IF we have the repairs inspected, we will reconsider your application.
  At that point, you can make the decision as you whether you want to proceed or not. Quicken should absolutely be able to tell you if you meet the approval requirements and if there are repairs needed for the home. There may be issues with your home that are health and safety issues that must be repaired to close the loan and that is relatively easy to determine.
  They may, however, have determined that the property does not meet HUD requirements with the outbuildings or local zoning and that the appraiser will have to do not only an inspection when the work is done, but a new appraisal without the additional structures and finding new comparable sales. You should ask them into which category you now fall.
  
  Also, it is not normal to get a structural engineer to repair siding and insulation, is there something else wrong with the home itself? I hate to say it, but it does not sound like you have an approval with conditions to meet before you can close. It sounds like they have found the property deficient and are telling you what you need to do to make the home acceptable, but I would never present this to you in this manner.
  You should know all the risks and issues before you are expected to put any further funds out -especially if there is a chance that the loan still cannot be closed. I would advise you to ask the lender if your loan is approved with conditions and if so, exactly what the conditions are.
  Then decide if it is in line with what you want to do. If the loan is not approved, you must realize that you are not necessarily assured of getting an approval by completing the repairs/alterations. If this is the case, have the lender specifically spell out all required steps you need to take to obtain the loan and then make the decision if you want to continue.
  Either way, once you get the list, you may want to get a second opinion from another lender. It never hurts to be sure.
  Reply to Michael
Alfred T.
July 29th, 2019

I recently moved into a home with under a first time homeowners down payment and signed an agreement to buy the home now I'm being told by the owner that she has a quicken reverse mortgage loan and they are forcing me to get out and my kids have just enrolled in school.
Reply to Alfred
- Michael Branson
  July 29th, 2019
  
  Hello Alfred,
  
  I'm sorry but I cannot tell by your description what is going on. It does seem though that the issue is with your agreement with the owner and the method by which you are renting/purchasing the property.
  I would strongly suggest that you contact an attorney to have a legal review of your agreement to determine if you were misled or if the agreement was violated by the seller and what remedies you have at this point.
  Reply to Michael
Debbie J.
June 23rd, 2019

My mother had a reverse mortgage with Quicken Loans and has died. There was money in her checking account not related to the reverse mortgage. The house sold for less than the cost of the loan. Are the heirs responsible to use that money to help satisfy the debt? Thank you
Reply to Debbie
- Michael Branson
  June 23rd, 2019
  
  Hello Debbie,
  
  The reverse mortgage is a non-recourse loan. The only thing that Quicken can look to for repayment of the loan is the property itself (not mom's savings, checking, etc. or any money from heirs). Not only do you NOT have to pay any shortfall, but if you would like to keep the home, you may do so by paying off the mortgage or 95% of the current market value of the home, whichever is less.
  So, you would not have to pay off any portion of the loan over the current value whether you want to keep the home or let the lender take it back and let them sell it.
  Reply to Michael
Tina W.
May 11th, 2019

Hi. I would like to know if my husband and I decide to stay in our homes until we pass or no longer can take car of ourselves, what happens to our quicken reverse mortgage loan and the house? I don't want to leave my kids with a debt.
Reply to Tina
- Michael Branson
  May 14th, 2019
  
  Hi Tina,
  
  Your heirs have the right to sell the home and keep the equity, keep the home and refinance the loan or just walk away and owe nothing. The reverse mortgage is a non-recourse debt which means Quicken (or any reverse lender) has no recourse other than the property. You cannot leave your heirs or your estate a debt but if it is in their favor, they can choose to sell or keep the house if they so desire. The choice is entirely theirs at that time.
  
  If there is still equity in the home, by all means sell it and keep the money or get new loan and pay off the loan if they want to. But they don't HAVE to do anything. They can choose to just walk away and either Deed the property back to the lender or let the lender take it through a foreclosure action, but either way, they owe nothing.
  Reply to Michael
T. Lynd
May 10th, 2019

My parents have had a reverse mortgage with Quicken for several years. Dad is now gone and Mom is looking to move. Property values in her area have dropped slightly. Will she owe anything if she moves?
Reply to T.
- Michael Branson
  May 10th, 2019
  
  Hello,
  
  The reverse mortgage is a non-recourse loan which means that Quicken has no recourse other than the property for the repayment of the debt. However, since you are contemplating having mom voluntarily move from the home and the vacancy would not be a result of incapacitation or her passing, I would encourage you to do your best to sell the home if possible.
  The reason I say that is because the lender cannot seek repayment from any other assets but that she would have a foreclosure and a claim from HUD which may hinder her ability to qualify for other programs in the future.
  
  For example, borrowers who default on one government-insured loan are not eligible for others until the shortfall has been repaid. When borrowers live in the home on which they have a reverse mortgage for life as the loan is intended, even if there is a shortfall at the end, the shortfall is of no consequence as the borrower never needs another government insured loan. But if they choose to move and let the loan go into default voluntarily, that is a different situation.
  The chances are still that she will never buy another home and this may never cause any problems at all but if you can sell the home and eliminate the loss, even if there is little or no profit in the sale, it may be beneficial in the long run. It doesn't hurt to contact a local real estate professional and get their opinion of value and most probably sales price and see what they have to say and maybe mom can still come out of it with a little cash.
  Reply to Michael

Quicken Reverse Mortgage Review (2023 Update)

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See What Your Home Could Do for You

Quicken Reverse Mortgage Review (2023 Update)

Summary:

Quicken Reverse Mortgage Facts

Quicken Reverse Mortgages Originated

Quicken and reverse mortgages

What’s new with Quicken reverse mortgages?

Where to get a reverse mortgage

Have a Question About Reverse Mortgages?

Over 2000 of your questions answered by ARLO™
Ask your question now!

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See What Your Home Could Do for You

Quicken Reverse Mortgage Review (2023 Update)

Summary:

Quicken Reverse Mortgage Facts

Quicken Reverse Mortgages Originated

Quicken and reverse mortgages

What’s new with Quicken reverse mortgages?

Where to get a reverse mortgage

Have a Question About Reverse Mortgages?

Over 2000 of your questions answered by ARLO™ Ask your question now!

Leave a Reply to This Article

See exactly how much you qualify for — with zero pressure.

Today's HECM rate, in your inbox each Monday.

Over 2000 of your questions answered by ARLO™
Ask your question now!