American Senior Reverse Mortgage Review: What You Need to Know
When it comes to reverse mortgages, picking the right lender is like choosing the right travel companion for a cross-country road trip—you want someone who’s reliable, transparent, and maybe even helps you save a few bucks along the way. American Senior—operating through HighTechLending, Inc.—throws its hat in the ring with new reverse mortgage loans and refinancing options. If tapping into your home equity to fund retirement is on your mind, the lender you choose can make all the difference (trust me, I’ve watched enough people scramble last minute to know!).
Let’s break down what American Senior brings to the table, from products to their transparency quirks, so you can see if they’re the right fit for your golden years.
One of the Top Reverse Mortgage Lenders in the U.S.
- 94% Customer Satisfaction and A+ Rating from BBB
- Guidance from Experienced Reverse Mortgage Professionals
Longbridge Financial
- Get a Free Quote and Simple Application Process
- Full Range of HECM Programs
- A+ BBB Rating and HUD-Approved Direct Lender
Best for Reverse Mortgage Refinancing: American Senior
If you’re not a fan of stale leftovers, why settle for a stale mortgage? American Senior (with sturdy backing from HighTechLending) gives seniors the chance to refinance their existing reverse mortgage. If you want to swap out your old loan for one that gives you more spending cash or a nicer rate, you might just find a match here.
AMERICAN SENIOR/HIGHTECHLENDING REVERSE MORTGAGE PROS AND CONS
Pros
- Opportunity to refinance a current reverse mortgage
- Free financial planning tools online
- Non-recourse jumbo reverse mortgages available
Cons
- Interest rates and fee details not disclosed online
- Limited online customer reviews
- No specialized retirement mortgages
PROS EXPLAINED
Let’s start with the bright side (because who doesn’t love good news first?): American Senior stands out for its reverse mortgage refinancing. Say you got a reverse mortgage a decade ago—times, rates, and your needs may have changed. With their refi option, you might snag better terms or even tap into more equity. Most lenders barely mention reverse mortgage refis, let alone highlight them.
Another feather in American Senior’s cap: free, actually-useful planning tools. Their site lets you run a 30-second pre-qual check or play with a reverse mortgage calculator—kind of fun if you’re a numbers person (I admit, I am). You’ll also find a downloadable guide and webinars. It’s a helpful toolkit for wary first-timers.
And for those lucky enough to own high-value homes? Enter the non-recourse jumbo reverse loans! If your property is worth more than $1.089 million, you could tap up to $4 million in equity—without worrying that you or your heirs will owe more than the house is actually worth. That’s the financial equivalent of having your cake and eating it, too.
CONS EXPLAINED
Now, for the caution tape: American Senior plays it coy with details on interest rates and fees. Want to know if you’re getting a good deal? You’ll be dialing them up for that intel, which feels a tad old-fashioned. Is it too much to ask for a rate table in this day and age?
Their online reviews are about as elusive as a unicorn sighting. Despite being around since 2007, there isn’t much customer chit-chat available—a little nerve-wracking for the research-obsessed among us!
One last ding: they don’t offer retirement mortgage products tailored for folks who may not meet usual reverse mortgage requirements. If you think you’re on the fringes of qualifying, keep your options open.
AMERICAN SENIOR REVERSE MORTGAGE PRODUCTS
Let’s peek under the hood: American Senior’s reverse mortgage products are all about tapping your home equity, but with as much flexibility as a yoga instructor.
HECM (Home Equity Conversion Mortgage)
The bread and butter of reverse loans, HECMs are government-insured and designed for folks 62 and rhyming with “blue” (well, technically “through”). You can use the money to pay off debts, refinance old loans, beef up your retirement cushion, lower your payments, or just wipe out a big bill with a lump sum. Very practical, and pretty versatile!
HECM for Purchase
Want to snag a new home without breaking a sweat, but your retirement income isn’t thrilling the bank? The HECM for Purchase program lets you buy a house using a reverse mortgage—meaning flexible repayment, monthlies adjusted to your liking, and a strong chance you can defer principal and interest payments entirely (music to my ears).
Jumbo Reverse Mortgage
If your home is worth more than the HECM limits (lucky you!), a jumbo reverse mortgage might open up to $4 million in equity. Like the other options, you’ll enjoy non-recourse terms, personalized counseling, and not a single prepayment penalty in sight. For high-fliers, this could be priceless.
AMERICAN SENIOR REVERSE MORTGAGE PRICING
Wish we could tell you how much you’ll pay up front, but American Senior keeps their rates and fees under wraps like a top-secret recipe. To get an actual quote, you’ll need to put on your phone-voice or send out a form and wait by your inbox.
AMERICAN SENIOR REVERSE MORTGAGE FINANCIAL STABILITY
American Senior’s parent, HighTechLending, is privately held, so sniffing out their financial health is tricky—no peeking at the books allowed. With reverse mortgages lasting a lifetime (literally!), it’s natural to want reassurance your lender isn’t vanishing during dinner. If reliability is high on your list, shop around or look for giants with public longevity stats.
AMERICAN SENIOR REVERSE MORTGAGE AVAILABILITY
American Senior offers loans in 20 states, which isn’t shabby (but also not coast-to-coast). For those lucky enough to live in Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Maryland, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, and Washington—you’re in business.
Want to chat? You’ll have to ring them up; there’s no live online chat. Break out the phone, like it’s 2005.
CONTACT INFORMATION
To get the official scoop or a personalized run-down, give American Senior a ring at (866) 619-6947. They don’t list their hours (classic!), but there’s a site form if you’d rather have them call you.
USER EXPERIENCE
Navigating the American Senior website will give you a helpful toolkit—calculators, webinars, the works. But when you’re ready for real answers, expect to jump through a few hoops: you’ll need to call them or fill out a form for more details. If you like total transparency up-front, you might feel let down.
CUSTOMER SATISFACTION
The BBB gives American Senior an A− (not too shabby), with no complaints logged—but also, no accreditation or reviews (ghost town, much?). Meanwhile, HighTechLending has a shiny A+ and stellar 5-star rating from six reviews. It’s not a huge sample, but it’s better than nothing.
Frequently Asked Questions (FAQ) About American Senior Reverse Mortgages
How do you repay a reverse mortgage?
The bill comes due when you or your spouse move out, sell, or pass away. Your heirs can pay off what’s owed, refinance, or let the lender take over the house—it’s not as scary as it sounds, but planning is key.
Is a reverse mortgage a good choice?
It depends—reverse mortgages come with baggage (like the need to repay quickly if you sell or pass). If you’re game for all the fine print, or your kids understand how it affects their inheritance, it can be a savvy move. I always say: talk to a financial advisor before making the leap.
What if I move into a nursing facility?
If both you and your spouse move out, the loan typically comes due (cue ominous music). Lender terms can vary, so double-check those details before signing.
What qualifications do I need for an American Senior reverse mortgage?
Federal rules say you must be at least 62, own your home outright or nearly so, live there full-time, and keep up taxes and insurance. Plus, a required session with a HUD-certified counselor means nobody dives in blind.
How We Evaluated American Senior’s Reverse Mortgage
My review considered their lineup (range and fit for different needs), how easy it is to get support, actual customer reviews (when I could find them!), and how clear they are on prices. Spoiler: that last one left me wanting more.
American Senior Reverse Mortgage Review: The Bottom Line
What’s the verdict? American Senior offers a decent menu of reverse mortgage products, with helpful online tools and reach across 20 states. The downsides: not much price or customer satisfaction info, and a definite “call us for details” vibe. So, if you’re detail-obsessed (like yours truly!), you might want a few more quotes before you sign on the dotted line.
Ready to explore your reverse mortgage options? Give American Senior a call, or play the field by comparing with other top reverse mortgage lenders for your best possible fit. After all, retirement is all about choices—and isn’t it nice to have plenty?