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Best Reverse Mortgage Lenders in Fort Myers, FL

Oct. 18, 2019, 9:19 p.m.

Fort Myers is a popular place to spend life’s later years, as evidenced by the high share of its population aged 65 or older. For some retirees in the area, reverse mortgages are a way to supplement a fixed income. These loans allow seniors to exchange equity in their homes for regular payments. To help you learn more, our partners at ConsumerAffairs reviewed the best reverse mortgage lenders in Fort Myers.

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#1
MOST POPULAR
American Advisors Group (AAG)

Prepare for retirement with us!

VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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#1 MOST POPULAR
American Advisors Group (AAG)
American Advisors Group (AAG)
Features
  • BBB accredited company
  • 97% customer satisfaction
  • Available in Fort Myers
  • Free info kit online
Read More
VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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#2
Finance of America Reverse
Finance of America Reverse
Features
  • Jumbo reverse mortgages
  • NRMLA certified
  • Available in Fort Myers
  • Retirement investment options
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VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(218) 282-4772
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#3
Liberty Home Equity Solutions
Liberty Home Equity Solutions
Features
  • No upfront fees
  • Fixed & variable rates
  • Wholesale lending options
  • Available in Fort Myers
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VISIT WEBSITE
CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
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#4
One Reverse Mortgage
One Reverse Mortgage
Features
  • Helping clients since 2001
  • Licensed in all 50 states and operates in 47
  • Responds to clients within 24 hours
  • Member of the NRMLA
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Location
Online services in
Fort Myers, FL
(800) 919-6588
#5
American Nationwide Mortgage Company
American Nationwide Mortgage Company
Features
  • Established more than 18 years ago
  • Offers a simple, straightforward process
  • Local office open on Saturdays
  • Works with multiple lenders
Read More
Location
2775 N. Airport Rd., Suite 109-B
Fort Myers, FL 33907
(239) 848-2875

How to choose a reverse mortgage lender in Fort Myers

Fort Myers skyline

Are you considering getting a reverse mortgage in Fort Myers? Doing so could make retirement easier, providing extra funds to pay bills, lessen debt, buy another home or change investment strategy.

Similarly to areas throughout the southern part of Florida, Fort Myers’ housing market is currently in a down cycle. The median home value, according to Zillow, is just above $209,000. But values, along with equities, are expected to grow over the next year. This gives the opportunity to senior homeowners, who live in communities like Seven Lakes, Pelican Preserve and Heritage Palms, to get added financial benefit from a reverse mortgage.

To qualify for the most common type of reverse mortgage in Fort Myers, called a Home Equity Conversion Mortgage (HECM), you must:

  • Be 62 or older
  • Own or be close to owning the property outright
  • Use the property as a principal residence
  • Not be late on any federal debt
  • Be able to pay property taxes, insurance, homeowner association fees, etc.
  • Participate in a government-approved HECM information session

Other than an HECM, which is insured by the U.S. Department of Housing and Urban Development, options for senior homeowners include proprietary reverse mortgages, which are backed privately, and single-purpose reverse mortgages, offered by state and local government agencies with restrictions on how the funds can be used.

Depending on which type of reverse mortgage you have, you can receive the money in a lump sum, in monthly payments, as a line of credit or in a combination of ways. Remember, a reverse mortgage is a loan and eventually has to be repaid, usually after the borrower dies or the home is sold.

When looking for a reverse mortgage, get information from different lenders. Consider not just interest rates but other costs associated with reverse mortgages, like origination fees, insurance and closing costs. Make sure that you can use the proceeds in the manner you want.

American Advisors Group (AAG)

American Advisors Group (AAG)

CALL AMERICAN ADVISORS GROUP

(855) 299-1519 VISIT AMERICAN ADVISORS GROUP

This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.

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Finance of America Reverse

Finance of America Reverse

CALL FINANCE OF AMERICA REVERSE

(218) 282-4772 VISIT FINANCE OF AMERICA REVERSE

This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Fort Myers, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.

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Liberty Home Equity Solutions

Liberty Home Equity Solutions

CALL LIBERTY HOME EQUITY SOLUTIONS

(866) 268-5369 VISIT LIBERTY HOME EQUITY SOLUTIONS

As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Home Equity Solutions representatives.

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One Reverse Mortgage

One Reverse Mortgage

One Reverse Mortgage, founded in 2001, is one of the largest lenders of HECMs in the U.S. Customers can expect constant communication, beginning with an educational session, all the way through closing. One Reverse Mortgage is accredited by the BBB and has an A+ rating. Customers of One Reverse Mortgage say the loan officers are patient with questions and do not use pressure tactics.

American Nationwide Mortgage Company

American Nationwide Mortgage Company

If you want to work with a Fort Myers-based company for your reverse mortgage, consider American Nationwide Mortgage Company. Established over 18 years ago, the company values great customer service, educating borrowers and competitive pricing. Consultations are free. Customers say the staff is responsive and dedicated to individualized solutions for borrowers.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.