Lending Tree is an online lending aggregator. Among one of the many financial products they service are reverse mortgages. Unlike other lenders we reviewed, Lending Tree is a service that helps borrowers find the right lender for them. This may be a good alternative if you are hoping to find a reverse mortgage from a local lender.
Lending Tree’s tool allows you to compare varying loan offers. It requires that you enter information about how the property is being used, its estimated value, the amount remaining on the mortgage as well as relevant personal data. The tool will then provide you with providers and estimates in your area. These potential lenders will follow up with you by phone or email. The estimate provided is very basic and not meant to represent the complete amount you can expect from a reverse mortgage, which may vary due to a number of other factors.
Though not a lender itself and merely a broker designed to connect lenders and borrowers, Lending Tree’s website does feature a wealth of resources meant to educate you about the ins and outs of reverse mortgage. In particular the pros and cons sections stands out from the information provided by other reverse mortgage lenders. Lending Tree’s resources do a good job of spelling out the risks associated with these kinds of loans. In particular it mentions some potential problems with borrowers no longer being eligible for other benefits if they get a reverse mortgage. Lending Tree also does a good job placing a reverse mortgage in the large context of your retirement and defining what part it can play in your estate planning.
Lending Tree, while not a lender itself can help you find smaller or more local lenders that may have been drowned out by other lender’s larger marketing muscle. Lending Tree can provide you with the ability to compare many offers at once and see which one meets your needs. One drawback to Lending Tree is that it can only connect you with the lender and so is less detailed about the kinds of loans that may be available. Lending Tree is a valuable resource for comparing what loans are available as well as for learning more about them.