Live Well Financial is a mortgage lender based in Richmond, Virginia, that offers reverse mortgages as one of its services. Live Well Financial has been servicing reverse mortgages since 2005, and it is licensed to operate in all 50 states plus Washington D.C. Live Well Financial is not a specialty lender or reverse mortgage specialist like some other providers.
Live Well’s website is functional, but light on specific details and facts about reverse mortgages. Especially glaring is the lack of detailed information about the pitfalls and other costs a reverse mortgages carries with it. There is no mention of the closing costs or other fees that are involved. The website does feature testimonials from customers who report being happy with their experience.
Live Well offers a free estimation tool to give you an idea of what you could expect from your reverse mortgage. This is one of the more bare-bones tools we saw. Unlike many it did not give you even an estimate, only saying that someone from Live Well would be in contact to follow up.
As part of the portfolio of loan products, Live Well offers a few variations on the standard reverse mortgage. These are called the Fixed Advantage, Fixed Fortune and Fixed Freedom loans. Since the government requires that only 60 percent of the proceeds of a reverse mortgage be accessed in the first year, the Fixed Advantage and Fixed Fortune allow the remaining balance to be withdrawn on the 366th day, either as one lump sum or in four annual payments. Fixed Freedom is an open-ended line-of-credit loan that allows you to continue to drawdown and re-borrow as you see fit. Interest is only paid on the portion that you use. These loans offer some flexibility, especially if you need a reverse mortgage for home repairs.
Live Well Financial is a mortgage service that offers a variety of reverse mortgage loans. Their site is rather bare bones and lacks much in the way of information about reverse mortgages, both about the benefits and the risks. Still, the company offers some interesting variations that may be worth the extra legwork required to learn about them.