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HighTechLending

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LAST UPDATED: December 9th, 2020

HighTechLending provides retail home loans, mortgage refinancing, and reverse mortgages. Founded in 2007, the company's corporate headquarters is in Irvine, California, and it serves a number of states throughout the United States.

This company review will focus on HighTechLending's reverse mortgage loan. To see what customer are saying about their experience, check out the HighTechLending reviews here.

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The Good

  • Traditional HECM Reverse Mortgage
  • Automated Process
  • Diverse Payout Plans

Traditional HECM Reverse Mortgage

HighTechLending only offers a HECM reverse mortgage. This should be able to meet the needs for a majority of homeowners that are looking to cashout on their home's equity. Below lists out the requirements that you can expect from your HECM loan:

  • Mortgage limit of $679,650
  • Must be 62 years old or older
  • Must have substantial ownership in the property or own it out right
  • Must be able to pay monthly property expenses
  • Must not be significantly late on debt payments

These requirements are standard in comparison to other reverse mortgage lenders.

Automated Process

HighTechLending claims its paperless loan process and automated underwriting make for a fast process for obtaining a reverse mortgage. The day you start processing your loans, the company begins closing them. When you're done processing, HighTechLending will close the next business day.

Diverse Payout Plans

HighTechLending offers the following payout plans:

  • Tenure - you get equal monthly payments as long as the borrower occupies the property as a principal residence
  • Term - you get equal monthly payments for a fixed number of months
  • Line of Credit - you choose the amounts and times of payments until you exhaust the line of credit
  • Modified Tenure - a combination of line of credit and scheduled monthly payments
  • Modified Term - a combination of line of credit plus term payments

If you are feeling unsure about some payment methods that other reverse mortgage lenders are offering, HighTechLending's wide variety of payment solutions make it easier to find the right option for you.

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The Bad

  • Limited Availability

Limited Availability

HighTechLending is licensed to provide reverse mortgages only in Washington, Oregon, California, Hawaii, Nevada, Utah, Arizona, Colorado, New Mexico, Idaho, Texas, Georgia, Florida, South Carolina, North Carolina, Illinois, Virginia, Pennsylvania, Maryland, DC and New Jersey.

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The Bottom Line

HighTechLending's reverse mortgage loan will be able to meet the needs of a majority of borrowers. In addition its digital solutions help to streamline and simply the home loan process. The company's paperless, automated application and underwriting process is one of its biggest strengths.

To see what others are saying about their experience, checkout the HighTechLending reviews.

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