LendingTree is an online loan marketplace and not an actual reverse mortgage lender. The company provides information that allows consumers to compare multiple lenders at once and better educate themselves on reverse mortgage loan terms. The company isn't a lender itself but instead connects its customers with eligible reverse mortgage lenders and offers general financial advice.
The company was founded in 1996 and has more than two decades of experience in the industry. LendingTree offers lending services for reverse mortgages, personal loans review, business loans, and more.
LendingTree offers a reverse mortgage calculator on its website for consumers to use in order to determine estimated rates, the necessary origination fee, and other fees.To receive this information, you must answer common questions regarding your type of property, the property value, your mortgage balance, etc. It will then ask you for more personal questions, such as your name, phone number,and email address. Eventually you will create an account to see the recommendations.
Through this useful tool, you can find loan offers, learn more about the application process, and receive recommendations for how to qualify for a reverse mortgage. It also provides you with a free credit score and tells you the monthly payments that you could qualify for through a reverse mortgage loan. You can see multiple loan options across several companies in the reverse mortgage loan marketplace.
LendingTree’s website includes a variety of educational resources. In addition to blog articles related to reverse mortgages, LendingTree has detailed information about how a reverse mortgage works, the differing loan options, information on loan providers, what you might pay for extra fees on your reverse mortgage, and what the payoff of a reverse mortgage will look like for you and your family.
Through the company’s useful online resources, consumers are able to get a broader understanding of their loan options. They will also enjoy having access to the resources to learn about repayment terms for a reverse mortgage, safest savings accounts information, the typical annual percentage rate, and other common financial questions.
LendingTree does not require the consumer to pay any fees for the use of its site. The company is partnered with many different reverse mortgage companies which can make the often time-consuming process of finding which company to go through to get a loan easier. LendingTree can make the consumer’s life easier by making it possible to just go to one site to find loan offers instead of having to search each one individually. Typically, five lender options are presented for each inquiry placed by the consumer.
Companies similar to Lendingtree have accused Lendingtree of asking too many unnecessary personal questions. They argue that to get an initial mortgage quote all the consumer needs to provide is their city and state of residence.
Instead, Lendingtree asks for your phone number, cash flow and income, birth date, and your exact address. Some have accused Lendingtree of selling this information to companies that the consumer is not actually interested in learning about. With this personal information given, consumers have reported that the customer service team can be a little pushy.
Because offers may vary by lending options, LendingTree does not list personalized rates and fees on its website, only estimates. You will need to fill out a form on LendingTree's website to receive more detailed information to access specific fee information and more exact estimates of the monthly loan payout you could receive.
LendingTree is not a company that simply focuses on helping people find the right reverse mortgage or even the right mortgage in general. It also helps people review their credit history, receive a cash advance, get credit card debt assistance, and get help finding insurance. The company’s specialty is not reverse mortgages.