Community First National Bank Reverse Mortgage Review
A reverse mortgage from Community First National Bank can be a good option for cash-strapped retirees. Community First National Bank, the reverse mortgage division of Magnolia Bank, offers these mortgages to seniors who want to pay off debt or use the funds to help make ends meet. Tapping into home equity with a reverse mortgage can also provide funds for vacations and other experiences in retirement. Community First National Bank stands out in the reverse mortgage industry for top-notch customer care and competitive rates.
Pros
- Personalized customer service
- Competitive rates
- 30 days to close
- Highly positive reputation
Cons
- Limited information on the website
Qualifying for a Community First National Bank Reverse Mortgage
Community First National Bank offers the FHA-insured Home Equity Conversion Mortgage (HECM), which is the most common reverse mortgage. To qualify for the loan, applicants must:
- Be age 62 or older
- Own and live in the home
- Pay insurance and taxes on the property
- Maintain the home
Community First National Bank Reverse Mortgage Uses
A Community First National Bank reverse mortgage can be used to pay for just about anything a senior may need. The mortgage funds may disburse a few different ways.
| One lump sum | Paying off a large debt Covering a major planned expense |
| Monthly (also known as tenure payments) | Supplementing retirement savings to pay for living costs |
| Line of credit (LOC) | Handling unexpected expenses as they arise |
Community First National Bank Reverse Mortgage Costs
Community First National Bank does not disclose reverse mortgage fees on its website. Each borrower’s total costs depends on their situation. Customers pay standard charges like closing costs. The representatives will verify other fees applying to each customer’s specific circumstances.
The U.S. government sets most costs associated with reverse mortgage loans. However, Community First National Bank says the costs can control are the most competitive in the industry. The lender keeps overhead expenses low and passes those savings on to consumers.
How to Apply for a CFNB Reverse Mortgage
You can start applying for a reverse mortgage loan at Community First National Bank by visiting a local branch, calling or filling out an online contact form. The bank walks customers through the process, and obtaining a mortgage is relatively easy.
Before officially applying for a reverse mortgage loan, consumers attend a session with a counselor approved by the Department of Housing and Urban Development (HUD). This meeting ensures consumers entirely understand how a reverse mortgage works. To move forward with the loan, applicants furnish the bank with financial records and other documentation. The property gets appraised, and the applicant must meet stipulated conditions before closing on the mortgage. The entire process completes in about a month.
You do not have to list your spouse on a reverse mortgage, but it’s a good idea to include a spouse on it if they meet the age requirement. Doing so would make it easier for them to stay in your home should you pass away.
Community First National Bank Reverse Mortgage Complaints
Community First National Bank is not accredited by the Better Business Bureau, but Magnolia Bank is. Magnolia maintains an A+ rating. The bank earned a 4.4 out of 5-star rating from ConsumersAdvocate. While the financial institution has an overwhelmingly positive online reputation, a few complaints exist regarding its customer service. Facebook reviews yield a score of 4.6 out of 5.
Community First National Bank Reverse Mortgage FAQ
- What sets a Community First National Bank reverse mortgage apart from other lending options?
Magnolia Bank representatives give customers one-on-one personalized attention, like a family member. Reverse mortgages get expert handling by a trusted bank representative.
- What does Community First National Bank offer besides the reverse mortgage loans?
Magnolia Bank is a full-service institution that caters to individuals and businesses. Customers can bank in person or online. Magnolia offers checking accounts, savings accounts and a range of lending options.
- Can I get a Community First National Bank reverse mortgage if I have a high-value home?
Yes. Magnolia Bank also offers Jumbo reverse mortgages for homes exceeding the conventional mortgage limit.
- Where does Community First National Bank offer their reverse mortgage loans?
Community First National Bank has no restrictions on where lenders reside. Consumers living in any state across the country can apply for a reverse mortgage.
Conclusion
A reverse mortgage from Community First National Bank, Magnolia Bank’s reverse mortgage division, can be an appropriate solution for seniors who need extra cash flow and have equity built up in their homes. The bank expertly guides consumers through all reverse mortgage procedures. CFNB processes loan applications efficiently to finalize a reverse mortgage within 30 days. Customers can expect to be treated well and to benefit from competitive fees.