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Community First National Bank Reverse Mortgage

4.6 Stars (11 Reviews)
Most Reviewed
Brands that earn the Most Reviewed badge have received the most customer reviews in their category on Retirement Living over the last 12 months.
Updated: May 19, 2023
By: Jeff Smith
Jeff Smith
Sr. Content Manager
As Retirement Living’s senior content manager, Jeff oversees the product and publishing of all retirement, investing, and consumer wellness content on the site. His extensive expertise in brand messaging and creating data-driven stories helps position Retirement Living as a top authority for senior content and community resources.
Sr. Content Manager
Edited By: Lauren Hamer
Lauren Hamer
Lauren is the editor for Retirement Living focused on discussing current senior-related issues, including retirement planning, consumer protection, and health and wellness. With six years of finance and career journalism experience, Lauren has edited personal finance content for Credible, Angi, Slickdeals, Jobs for the Future, and more.

Community First National Bank is Magnolia Bank's reverse mortgage division. The company helps seniors use the equity in their home for a more fulfilling retirement. The bank specializes in reverse mortgages such as the FHA-backed Home Equity Conversion Mortgage (HECM) and offers multiple fund disbursement schedules. Celebrating 100 years in business, the community-oriented bank provides consumers with a fast close and superior customer service.

Community First National Bank

Editorial Breakdown

Customer Service 4.5 Stars
Product Options 4.4 Stars
Closing Speed 4.5 Stars
Technology 4.4 Stars

Overall Rating 4.6 Stars

Bottom Line

Community First National Bank offers personalized service for reverse mortgages and quick closes.

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.


  • Personalized customer service
  • Competitive rates
  • 30 days to close
  • Highly positive reputation


  • Limited information on the website

Great Rates

Community First National Bank
4.5 Stars

Community First National Bank

  • A+ BBB Rating
  • Quick Closing

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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 sumPaying 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
CFNB Reverse Mortgage Distribution Schedules

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.


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.

11 Community First National Bank Reviews

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5 Stars

February 21 2023 5:45PM

Great experience! We started out with days of reading about HECM programs, the requirements and options. It was a bit overwhelming especially since this a pretty big decision. We started out by enrolling in the HUD required counseling before we found and settled on Magnolia Bank.

Our initial contact was via the website link mid morning and shortly after we were contacted by Toby ** to get us started on the application process. This set the stage for the speed and efficiency we would be treated to through the process.

Toby and his staff coordinated the verifications, appraisal and the closing and we never left home! From the time we signed the application to closing only took 2 weeks!

Every contact made was courteous and happy to be of assistance removing any stress and uncertainty out of this process. Thanks goes out to all that helped, Mike and Pat, Louisville, KY.

Patsy C.
Louisville, KY
5 Stars

February 15 2023 5:05PM

We wanted to take a moment to give a special shout out to Brandon ** for his very professional and thorough service regarding the guidance and insight he provided during the whole Reverse Mortgage refinancing process.

His expertise and patience provided a seamless and painless process from beginning to end, with the funding now safely in our bank. We would be happy to refer friends to Brandon and Magnolia Bank in the future.

Richard R.
Chicago, IL
5 Stars

February 15 2023 4:58PM

I was referred to Mark ** by a good friend that was extremely happy working with Mark. From the beginning I found Mark to be very helpful and answered all my questions I had. We conversed often and I always felt at ease when we talked.

My reverse mortgage closed quickly and with no problems. I would certainly recommend working with Mark for a great reverse mortgage experience!!!!

Roger C.
Rancho Cucamonga, CA
5 Stars

February 15 2023 4:50PM

My wife and I have had the privilege of working with Mark English over the past six years. Mark and his staff are extremely knowledgeable and helpful in every way. We have closed three reverse mortgages with Mark, even after having others contact us.

Mark, with Magnolia Bank has always been our go to guy!!! We here in Texas, call him a "Straight Shooter" as he is always available, trustworthy and has OUR best interest at heart. As you can see, we highly recommend Magnolia Bank and Mark **.

Don E.
Boerne, TX
5 Stars

February 15 2023 4:46PM

Please consider this a letter of appreciation in reference to our procuring our reverse mortgage loan thru Brandon ** of Magnolia Bank. His complete knowledge and input regarding the overall product was impeccable. He, as well as the staff at Magnolia Bank were an overall pleasure to deal with.

My wife and I would highly recommend both Brandon and Magnolia Bank to anyone who is seeking a reverse mortgage. Our sincerest thanks to them all.

Brian G.
Wantagh, NY
5 Stars

February 09 2023 7:46PM

Andy answered all my questions until I was satisfied and understood the issue if it was important to me then it was important to Andy. I wouldn't hesitate to recommend Andy and Magnolia Bank to anyone in need of a reverse mortgage.

Holly C.
Riverview, FL
5 Stars

February 09 2023 7:44PM

After being upset with two other mortgage officers I looked online and there he was. He listened to my story the ups and the Downs. Lots of downs but he stayed with it and got the job done. Andy did great and didn't give up on my difficult loan.

Margarita D.
Mocksville, NC
5 Stars

February 09 2023 7:41PM

Andy was very professional and available from day one. He answered all questions and phone calls no matter what time it was. I was very happy with my experience and would not hesitate to still call him which I do! Thank you Andy for your excellent service.

Alessia R.
Uniontown, PA
5 Stars

February 09 2023 7:24PM

Andy did an amazing job for my wife and me. Very professional and personable. Answered all our questions honestly. His knowledge of the Reverse Mortgage industry is top notch. No high pressure sales, just honest answers. Very quick to respond to phone calls or emails.

Our reverse mortgage was completed in 23 days start to finish. If you're looking for someone to speak with that you can trust, look no further than Andy **.

Terry P.
Salem, OR
5 Stars

February 09 2023 7:19PM

Excellent experience and service! We received the most awesome customer service from Andy when we decided a reverse mortgage would be appropriate for my mom. He worked with us closely every step of the way, and intervened when we needed his help during a confusing experience with a third-party.

His knowledge and demeanor is top-notch in every way. I don’t hesitate to write a wonderful review for Andy, and could not be happier with our experience.

Lisa H.
Sanford, FL