Magnolia Bank Reverse Mortgage Review
A Magnolia Bank reverse mortgage can be a good option for cash-strapped retirees. These mortgages are often used to pay off debt or to help make ends meet. Tapping into home equity with a reverse mortgage can also provide funds for vacations and other experiences in retirement. Magnolia 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
Qualifying for a Magnolia Bank Reverse Mortgage
Magnolia 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
Magnolia Bank Reverse Mortgage Uses
A Magnolia 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.
|Magnolia Bank Reverse Mortgage Distribution Schedules|
|Funds Disbursement Schedule||Best For|
|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|
Magnolia Bank Reverse Mortgage Costs
Magnolia 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. Magnolia’s representatives verify other fees applying to each customer’s specific circumstances.
The U.S. government sets most costs associated with reverse mortgage loans. However, Magnolia Bank says the costs it has control over 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 Magnolia Bank Reverse Mortgage
You can start applying for a reverse mortgage loan at Magnolia 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.
Magnolia Bank Reverse Mortgage Complaints
Magnolia Bank is A+ rated and accredited by the Better Business Bureau. 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 their customer service. Facebook reviews yield a score of 4.6 out of 5.
Magnolia Bank Reverse Mortgage Q&A
What sets a Magnolia 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 Magnolia 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 Magnolia 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 Magnolia Bank offer their reverse mortgage loans?
Magnolia Bank has no restrictions on where lenders reside. Consumers living in any state across the country can apply for a reverse mortgage.
Do I have to list my spouse on a Magnolia Bank reverse mortgage?
No, but it’s a good idea to include a spouse on your Magnolia Bank reverse mortgage if they meet the age requirement. Doing so would make it easier for them to stay in your home should you die.
A Magnolia Bank reverse mortgage 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. Magnolia Bank 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.