LendingTree

LendingTree is a loan marketplace thatcollect and displays different available loan options. While convenient, seniors must contact lenders individually to obtain a loan.

0 Reviews - Write Review
7.8
Grand Score
8
User Score
7.8
Grand Score
8
User Score
Visit Site

LendingTree provides a free comparison service, as well as home equity loan and other calculators, for seniors who are looking at different options for a home equity loan. LendingTree provides quotes from a variety of lenders, and although individuals with poor credit can apply, they may not be offered a loan. Seniors who are looking for the cheapest home equity loans may benefit from the LendingTree service, although they will need to sign up for the individual loans themselves and contact each lender to learn more about the details of loan offerings and any applicable fees.

Grandfolk Scoring
Fees 5/10
Loan amount 5/10
Repayment period 5/10
Contract obligation 10/10
Interest rate discount 5/10
Interest rate type 5/10
Line of credit 10/10
Interest rates 5/10
Cost 9/10
Customer Support 9/10
Ease 6/10
Cancellation 8/10
Fees
Will I pay initial,annual, or other fees?
Fees vary by lender
Loan amount
What are the minimum and maximum loans offered?
Loan amounts vary by lender
Repayment period
How long will I have to repay the loan?
Repayment terms vary by lender
Contract obligation
What will my obligations include?
You must repay your loan
Interest rate discount
Are any discounts offered on interest rates?
Discounts may be available; inquire with individual lenders
Interest rate type
Variable or fixed interest rate?
Interest rate types vary by lender
Line of credit
Is a home equity line of credit offered?
Yes
Interest rates
What annual percentage rates are offered?
APRs vary by lender
Cost
Monthly fee
Depends on the size of your loan
Customer Support
Ease of access
You can contact customer support online or by phone
Ease
How easy to put to use?
Easy for web-savvy seniors
Cancellation
Cost or difficulty to cancel?
Loans must be repaid in full
Age Score:
10
50-65 Years
10
65-75 Years
9
75-85 Years
7
85-Above

LendingTree enables seniors to apply for a loan easily and choose from a range of options offered by different lenders. This eliminates the need to contact many different lenders to inquire about rates. However, once you choose a loan that looks attractive, you will need to contact the individual lender. This extra step may pose a challenge for older, less computer-savvy seniors.

In general, home equity loans are a good choice for seniors wishing to take advantage of their home’s equity to pay for other necessary expenses, such as home renovations. The options presented by LendingTree may make it easier to choose the right loan for your needs. 

Health Score:
10
Great health
10
Good Health
9
Fair Health
8
Poor Health

For seniors who are looking to obtain money for important expenses such as medical bills, LendingTree could be a good option to find the cheapest home equity loan rates. LendingTree collectsloans from a variety of sources, including smaller lenders, so seniors who are sick and have high medical bills may qualify for a broader range of loans with LendingTree than with traditional big bank lenders. 

However, because LendingTree is not a lender but rather a loan aggregating and comparison website, seniors will have to apply to individual loans themselves once options have been identified by LendingTree. Seniors who face rising healthcare costs due to poor health may not be good candidates for the loans offered by LendingTree, because their houses may end up in foreclosure.

Pros:

  • LendingTree connects seniors with over 300 lenders offering loans. This process enables seniors to see results from five competitive loan offers in order to ultimately choose the loan that best fits their borrowing needs. Seniors seeking more than five home equity loan options will need to apply to more loans on their own.
  • LendingTree offers a Ratings and Reviews database where seniors can read feedback from other borrowers regarding the different loan services obtained by LendingTree users. This may be a good resource for seniors looking for home equity loans.
  • LendingTree offers rates from smaller lenders who may have lower rates, which could be good for seniors looking for a more affordable home equity loan.
  • LendingTree does not charge upfront fees for its service, and the LendingTree website features free calculators to make sense of the loan process.
  • Seniors with poor credit can apply, although it is not guaranteed that they will receive a loan offer.

Cons:

  • Customers have complained that telemarketers contacted them frequently after they filledout the online form to get a quote; therefore, seniors concerned about frequent telephone and email solicitations may want to steer clear of this service.
  • The loans offered by LendingTree all have different terms and conditions. Seniors will need to check with individual lenders to learn more about terms and conditions.
  • LendingTree is not a direct lender. For this reason, LendingTree should be considered a way to learn more about different loan options, rather than a one-stop shop to obtain a home equity loan.

Bottom Line:

LendingTree is not a bank; it is a marketplace where you can compare different options for obtaining a home equity loan. The LendingTree website offers seniors the option to choose from a variety of home equity lenders by filling out a simple web-based form. Home equity loans from over 300 banks and lenders are offered on the website, and LendingTree provides a comparison of five different home loans per quote. In addition to home equity loans, LendingTree also offers home equity lines of credit and reverse mortgages. 

LendingTree was a winner of the 2013 New Media Award’s Web Awards Competition and was also the 2015 recipient of the LeadsCouncil LEADER Award in the mortgage category. For seniors looking to compare home equity loans from different lenders to find the cheapest and best options, LendingTree may be a good choice.

Frequently Asked Questions:

How can I estimate the value of my loan?

To determine how much equity you can borrow from your home, use the LendingTree Home Equity Calculator, available on the website. 

Can I apply for a loan with this company if I am retired?

Yes, but you may need to provide additional paperwork proving that you will be able to pay off the loan. Because LendingTree collects loan offers from multiple sources, you may need to check with individual banks regarding the terms and conditions of each loan.

How much can I borrow, and can I start paying off my loan early?

Loan amounts are based on how much equity you have in your home. You can use the online Home Equity Calculator or Reverse Mortgage Calculator to determine how much you can borrow. Many lenders permit the early payoff of loans, but this may incur additional fees. You will need to check with the individual lending institution you are considering for details.

More Information:

Product Details

Overview: LendingTree offers a variety of home equity loans from over 300 lenders. The companycompiles loan offers from multiple websites on its platform, so each loan may have different terms and conditions depending on the lender.

Package Details:

A home equity loan provides a customer with a lump sum of cash to be repaid in monthly installments. Home equity loans have a fixed interest rate and are fully amortized, which means they are paid off in smaller, incremental payments.

LendingTree is not a bank but rather a loan marketplace. LendingTree offers quotes from a variety of lenders, so the terms and conditions of each home equity loan may vary. Seniors will need to check with each individual lender to determine the terms and conditions of each loan, including any associated fees.

LendingTree offers comparison shopping for home equity loans for single-family homes, townhomes, condominiums, multi-family homes, and mobile/manufactured homes.

Optional Accessories or Add-on Services: LendingTree offers both home equity lines of credit and reverse mortgages. A home equity line of credit, or HELOC, functions similarly to a credit card. Customers can make payments on the line of credit and only pay interest on the outstanding balance of the loan. HELOC interest rates vary depending on the homeowner’s line of credit.

Seniors with significant equity in their homes may also want to consider a reverse mortgage loan. These loans are designed for older homeowners who are looking for an additional source of income. To be considered for a reverse mortgage, homeowners must be 62 years of age or older, and either own their home entirely or have significant equity. Additionally, the home must be the primary residence, and borrowers must participate in a reverse mortgage counseling session. The home must be well-kept and all property and insurance taxes must be paid.

Additional Company Details

Contract Details: LendingTree acts as a centralized location to receive multiple loan offers. Some banks charge fees if the line of credit is not used, is closed early, or if the loan is paid back early. Home loans cannot be canceled and must be repaid in full to terminate the contract.Homeowners looking to obtain a loan must check with individual lenders to learn more about associated fees and contract details. Home equity loans offered by LendingTree may have various associated fees, including an application fee, title search fee, attorneys’ fees, a flat percentage fee corresponding to the amount borrowed, and/or other fees.

Warranty: None

Accreditations: LendingTree is not accredited by the Better Business Bureau; however,the companymaintains an A+ rating.

Company Details: LendingTree, a North Carolina-based company, was founded in 1996 by Doug Lebda. Lebda’s idea was born when he wanted to buy his first home and became disheartened upon discovering that obtaining a mortgage would not be easy. The company’s websitewas launched in 1998. Today, Lending Tree has over 300 employees and has facilitated over 32 million loan requests. LendingTree’s mission is to give consumers one central place to receive multiple loan offers from different lenders.

Contact: 

LendingTree, LLC
1115 Rushmore Drive
Charlotte, NC 28277
Tel: 800-813-4620
Website: www.lendingtree.com
Email: https://www.lendingtree.com/about/contact-us

Sheeva Azma - Senior Advisor

...