Live Well Financial

Live Well Financial is a mortgage lender that offers competitive rates, customized services and a quality customer experience..h transaction.

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8.8
Grand Score
8
User Score
8.8
Grand Score
8
User Score
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Live Well Financial is an expert in the reverse mortgage industry. Founded in 2005 and headquartered in Richmond, Virginia, the company facilitates financial relief to seniors searching for financial freedom. The company’s performance, strength and stability allow it to offer reverse mortgages as a viable solution to seniors in need. A reverse mortgage is an option that permits seniors aged 62 or older to utilize their home’s equity in the form of a loan. 

Whether you’re in need of money for medical bills, home repairs, or simply need to take a vacation, a reverse mortgage can be a reliable source to consider if your goal is to maximize your financial strategy.Live Well Financial’sgoal is to help qualified homeowners determine if a reverse mortgage loan can be beneficial in improving their quality of life during retirement.

Grandfolk Scoring
Customer support 9/10
Licensure 10/10
Online tools 10/10
Products 10/10
Third-party reviews 4/10
Local agents 5/10
Fully accredited 10/10
Cost 9/10
Cancellation 9/10
Established company 9/10
Guarantee 8/10
Ease 9/10
Customer support
How do I reach customer support?
By phone or email
Licensure
Is the company licensed in all 50 states?
Yes
Online tools
Are online tools and advice provided?
The website has a blog with helpful articles and other resources
Products
What products are offered?
Government-insured reverse mortgages, single family loans, and more
Third-party reviews
Does the company provide independent reviews?
No, but you can view previous client reviews on the site
Local agents
Can borrowers search for local agents?
Local agents cannot be searched via the website
Fully accredited
Is AAG accredited by the Better Business Bureau?
Live Well Financial is fully accredited by the Better Business Bureau
Cost
What fees are involved?
Depends on your individual reverse mortgage
Cancellation
What if I am not satisfied?
You can cancel within a three-day window
Established company
How long has the company been in business?
The company was founded in 2005
Guarantee
Does the company provide a guarantee?
No, but the loans are government-insured
Ease
Is it easy to get started?
Yes, simply call the company or go online
Age Score:
10
50-65 Years
10
65-75 Years
9
75-85 Years
8
85-Above

There are well over one hundred companies offering reverse mortgages in the industry. Live Well Financials’ goal is to stand apart from the competition by delivering unmatched customer service experiences. Unlike many other companies, Live Well Financial is usually sought after because it is a direct lender. A direct lender is most often preferred because customers find that they can communicate directly with the company to resolve issues and answer questions, rather than communicating with a third party or middle-man. 

As the case with all reverse mortgages, however, there will still be origination fees, insurance premiums and other expenses related to your reverse mortgage. If you choose to use Live Well Financial, you can be assured that every step of the process is handled in-house. Loan officers, managers, processors, underwriters, document preparers and financial funders are all staffed and work personally as a team, to guarantee that the loan process flows as smoothly as possible.

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

If you are an impaired or chronically ill senior hoping to avoid premature institutionalization, a reverse mortgage may be the resolution for you. A reverse mortgage can allow you to convert some of your home’s equity into cash, providing immediate access to the funds needed to obtain in-home health care assistance.The demand for reverse mortgages has been increasing due to their ability to provide a quick solution for seniors, who are considered “house rich and cash poor," but need to supplement their income as a means to pay for long-term care. 

Though it must be noted that there are other options on the market, a reverse mortgage is worth considering. If you are unsure or have additional questions, you can complete an online form requesting additional information, or contact a reverse mortgage counselor. Counselors are available to help you determine whether a reverse mortgage is the right choice for you. 

Pros:

  • Live Well Financial provides mortgage lending options in all fifty states.
  • Throughout the loan process, the loan officers were described as helpful, brilliant and knowledgeable. 
  • The loan process is completed in a timely manner.
  • Visitors to the website can complete a free, no obligation form which will help them to determine eligibility. The website also has a free guide to reverse mortgages.
  • In addition to reverse mortgages, the company provides a variety of additional products, including conventional mortgages, wholesale lending, correspondent lending and FHA loans.
  • When compared to other companies, Live Well Financial has fewer regulatory actions filed against it. 
  • On its website, the company provides a large selection of blogs with helpful and informative articles.

Cons:

  • Customer complaints cite long wait times when trying to reach customer service. The complaints state that many calls go unanswered and wait times are considerably high.
  • Live Well Financial does not rank as high as other providers in the industry. The website has been described as basic. 
  • The company does not offer proprietary loans, also called jumbo reverse mortgages, to consumers whose homes are appraised at a higher value than the standard FHA policy.
  • Live Well Financial does not offer as many comparable resources as other lenders, who tend to provide a wide range of resources including calculators and other tools.
  • Due to additional fees and added expenses, the amount you owe on a reverse mortgage will actually increase with time.

Bottom Line:

Live Well Financial is a mortgage lender that offers a variety of mortgage services, including reverse mortgages. The company was founded in 2005 and is licensed in all 50 states and Washington D.C. It has a team of counselors trained to comprehensively advise borrowers on the best options for their needs. Live Well Financial is a direct lender, with every step of the process conducted in-house.Although the company did not rank as high as some competitors in terms of customer service and overall experience, for the fourth quarter of 2017, Live Well Financial, was among the leaders on the list of Best Home Equity Conversion Mortgage Companies. 

A reverse mortgage with Live Well Financial may be a practical option for some, but as with all major decisions, you should proceed with what works best for you.

Frequently Asked Questions:

If the decision to obtain a reverse mortgage was made prematurely, can a borrower later reverse the loan or cancel it?

If the borrower is unhappy with the loan for any reason and wishes to cancel the reverse mortgage, they have, by law, three business days to do so. If the loan is cancelled within the first three days of signing the documents, there will be no penalties or fees associated with the cancellation. 

What are the obligations of the borrower?

Borrowers who receive a reverse mortgage will be responsible for paying property taxes and homeowner’s insurance. The specific rules for each reverse mortgage will vary, depending on where the borrower lives. 

Is there help available if the borrower is struggling to meet the obligations of the reverse mortgage?

Live Well Financial has a team of professionals dedicated to providing critical expert analysis and helping to provide resolutions to overcome any financial obstacle a senior may face.

More Information:

Product Details

Overview: Live Well Financial is a mortgage lender which provides a wide array of services and products, including reverse mortgages.The company has been servicing reverse mortgages since 2005.

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Accreditations: Live Well Financial has an accredited business profile with the Better Business Bureau and maintains an A+ rating.  

Company Details: Founded in 2005, Live Well is based in Richmond, VA. The company delivers a full complement of mortgage products and services, including reverse mortgages. Live Well Financial has license to operate in all 50 states, and has originated and serviced more than $3 billion in mortgage loans. 

Contact: 

Live Well Financial
1011 Boulder Springs Drive
#420
North Chesterfield, VA 23225-4950
Tel: 800-577-5821
Website: https://www.livewell.com/
Email:info@livewell.com

T. Mashae Pearson - Senior Advisor

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