Premier Reverse Mortgage Review

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• Offers three reverse mortgages: HECMs, HECMs for purchase, and proprietary jumbo loans
• Good customer reviews and an A+ rating with the Better Business Bureau (BBB)
• Available in Arizona, Arkansas, California, Colorado, Florida, Georgia, Michigan, New Jersey, New York, Oregon, Pennsylvania, South Carolina, Texas, Virginia, and Washington

Premier Reverse Mortgage is a Marietta, Georgia-based company that sells one product only—reverse mortgages. 

It was created in 2012 after its founder, Matt Neumeyer, decided to stop working for other reverse mortgage companies to build his own business based on integrity and personalized service. 

Premier Reverse Mortgage is best for seniors and retirees looking to tap into their home equity using a standard HECM, a HECM for purchase, or a jumbo reverse mortgage. 

Premier reverse mortgage at a glance

Here’s a quick look at how Premier Reverse Mortgage works before we dive into the details below.

Term	Details
Loan amounts	Up to $1,149,825 for HECMs; up to $4 million for proprietary jumbo
Fees	Not disclosed
Unique features	You can request a free estimate online
Payment options	Lump sum for fixed-rate loans; Lump sum, line of credit, term, or tenure for adjustable-rate loans

How does a Premier Reverse Mortgage reverse mortgage work?

Premier Reverse Mortgage has three reverse mortgage programs to help you access your home equity without monthly mortgage payments.

FHA Home Equity Conversion Mortgage (HECM)

FHA HECMs are the most popular reverse mortgage option. To be eligible, you must be at least 62 years old at closing. The amount you can borrow is based on your home’s value, your age, and current interest rates, with loan amounts going up to $1,149,825. 

With HECMs, you have the option of receiving your funds as a lump sum (the only option for fixed-rate loans), line of credit, term, or tenure payments if you choose an adjustable-rate loan.

Your home’s appraised value and the equity you have in it directly influence the amount you can borrow. The more equity you have, the more you may be able to access through the reverse mortgage. 

Premier isn’t clear on which fees it charges, but typically you can expect to find origination fees, closing costs, and a mortgage insurance premium—which is required for HECMs insured by the Federal Housing Authority (FHA).

HECM for Purchase (H4P)

HECMs for purchase allow you to buy a new home by making a down payment of 50% to 60% and then covering the remaining cost with a reverse mortgage. Like standard HECMs, H4Ps have similar fees and interest options.

This type of reverse mortgage is particularly beneficial if you’re looking to maintain cash flow, have credit issues that make conventional loans challenging, or want to avoid using all your savings to buy a home outright. 

Proprietary Reverse Mortgage

Premier’s proprietary reverse mortgage program is best if you’re looking for a jumbo or private loan. They’re not backed by the FHA, so they’re ideal if your home’s value exceeds the FHA limit, it doesn’t meet FHA requirements, or if you want a reverse mortgage before age 62.

These loans can offer up to $4 million, allowing you to access more of your home’s value. They typically have lower closing costs since there’s no FHA mortgage insurance premium, but they often carry higher interest rates because they lack FHA insurance.

Who’s eligible for a Premier Reverse Mortgage reverse mortgage?

You need to be at least 62 to get a standard HECM or HECM for purchase. You can be as young as 55, 60 or 62 for a Premier proprietary jumbo reverse mortgage, depending on your state. The major requirements for all of Premier’s reverse mortgages are that you: 

• Meet the minimum age requirements
• Live in the house as your primary residence
• Have enough income to cover other home management-related costs like property taxes, home insurance, and maintenance

There’s no minimum credit score, but Premier will review your credit history for late payments, judgments, and bankruptcy. If a spouse or loved one is on your home’s title, they need to meet minimum age requirements for you both to be considered borrowers. 

If they’re below the minimum age, they’ll be considered a non-borrower, and they’ll be forced to settle the reverse mortgage when you pass away or move out—even if they’re not ready to leave. In some cases, they may be able to defer this requirement. 

Requirement	Details
Eligible properties	Owner-occupied single-family, multi-family; townhomes, FHA-approved condominiums, manufactured homes on owned land
Eligible states	Arizona, Arkansas, California, Colorado, Florida, Georgia, Michigan, New Jersey, New York, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington
Age of applicant	62+ for HECMs; 55+ for proprietary loan
Maximum loan-to-value	50% to 65% depending on your age
Maximum debt-to-income	None
Minimum credit score	None

How do you repay a reverse mortgage from Premier? 

With a Premier Reverse Mortgage, you don’t make monthly payments. Instead, the balance is due when you sell your house, permanently move out, or pass away. Reverse mortgages are “non-recourse” loans, meaning you won’t owe more than your home is worth when it’s time to sell. 

You can pay off your loan whenever you wish; there are no early repayment penalties. You’ll have the option of choosing from a fixed-rate or adjustable-rate loan. The option you choose will affect your distribution options.

Pros and cons of Premier Reverse Mortgage

Pros

• Three reverse mortgage programs

  Premier stands out by offering only reverse mortgages. You’ll find FHA HECMs, FHA HECMs for purchase, and proprietary jumbo reverse mortgages to suit your needs. 

• Higher loan limits 

  Thanks to Premier’s proprietary reverse mortgage program, you can get loans up to $4 million or as early as age 55. 

• Online estimate request

  With Premier, you can request a free loan estimate online. 

Cons

• Only available in 15 states

  Premier Reverse Mortgage currently does business in 15 states: Arizona, Arkansas, California, Colorado, Florida, Georgia, Michigan, New Jersey, New York, Oregon, Pennsylvania, South Carolina, Texas, Virginia, and Washington.

• Lack of online rate information

  Premier doesn’t list its interest rates online because the market changes so often. This can make it difficult to quickly compare options with other lenders. 

If you’re looking for a lender with a broader reach, check out our list of the best reverse mortgage companies. 

Is Premier Reverse Mortgage a reputable lender?

Source	Customer rating	Number of reviews
Trustpilot	4.4/5	10
Google	5/5	38
Better Business Bureau	4.79/5	14

As you shop for a reverse mortgage, it’s important to consider each lender’s reputation. Although it has relatively few reviews, Premier Reverse Mortgage appears to be well-loved among customers. 

Nearly every review mentions their loan officer’s professionalism, the thorough assistance they provided, and the company’s ability to offer reassurance and clarity throughout the application process.

These positive sentiments suggest that Premier Reverse Mortgage is committed to providing good customer service. It has an A+ accreditation from the Better Business Bureau (BBB).

How to apply for a Premier Reverse Mortgage reverse mortgage

Premier Reverse Mortgage’s application process is similar to that of other lenders. These are the steps you’ll take to apply: 

1. Inquiry. Contact Premier to express interest and prequalify. This step involves a soft credit check that won’t affect your credit score.
2. Counseling. Complete the mandatory reverse mortgage counseling from a HUD-approved counselor, which can take around one hour.
3. Application. Fill out the full application and submit the required documents, including proof of income, home ownership, and any other necessary financial information.
4. Appraisal. Schedule a home appraisal to determine the value of your property. The appraisal itself may take a few hours.
5. Underwriting. Premier reviews your application and appraisal, a process that could take a few weeks.
6. Closing. If approved, you’ll attend a closing meeting to finalize the loan.

It takes four to six weeks to apply for and close on a Premier reverse mortgage. Spouses and other household members may need to participate in the process, depending on their status as co-borrowers or eligible non-borrowing spouses.

If you run into issues, you can contact customer service by calling (800) 996-5361 or emailing [email protected]. If you’re denied, Premier will tell you why. You can either address the issues and reapply or consider other mortgage lenders to access your home equity. 

How do other home equity products compare to Premier Reverse Mortgage?

Premier’s reverse mortgages let you tap into your home’s equity without monthly repayments. Here’s how it stacks up against other options:

• HELOC (home equity line of credit). Like a credit card for your house, you borrow what you need and make monthly payments. Premier’s reverse mortgage also comes with a line of credit option—but with no monthly bills.
• Home equity loan. Also called a second mortgage, this is a one-time cash loan based on your home’s equity. You repay it monthly just like you would a regular mortgage payment. 
• Cash-out refinance. You refinance your mortgage for more than you owe and pocket the difference. It comes with new monthly mortgage payments.

Premier’s reverse mortgage is unique because you don’t pay it back until you sell your home, move out, or the last borrower passes away. It’s a good fit if you want extra cash without extra monthly payments.

Premier Reverse Mortgage FAQ

How long does it take to get funds from Premier Reverse Mortgage?

Once an application for a reverse mortgage is submitted to Premier Reverse Mortgage, it typically takes about 30 to 45 days for the loan to close. On top of that, a three-day rescission period is required by law. 

During this time, the borrower has the chance to change their mind and cancel the loan. So, you can expect to access your funds within 45 to 60 days from the time you submit your application.

Does Premier Reverse Mortgage have insurance requirements?

Yes, Premier Reverse Mortgage has insurance requirements. It requires you to maintain adequate homeowners insurance on your property. In addition, because the loans it offers are HECMs insured by the FHA, you will also need to pay for mortgage insurance. 

This protection safeguards you and Premier Reverse Mortgage, ensuring the loan will be repaid in full if the home value isn’t sufficient to cover the remaining loan balance.

Can you back out of a reverse mortgage contract?

Yes, you can back out of a reverse mortgage contract. When dealing with Premier Reverse Mortgage, every borrower has a three-day right of rescission after closing the loan. 

This three-day window provides you with enough time to reconsider your decision. If you choose to cancel the loan, you can do so without any penalties or fees. However, you must request to back out in writing, and the lender must receive it within the three-day period following closing.