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Review Summary: Smartfi Home Loans stands out as offering a broad range of mortgage products from reverse mortgages to loans for first time home buyers. The main downside to Smartfi is that it is only available in 40 states. (See the full list below.)
Recommended for: Smartfi Home Loans is a great option for those that are looking for other alternatives to a Reverse Mortgage.
What is a Reverse Mortgage? A Reverse Mortgage is also known as a Home Equity Conversion Mortgage (HECM). It is a financial tool available to seniors who are at least 62 years of age. It allows them to cash-in on the equity in their homes without having to sell their home. The money can be received as monthly installments, a lump sum, a line of credit or a combination of the three. A Reverse Mortgage can also be used to purchase a new home. This is known as a HECM for Purchase. Those who obtain a reverse mortgage are still required to stay current on property taxes, homeowner’s insurance, and any necessary maintenance costs. Read more about Reverse Mortgages here. |
Home purchase mortgage calculator
Online application available
Variety of loan options
No reverse mortgage calculator
Not available in all 50 states
Consumer Review Platform | Rating |
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Better Business Bureau | A+ Rating; No Reviews |
ConsumerAffairs | 4.4/5 Stars with 13 Reviews |
Trustpilot | 4.0/5 Stars with 4 Reviews |
Smartfi Home Loans offers mortgages for new purchases, mortgage refinance, and reverse mortgages, as well as others.
In addition to traditional reverse mortgages that are backed by the Federal Housing Administration (FHA), it also offers Smartfi Choice which is its proprietary product that allows homeowners to take out a larger loan at a younger age.
This might be necessary if the home equity is greater than the current FHA-backed limit, which is $1,089,300.
In Ohio, Smartfi goes by its original name Bankers Guarantee Mortgage Company, where it has been in business since 1911.
Its website offers a mortgage calculator for new home purchases.
Smartfi offers an informative blog that is primarily focused on its reverse mortgage products.
Smartfi Home Loans offers the following products and tools on their website:
Smartfi lays out a four-step process borrowers can expect to go through when taking out a Home Equity Conversion Mortgage (HECM), which is also known as a reverse mortgage:
Smartfi Home Loans is based out of Medina, Ohio and has been in business for more than 100 years. It offers a variety of loan options and competitive rates within the mortgage industry.
In the state of Ohio, it is known as Bankers Guarantee Mortgage Company.
Smartfi says that it is committed to helping to meet the needs of America’s seniors in their retirement. And it intends to do this by being transparent with seniors about the mortgage industry and the options available to them.
Smartfi is licensed to originate loans in 35 states. In Ohio, Smartfi does business as Bankers Guarantee Mortgage:
Office Locations
Last updated: 9/1/23
Reverse Mortgage companies are evaluated based on six factors that we believe are important for consumers: years in business, number of products offered, customer service availability, state licensing footprint, Better Business Bureau (BBB) Ratings, and the inclusion and functionality of a mobile application. Please find a full description of our ratings system here.
This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement.
Address: 1113 Medina Road Suite 400 Medina, OH, 44256
NMLS# 1862952
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