All About Security One Lending
Security 1 Lending, also known as S1L, is a reverse mortgage lender located in San Diego California. The company was founded in 2006, and today it consistently ranks as one of America’s top originators of reverse mortgage loans. In 2009, Security One bought Omni Reverse, a lender based in Mission Viejo, California. This acquisition helped launch S1L into its leading position within the industry.
As of April 2013, Security 1 was the second largest reverse mortgage lender in the United States by origination volume. The company is licensed in 40 states and employs over 200 loan officers, many of whom specialize in reverse loans. Security 1’s reverse mortgage spokesman is Pat Boone, one of the major musical stars of the 1950s. In fact, you may have seen Mr. Boone featured in one of S1L’s television commercials.
There are not many reviews of Security 1 Lending available on the Internet, which is unfortunately a trend among even the top reverse mortgage lenders. However, as of this writing the company does boast an “A” rating from the Better Business Bureau, one notch below the top “A+” rating. According to S1L’s BBB profile, there is a pending action against the company from the Department of Real Estate, but this does not seem to relate to Security One’s reverse mortgage division; it is more likely to be related to its retail mortgage banking. Though we’re hopeful that more reviews will surface over time, for now the BBB and a few stray reviews spread across the Internet are about all the feedback you can find.
How Do We Feel About Security 1 Lending?
The big name banks, such as MetLife and Bank of America, exited the reverse mortgage market a few years ago. Since then, Security 1 Lending has been one of the major players to step in and replace these giants. The company still lacks a well known brand, and the lack of reviews is somewhat troubling, but S1L has a solid reputation within the industry.