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Find the Best Reverse Mortgage Lenders

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by Michele Lerner Mortgage & Real Estate Contributing Editor

A reverse mortgage can be a smart way to supplement retirement income for people older than 62 who have most of their net worth tied up in their homes. Our research team vetted 10 reverse mortgage lenders that are rated by more than 4,930 customers. Read our guide to choose the best reverse mortgage company for you by comparing loan options, availability and customer experiences.

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ConsumerAffairs Accredited Partner Icon
Accredited Partner
Available in 20149
Finance of America Reverse
Read 2,288 Reviews

Provides HECM loans along with HomeSafe, a proprietary jumbo reverse mortgage product and a Reverse for Purchase product that uses your home’s equity to finance the purchase of a new home.

Learn More Call Now Toll Free (218) 282-4772
ConsumerAffairs Accredited Partner Icon
Accredited Partner
Available in 20149
American Advisors Group (AAG)
Read 1,245 Reviews

Offers HECM, HECM for Purchase and jumbo reverse mortgages up to $4 million. Lump-sum payouts and growing lines of credit available. Also provides refinancing program options. Free rate calculator.

Learn More Call Now Toll Free (800) 485-9418
ConsumerAffairs Accredited Partner Icon
Accredited Partner
Available in 20149
Liberty Reverse Mortgage
Read 1,606 Reviews

Provides HECM and HECM for Purchase loans. Properties must meet FHA’s requirements to be eligible. Offers a promise for competitive rates. Loan closings within 60 days and financing for processing and loan fees available.

Learn More Call Now Toll Free (866) 268-5369
LendingTree
Read 1,538 Reviews

Compares rates and quotes from multiple lenders for a variety of loan types. Free services. Use of the site doesn’t affect credit score. Provides a list of loan options tailored to the user’s situation.

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InterContinental Capital Group
Read 155 Reviews

Offers reverse mortgage products for those 62+. Loan officers help determine eligibility and provide guidance through the process. Conventional and FHA mortgage loans and refinancing programs also available.

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Champion Mortgage
Read 65 Reviews

Provides reverse mortgage loan options to eligible homeowners. Offers direct deposit disbursement payments and line of credit payment plan options. Typically closes reverse mortgages within 30 days.

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One Reverse Mortgage
Read 19 Reviews

Adjustable- and fixed-rate HECM, HECM for Purchase and HELOC programs are available. Licensed loan specialists help guide borrowers through each step of the process.

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What to know about reverse mortgages

To understand the basics of what a reverse mortgage is and how it works, you need to grasp the concept of home equity. Equity is the difference between your home's fair market value and the balance of your loan on the property. Think of your equity as the percentage of your home that you’ve already paid for.

Most people access about
60% of a home’s value
through a reverse mortgage

With a reverse mortgage, you can get a one-time cash payout or regularly recurring disbursements in exchange for reduced equity. Each reverse mortgage payment you receive reduces your overall equity. This causes your mortgage balance to increase over time through a process called negative amortization (negative amortization also happens if you don’t pay enough interest on a home loan).

The title of your house stays in your name, and your lender uses the property as collateral against the reverse mortgage loan. Reverse mortgages are non-recourse loans, so lenders can’t demand more than the home is worth.

In other words, you can’t owe more than your home is worth when the loan becomes due. Additionally, if the property is sold for more than the debt on the loan, the borrower’s estate is entitled to the surplus.

Generally, the amount you can access through a reverse mortgage is determined by the age of the youngest homeowner, the current value of your property, the balance on your current mortgage loan and your interest rates.

Reverse mortgage eligibility requirements

Not just anyone can get a reverse mortgage, so make sure you meet all the criteria. To be eligible for a reverse mortgage, you must be at least 62 years old and own a substantial part of your home. Some financial institutions offer proprietary reverse mortgage products to homeowners as young as 60, but those fees aren’t as regulated or capped by a government agency.

There are no particular income or minimum credit score requirements for reverse mortgages, but you probably won’t qualify if you have outstanding federal debts. The property you take a reverse mortgage out against must be your primary residence. To meet HECM property requirements, you must live in a single-family home or a two- to four-unit property. You must also meet certain FHA requirements:

  • Your name (and an eligible spouse, if applicable) must be on the loan
  • You must have a high amount of equity in your house
  • You can’t have any delinquent federal debts
  • The home must be up to property standards (including flood requirements)

Additionally, most lending companies require that your first lien is settled before disbursements begin. Liens are a claim against your property to secure a debt. You can get a reverse mortgage if you have mortgage debt, but your reverse mortgage must be in the first lien position.

Types of reverse mortgages

The three types of reverse mortgage products are home equity conversion mortgages (HECMs), single-purpose reverse mortgages and proprietary reverse mortgages. The kind that’s right for you depends on your financial needs and retirement goals.

  • Home equity conversion mortgage: A HECM (pronounced “heck-um”) is offered through FHA reverse mortgage lenders and backed by HUD. Unlike a single-purpose reverse mortgage, HECM proceeds can be used for whatever purposes the borrower wants, including living expenses or home repairs. The FHA capped the maximum HECM lending limit at $822,325 in 2021. HECM loans have a 95% market share of the reverse mortgage industry.
    • HECM for Purchase: A HECM for Purchase loan leverages a borrower’s existing equity to finance a new house, often to downsize, move closer to family or transition into a retirement community. A HECM for Purchase doesn’t require monthly loan payments, but it does require that you keep up with mortgage insurance premiums and property taxes. Perhaps the most significant advantage of a HECM for Purchase is that you have to pay just one set of loan closing costs.
  • Single-purpose reverse mortgage: Single-purpose reverse mortgage proceeds can be used for lender-approved purposes, which can include property taxes or crucial home repairs. A single-purpose reverse mortgage is sometimes referred to as a property-tax deferral program or deferred payment loan. Local governments and nonprofits that offer these don’t charge origination fees, and the closing costs are minimal. According to the Federal Trade Commission, single-purpose reverse mortgages are the least expensive reverse mortgage type, but they aren’t available everywhere.
  • Proprietary reverse mortgage: Wholesale reverse mortgage lenders offer proprietary reverse mortgage loan amounts up to $4 million. Proprietary reverse mortgages, sometimes called jumbo reverse mortgages, aren’t insured by the government. Since they’re not as heavily regulated by the federal government, proprietary reverse mortgages have different rules regarding nonborrowing spouses by state, and funds might affect some government assistance programs.

Reverse mortgage payout options

Reverse mortgage borrowers can select how frequently they receive their proceeds. Depending on the type of reverse mortgage you choose, you can get funds in a lump sum, in fixed monthly installments or through a line of credit. The older the borrower is, the more of the equity they can access, which makes reverse mortgages popular among older retirees.

  • Lump-sum payments: Lump-sum payments come all at once in a single disbursement. Lump-sum amounts are most commonly used in HECM for Purchase reverse mortgages.
  • Fixed monthly payments: Fixed monthly payments are disbursed regularly. If you opt in for fixed monthly payments, you can select from term or tenure payments. Term payments are received over a specific amount of time — typically between five and 10 years. Tenure payments are received as long as the home is the borrower’s primary residence.
  • Lines of credit: A line of credit lets borrowers access funds as needed. The line of credit grows over time, but borrowers don’t earn interest.

Reverse mortgage costs

Before you can know if a reverse mortgage is right for you, it helps to understand your options and the typical fees. Keep in mind that the real cost of your reverse mortgage is determined by several factors, including your lender, loan terms, interest rate changes and the timing of payout distributions.

Upfront reverse mortgage fees

The upfront costs associated with a reverse mortgage include fees, charges for services and your initial mortgage insurance premium.

  • Counseling fee: Mandatory counseling with a HUD-approved third-party HECM counselor typically costs around $125.
  • Appraisal fee: Professional home appraisals are required for HECMs. The process is similar to the kind of home inspection you need to sell a property. Average home appraisal costs range from $300 to $500.
  • Loan origination fee: Reverse mortgage lenders can charge up to $6,000 in loan origination fees. Reverse mortgage loan origination fees are based on your current home value.
  • Closing costs: Closing costs include fees for credit checks, document preparation, loan recording, couriers, inspections and title insurance. Reverse mortgage closing costs average between $600 and $2,000 but vary depending on the type of loan and your state of residence. Eligible homeowners have the option to pay closing fees upfront or bundle closing costs into their reverse mortgage loan.
  • Mortgage insurance premium: Initial mortgage insurance premiums (MIP) cost up to 2% of the loan amount and are due at loan closing.
HECM lending limits are
$822,325
in 2021

Ongoing reverse mortgage costs

Even though you receive payments after you close on a reverse mortgage loan, there are still additional costs to consider. Annual mortgage insurance premium payments are typically between 0.5% and 1% of the outstanding mortgage balance. Homeowner’s insurance is also required, and companies require flood insurance in some areas.

Reverse mortgage lenders charge monthly fees for administering the loan. Servicing fees are a fixed amount, usually less than $40, and are due each month.

You also must continue to pay property taxes when you take out a reverse mortgage and keep your property in good condition, so plan on paying regular costs for maintenance. A reverse mortgage loan can wind up in default if a borrower violates their terms by neglecting the collateral property or not keeping the property in good condition.

You can opt in to a lifetime expectancy set aside (LESA), which dedicates a portion of your reverse mortgage proceeds to pay for future taxes and premiums for a period of time. According to the National Reverse Mortgage Lenders Association (NRMLA), a LESA can fund property taxes, homeowners insurance and flood insurance, but it can’t fund homeowners association dues or condominium fees.

How to get a reverse mortgage

If you’re eligible for a reverse mortgage and decide it’s the right move for you and your family, the next thing to do is find out exactly how much equity you have in your home. An appraisal is required to determine your home’s current fair market value, and you can see how much you owe on your house on your monthly mortgage statement.

After you complete the initial application and submit a signed certificate, you must pay for an independent HUD-approved appraisal. An underwriter then reviews your application and sets a closing date if everything is in order.

1. Talk to your family
A reverse mortgage is a big decision. Because your primary residence is collateral against a reverse mortgage loan, it’s crucial to talk to your spouse, children or other heirs about whether or not they plan to live in your house after you. If you want to keep the house in your family, your children can potentially refinance your mortgage loan and maintain the title.
2. Find the right reverse mortgage lender
You can find reverse mortgage products through direct lending companies and brokers. Reverse mortgage wholesale lenders can work with banks and brokers to originate proprietary loans. Few national banks offer reverse mortgage programs now, but some smaller banks still do. The reverse mortgage industry in 2021 is largely dominated by companies that focus exclusively on HECM loans.

If you’re interested in a HECM, you should focus on FHA-approved reverse mortgage lenders. It’s a good idea to talk to at least three different lenders to be sure you get the lowest rates available. As you compare reverse mortgage rates, keep in mind that a lower interest rate results in a higher calculation of your principal limit and decreases the total amount added to the balance of the loan.

Ask each lender how much you qualify for, what your payment options are, if there are any restrictions on the proceeds and what kind of fees you should expect to pay. Look for a national reverse mortgage lender that walks you through the entire process and doesn’t resort to high-pressure sales tactics.

3. Get HUD-approved counseling
You’re required to meet with a counselor approved by the U.S. Department of Housing and Urban Development before applying for a reverse mortgage. Your counselor sends you information before your session so you can prepare.

During counseling, you learn more about how a reverse mortgage affects you and your family. Your counselor also helps you compare alternatives to reverse mortgages, like cash-out refinancing or home equity loans.

After the counseling session, you receive a Certificate of HECM Counseling stating that you understand the basics of a reverse mortgage loan.

4. Complete application
A 1009 form is required to apply for most reverse mortgages. The application will be easier to complete if you have all the right documentation in order. You need a valid government-issued identification (driver’s license or passport), verification that the property is your primary residence (bank statements or voter registration), proof of income (W-2, Social Security award letter or pay stubs) and your counseling certificate. Altogether, the reverse mortgage application process takes between 30 and 45 days.
5. Close on the reverse mortgage loan
At closing, your loan officer meets with you, an attorney and a notary to sign the documents to finalize your reverse mortgage loan. After the three-day rescission period, you start receiving payment disbursements according to the terms of your reverse mortgage. Funds from HECM and proprietary reverse mortgages can be used for living expenses or whatever else you like.

Once you close on a reverse mortgage, you have certain obligations to maintain the property and avoid going into default. This includes making any necessary home repairs and keeping up with property taxes, homeowners insurance and homeowners association fees. Reverse mortgage loans are due when the borrower sells the property, permanently leaves the residence or breaks the loan terms in some way (for example, by not paying property taxes).

Our picks for reverse mortgage companies

As of publication, the three top-rated reverse mortgage companies are Finance of America Reverse (FAR), Liberty Reverse Mortgage and American Advisors Group (AAG).

We used our proprietary algorithm to rank lenders by their overall customer satisfaction ratings. These ratings are determined using a time-based weighted average numerical calculation of the ratings submitted by buyers over the last year. These ratings are based on a scale of one (1) to five (5), with five (5) being the highest.

Methodology: We started with our list of the most popular reverse mortgage companies in 2021. Some, but not all, of the companies we considered participate in our Accreditation Program. To select our top three picks, we ranked the reverse mortgage companies by overall customer satisfaction rating.

  1. We started with a list of the top 10 reverse mortgage lenders. The ConsumerAffairs research team vetted 10 of the most popular reverse mortgage companies to confirm that each company offers appropriate products and services. Some, but not all, of the companies we considered participate in our Accreditation Program.
  2. We ranked the companies by overall customer satisfaction from the last 12 months. Using a proprietary algorithm, we ranked the top-rated companies by overall customer satisfaction ratings. These are determined using a time-based weighted average numerical calculation of the ratings submitted over the last year.
  3. We analyzed data from more than 760 verified customer reviews. Once we calculated our picks for the top reverse mortgage lenders, we analyzed their most recent reviews and ratings. This information was used to determine what we think each company is best for.

Our pick for top reverse mortgage company
Finance of America

Company nameContact
finance of america reverse logo
Accredited Partner
LogoSummary
  • Wholesale reverse mortgage lender
  • Good customer service
  • Wide selection of loan options

Read reviews

Finance of America Reverse is a wholesale lender that offers reverse mortgages, including HECM and HECM for Purchase, second mortgages and loan refinancing to homeowners. As of publishing, Finance of America is the top-rated reverse mortgage lender on ConsumerAffairs. The company has an overall satisfaction rating of 4.6, based on 303 votes submitted over the last year.

What to consider: FAR specializes in proprietary reverse mortgages through the HomeSafe program. Available in 22 states, HomeSafe is a second-lien reverse mortgage that lets homeowners who already have low fixed rates keep their terms and still tap into their equity.

What we like: Those who rated FAR highly often mentioned how the company’s representatives made them feel comfortable through the whole process and answered all their questions. Those who recommend the company to a friend also frequently express satisfaction with their interest rates and terms.

Proprietary reverse mortgages from Finance of America Reverse are good for homeowners with enough equity in a high-value property to leverage more substantial loan amounts. The HomeSafe program has similar requirements to a government-backed reverse mortgage but has higher loan limits (up to $4 million), so it qualifies as a jumbo reverse loan. Also, FAR’s HomeSafe program doesn’t require you to pay mortgage insurance premiums.

Our pick for easy application process
Liberty Reverse Mortgage

Company nameContact
liberty reverse mortgage logo
Accredited Partner
LogoSummary
  • Wholesale reverse mortgage lender
  • Helpful loan officers
  • Specializes in HECM

Read reviews

As of publishing, Liberty Reverse Mortgage has an overall customer satisfaction rating of 4.4, based on 267 customer experiences submitted over the last year.

What to consider: According to positive reviews, the application and underwriting process takes between four and six weeks. However, customers also reported that the process can take longer — in some cases, three months or more. Some negative reviews from 2020 seem to have to do with delays related to COVID-19. For example, there was at least one delay in scheduling an appraisal.

What we like: Customers who told us they would recommend Liberty to a friend often also mentioned the loan officers were “very nice” and “helpful.” People seem to like that the company’s representatives take time to answer all questions throughout the application and underwriting processes. A HECM for Purchase loan from Liberty Reverse is good for someone who wants to move to a property better suited to aging in place while also obtaining a reverse mortgage.

Our pick for customer service
American Advisors Group

Company nameContact
american advisors group logo
Accredited Partner
LogoSummary
  • Accessible loan specialists
  • Free educational resources
  • Offers jumbo reverse mortgages

Read reviews

American Advisors Group offers a variety of reverse mortgage loan products and services, including home equity conversion mortgages, HECM for Purchase and refinancing loans. As of publishing, AAG has an overall satisfaction rating of 4.6, based on 203 customer experiences over the last year.

What to consider: AAG is licensed to provide reverse mortgages in almost every state, though it currently only has physical branch locations in California, Hawaii, New York, Georgia, Missouri and Texas. You may have the option to roll upfront costs and fees into the principal, which is due with the rest of the loan.

What we like: A HECM loan from American Advisors Group is good for someone in retirement who needs extra cash flow to supplement their regular income or cover unplanned life expenses. Each new client is assigned a dedicated loan officer who helps them through the entire process, from scheduling an appraisal to submitting their application for underwriting review. All of AAG’s reverse mortgage professionals are required to pass federal and state tests to get their licenses through the National Mortgage Licensing System.

Reverse mortgage tips

If you’re considering a reverse mortgage, here are some key takeaways to keep in mind:

  • Put the house in both spouses’ names: In most scenarios, it’s ideal if the people listed on the title also sign for the reverse mortgage. If you’re married, your spouse must consent to the reverse mortgage but is not legally required to sign on as a borrower. However, this can create problems down the road. For instance, the surviving spouse could lose the property if the primary borrower passes away and the loan is due.
  • Understand how interest accumulates: With a reverse mortgage, interest payments on the loan are deferred but still accumulate. Just like traditional mortgages, reverse mortgages can have fixed or adjustable interest rates. Adjustable interest rates are sometimes called variable interest rates because they change over time. Furthermore, interest on reverse mortgages is not tax deductible.
  • Know when the loan is due: As long as the terms of the reverse mortgage are met, the loan has to be repaid only when the borrower dies or permanently moves from the residence. Reverse mortgages are nonrecourse loans, meaning the lender can seize the collateral if the borrower defaults. However, the borrower (or heir) is not obligated to pay compensation, even if the collateral doesn’t cover the full balance of the debt. Heirs have the option to pay back the reverse mortgage, usually through refinancing. Otherwise, the lender puts a lien on the property to settle the loan.
  • Remember you have rights: You have the right to cancel without any penalties within three business days after your reverse mortgage closing date — this is known as the rescission period. The Truth in Lending Act (TILA) requires lenders to provide a Good Faith Estimate (GFE) that itemizes all reverse mortgage service fees. Lenders must disclose your total annual loan cost (TALC), which is similar to how standard mortgage lenders must disclose the annual percentage rate (APR).

Reverse mortgage FAQ

Who should get a reverse mortgage?
A reverse mortgage isn’t right for everyone, but it can be a good financial tool in the following situations:
  • If you don't plan to move: Since a change of permanent residency triggers the reverse mortgage repayment obligations, reverse mortgages are generally a good idea only if you plan to age in place.
  • If you’re on a fixed income: Many seniors who depend on a fixed income from Social Security or other retirement programs use reverse mortgages to supplement their income. People often get reverse mortgages to pay off their existing mortgages and use the savings for extra cash every month.
  • If you can afford to maintain ongoing costs: Reverse mortgages require you to pay expenses associated with property taxes, insurance and maintaining the residence. You must also pay a servicing fee to the lender, which is typically due monthly. Otherwise, you’re at risk for default and foreclosure.
  • If you expect your home value to increase: If your heirs sell your house after you die to pay off the reverse mortgage loan, they can keep the surplus of the sale. If your property value rises in the last several years of your life, your heirs might see an increase in their inheritance.
How much money do you get from a reverse mortgage?
The maximum loan amount anyone can access through a HECM is $822,375 in 2021 (up from $765,600 in 2020). Since proprietary reverse mortgages are issued by private lenders, they’re not capped. Many private reverse mortgage lending companies offer proprietary jumbo reverse mortgages up to $4 million. The largest loan amount you can receive depends on how much equity you have built up and other factors.

The initial principal limit, or the total amount you can borrow against your home through a reverse mortgage, is determined by three factors: the value of your home, your age and the current interest rates. The more your home is currently worth, the more funds you can get through a reverse mortgage. Older homeowners, especially those over 75, tend to get significantly higher loan disbursements. Current interest rates also affect how much you can take out with a reverse mortgage — the lower the interest rates, the more funds you have available to you through a mortgage loan.

What is the interest rate on a reverse mortgage?
Interest rates for reverse mortgages fluctuate based on the economic climate. Historically, reverse mortgage interest rates have been between 3% and 6%. Similar to traditional mortgages, reverse mortgages are available as fixed- or variable-rate loans. Reverse mortgage lenders typically add a margin between 1% and 3% to the base interest rate.

As you compare reverse mortgage interest rates, remember that fixed-rate reverse mortgages are typically considered less risky. The disadvantage of a fixed-rate loan is that proceeds must be awarded as a lump sum. If you’re more interested in regular reverse mortgage loan payments to supplement your monthly income, you might need a variable-rate reverse mortgage.

For HECM loans, variable interest rates are calculated using index and margin. The starting point of your interest rate is calculated based on the index, and the margin is a percentage added on top. The index base rate is determined by the market, and the margin is defined by your lender. The standard financial index in the U.S. is LIBOR, which stands for London Interbank Offered Rate.

How do you pay back a reverse mortgage?
Most of the time, a reverse mortgage is paid back by selling the property. The borrower (or their estate) has the option of selling the house and turning over proceeds to the reverse mortgage lender. The borrower can also refinance or repay the loan with other funds if they want to keep the house.

Reverse mortgage loans are due after a maturity event occurs, such as a change of residency, title transfer, failure to pay property charges or death. Only then is the reverse mortgage borrower (or their heir) liable for the outstanding loan balance.

What happens when you die with a reverse mortgage?
When you die, your family or estate inherits your remaining equity and is responsible for repaying the reverse mortgage debt. Generally, you have about six months to repay the loan outright or sell the property to recoup the balance. If the house is sold for more than the loan balance, your family keeps the difference. Alternatively, if the home sells for less than is needed to repay the loan, your family isn’t held financially responsible — mortgage insurance covers the difference.

If you’re married, your spouse can continue to live in the house only if you were married before you took out the reverse mortgage and they were listed as a nonborrowing spouse on the reverse mortgage application. If your spouse turns 62 after your death, they’ll likely have to refinance the reverse mortgage to continue living on the property.

Is a reverse mortgage a ripoff?
Many people think of reverse mortgages as a last-resort source of income, but reverse mortgages can also be a smart financial tool for eligible homeowners in retirement. Reverse mortgages provide seniors and retirees with an alternative way of accessing their equity without refinancing or selling their homes.

However, scams do exist. Reverse mortgage fraud is a type of equity scam in which a perpetrator persuades a senior to take out a reverse mortgage against their best interests for the scammer’s personal financial gain.

In 2017, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) set more regulations and stricter requirements on HECM programs to protect high-risk borrowers from default. Since then, defaults on new reverse mortgage lending have decreased by almost 75%.

Often, the victim is already acquainted with the perpetrator in reverse mortgage scams, but some lenders also purposely mislead prospective borrowers, according to the National Reverse Mortgage Lenders Association (NRMLA).

What is the downside to a reverse mortgage?
The biggest downside to a reverse mortgage is that the balance increases over time as interest on the loan accumulates. This process can eat up your home’s equity, which leaves fewer assets for your heirs, especially if your wealth is primarily tied up in your home.

Reverse mortgage residency requirements can also be challenging to uphold as you get older. For example, the loan is due if you unexpectedly have to move into a nursing home or assisted living facility. There’s also the chance you could outlive the loan terms on your reverse mortgage, which could lead to a significant financial struggle in your later years.

Another downside is the fees can get expensive — plus, you’re financially responsible for property taxes, insurance and maintenance charges. The extra income from disbursements can also affect your eligibility for needs-based government programs, including Medicare and Social Security income.

A reverse mortgage usually isn’t a good idea if you don’t plan on spending the rest of your life in the home. Remember, the loan is due when you die or permanently move out of the property.

Can a reverse mortgage be refinanced?
Yes. Just like a traditional mortgage, you can refinance a reverse mortgage to get a better rate, more favorable terms or a different lender. Reverse mortgage refinancing requirements vary based on the reverse mortgage type and whether you want to refinance into a conventional mortgage or with another reverse mortgage. To refinance a reverse mortgage, you must submit a new application and possibly schedule another session with an FHA-approved reverse mortgage counselor.

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    Reverse mortgage company information

    ConsumerAffairs Accredited Partner Icon
    Accredited Partner
    Finance of America Reverse

    Finance of America Reverse provides homeowners aged 62 and older with financial independence for retirement through reverse mortgages. Eligible homeowners can get a free quote for FAR senior reverse mortgage services.

    • HECM and HomeSafe: FAR offers conventional HECM loans and proprietary reverse mortgages through the HomeSafe program.
    • Reverse for Purchase: With a HECM or HomeSafe for Purchase, your new down payment is typically between 45% and 62% of the purchase price.
    • Silvernest: Silvernest is a program that helps seniors generate income through homesharing. The platform matches your personality profile with potential housemates.
    • 24/7 support: Finance of America Reverse offers 24/7 customer service by phone and email. Consumers can easily resolve problems or get questions answered.
    • Availability: FAR services are available in most states, and the company has offices in San Diego, New York, Indianapolis and Tulsa.
    Read 2288 Reviews
    ConsumerAffairs Accredited Partner Icon
    Accredited Partner
    Liberty Reverse Mortgage

    Liberty Reverse Mortgage, formerly known as Genworth Financial Home Equity Access, has been helping senior citizens gain financial independence and security through Home Equity Conversion Mortgages (HECMs) for almost a decade.

    • Reverse mortgage loan options: Liberty Reverse Mortgage is a direct lender for HECM and HECM for Purchase loans. Repair set-asides are not available with the HECM for Purchase.
    • Iron Clad Guarantee: Liberty’s Iron Clad Guarantee promises to deliver fair and competitive pricing and a loan closing within 60 days of the date the company receives your loan application and HUD Counseling Certificate. Liberty guarantees it will match or beat a competitor’s pricing, and it will give you a $100 gift card if it can’t.
    • Reverse mortgage calculator: Use Liberty’s free reverse mortgage calculator for estimates and rate comparisons.
    • Availability: Liberty is a direct lender licensed in all 50 states but does not currently offer consumer-direct retail reverse mortgage lending in Utah.
    • Best for: Seniors who want a fast reverse mortgage process.
    Read 1606 Reviews
    InterContinental Capital Group

    Intercontinental Capital Group Inc. is licensed by the U.S. Department of Housing and Urban Development as a Title II Mortgagee to offer government-insured Federal Housing Administration home loans and standard conventional financing.

    Read 155 Reviews
    ConsumerAffairs Accredited Partner Icon
    Accredited Partner
    American Advisors Group (AAG)

    American Advisors Group offers reverse mortgage loans and refinancing options. Dedicated loan specialists help you compare reverse mortgage interest rates.

    • Loan options: The company offers reverse mortgages, HECM for Purchase, jumbo and refinance loans.
    • Free reverse mortgage calculator: Use AAG’s free reverse mortgage calculator to figure out know much you could qualify for. Clients can also prequalify online.
    • Customer service: Some consumer complaints indicate that it took months for AAG to close on a reverse mortgage.
    • Comparison: Some consumers claim that they got less money once AAG closed on the mortgage than they would have from competing companies.
    Read 1245 Reviews
    Champion Mortgage

    Champion Mortgage is a division of Nationstar Mortgage. The company has been providing seniors and others with a variety of mortgage products since 1997.

    Read 65 Reviews
    All Reverse Mortgage Company

    All Reverse Mortgage Company offers HECM and HECM for Purchase loan options. Choose from a line of credit, lump-sum and term or tenure disbursements.

    Read 3 Reviews
    Open Mortgage

    Open Mortgage offers loan programs for traditional and reverse mortgages and refinancing options. The company provides mortgage products in 46 states and the District of Columbia.

      Reverse Mortgage Funding

      Reverse Mortgage Funding’s loan products include Equity Elite Reverse Mortgage, adjustable-rate HECM, fixed-rate HECM and Reverse Mortgage for Purchase.

        One Reverse Mortgage

        One Reverse Mortgage is the largest reverse mortgage lender in America. Licensed loan officers lead borrowers through each step of the process in all 50 states. This process and the company’s licensed specialists make it an easy option for those new to the concept of reverse mortgages.

        Read 19 Reviews

        Compare Top Reverse Mortgage Reviews

        All Reverse Mortgage Company Read Reviews

        Offers HECM and HECM for Purchase reverse mortgage programs. Handles HECM loans up to $822,375 and jumbo loans up to $4 million. Provides online quotes that let you compare reverse mortgage rates and loan terms.

        Chat with a ConsumerAffairs decision guide

        Live agent
        ConsumerAffairs Accredited Partner Icon
        Accredited Partner
        Available in 20149
        EasyKnock

        Provides a sale-leaseback program where homeowners sell their home and then lease it back. Eliminates the need for banks and loans. Sellers can rent, buy the house back or move. This is not a reverse mortgage.

        Learn More
        Open Mortgage Read Author Review

        Offers HECM for Retirement and HECM for Purchase reverse mortgage products. Also provides mortgage loans and refinancing programs, including FHA, USDA, VA, DPA, conventional and rehab options.

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        Reverse Mortgage Funding Read Author Review

        Offers HECMs and reverse mortgage for purchase products. Its proprietary Equity Elite Reverse Mortgage program is an alternative to traditional HECMs for those 60+ and is meant to have fewer restrictions.

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        Live agent
        by Michele Lerner Mortgage & Real Estate Contributing Editor

        Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals.

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