Best Reverse Mortgage Lenders
A reverse mortgage can be a helpful way to supplement income for those who plan to age in place. It’s a loan that allows the borrower to access the value of the home, and the loan is repaid when the borrower no longer lives in the home. The most common reverse mortgage is a Home Equity Conversion Mortgage (HECM) which is backed by the federal government.
The best reverse mortgage lenders are available to borrowers with a range of credit scores and have several types of reverse mortgage options, competitive rates and multiple payout options.
To make our top picks, the ConsumerAffairs Research Team vetted 14 reverse mortgage companies reviewed by more than 7,104 people in the last year. You can read our full methodology to learn more about how we compared different lenders and chose our top picks.
Note that our picks may be Authorized Partners who compensate us. This does not affect our recommendations or evaluations but may impact the order in which companies appear.
- Our pick for best loan officers: American Advisors Group
- Our pick for easiest application process: Finance of America Reverse
- Our pick for reverse mortgage refinancing: Liberty Reverse Mortgage
- Our recommendations are based on what reviewers say.
- 4,241,241 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
 American Advisors Group (AAG) |  Finance of America Reverse |  Liberty Reverse Mortgage | |
|---|---|---|---|
| Rating | 4.7 | 4.5 | 4.4 |
| # of reviews | 2,111 | 2,960 | 2,019 |
| Our pick for | Not available | Not available | Not available |
| Minimum credit score | 580-620 | 620 | 600-620 |
| Availability | 49 states | Varies based on reverse mortgage option | 48 states |
| Reverse mortgage options | HECM, HECM for purchase, jumbo reverse mortgage, single-purpose reverse mortgage, proprietary reverse mortgages and refinancing loans | HECM, HECM for purchase, second-lien reverse mortgage and refinancing | HECM, HECM for purchase and refinancing |
| Read Reviews | Read Reviews | Read Reviews |
Compare our top 3 best reverse mortgage companies
It’s important to find a reverse mortgage lender you trust and feel comfortable with. These top three reverse mortgage lenders rated high among our readers for customer service and trustworthiness.
- Minimum credit score: 580-620
- Availability: All states but Massachusetts
- Reverse mortgage options: HECM, HECM for purchase, jumbo reverse mortgage, single-purpose reverse mortgage, proprietary reverse mortgage and refinancing loans
American Advisors Group offers a variety of reverse mortgages to help meet customers where they are. The company provides a number of payout options, including a line of credit that can grow over time.
To make sure loan officers are fully equipped to help borrowers, the company has its own training department. It requires loan officers to take six weeks of comprehensive training before they can help customers. After the initial six weeks, training is ongoing. AAG loan officers only specialize in reverse mortgage loans rather than a wide range of complex mortgage products.
Full loan requirements are not available online; you’ll need to contact the company or start an application to get those. However, the company does state you’ll need to participate in reverse mortgage counseling and complete a financial assessment.
- What we like
- Refinancing options
- Multiple payout options
- Loans up to $4 million
- What to consider
- Limited physical branch locations
- Not available in Massachusetts
- High fees
- What reviewers say
- Many chose American Advisors Group because it was easy to work with and had reasonable rates. “[The loan officer] was an excellent teacher and easy to speak with. Listened when I spoke, promptly gave me back the information I was looking for, and was pleasant,“ said a reviewer from Illinois. Others agree that the loan officers are quick to answer questions and make them feel comfortable through the process.
A couple of complaints are directed toward the slow speed of the underwriting department.
- Minimum credit score: 620
- Availability: Most states
- Reverse mortgage options: HECM, HECM for purchase, second-lien reverse mortgage and refinancing
Finance of America Reverse (FAR) offers both government-backed and private reverse mortgages, which can help borrowers access more equity than the current HECM limits. Its website is more user-friendly than other reverse mortgage lenders and packed with helpful resources like videos and calculators.
Its HomeSafe program offers second-lien reverse mortgages for borrowers who want to keep their low rate but tap into more equity. Additionally, FAR offers EquityAvail, a home equity product for homeowners 62 who do not qualify for a reverse mortgage but need lower monthly payments. Both of these products are available in a limited number of states.
To get more information about its reverse mortgage options, you can complete a questionnaire on the website or call to speak with a representative. Reverse mortgage amounts are available up to $4 million, and there are loan options with no origination fees.
- What we like
- High dollar amounts
- No origination fees
- Reverse mortgage options available to those younger than 62
- What to consider
- HomeSafe program not available nationwide
- Requirements vary by state
- What reviewers say
- Customers were pleased with how thoroughly FAR’s company’s representatives answered all their questions and thought the overall process and rates were better than those of other lenders. “Finance of America went out of their way to make me feel comfortable with the process. They explained my options and showed me everything in writing. It was very clear,” said one customer from New York.
Some customers expressed frustration with paying excess fees for multiple appraisals and maintenance insurance.
- Minimum credit score: 600-620
- Availability: 48 states (Not in NY or HI)
- Reverse mortgage options: HECM, HECM for purchase and refinancing
Liberty Reverse Mortgage is a direct lender and specializes in reverse mortgages. It has helped more than 75,000 borrowers since 2004. Homeowners can see if they qualify for a reverse mortgage within seconds without inputting sensitive financial information.
Liberty does not force you to pay any lender fees upfront; you can finance them into the loan. Additionally, The Liberty Iron Clad Guarantee is a price match and closing date guarantee. If it cannot close your loan 60 days after receiving your application, you will receive $500 toward your closing costs.
As with other lenders, you will be required to attend reverse mortgage counseling and live in your home as your primary residence. Additionally, you will be required to have a home appraisal and you will need to pay the initial mortgage insurance premium both at closing and annually over the life of the loan.
- What we like
- Price match and closing date guarantee
- Free personalized loan assessment
- Available in 48 states
- What to consider
- Only HECMs
- High fees
- Fewer loan options than some competitors
- What reviewers say
- Customers liked that the company’s representatives took the time to answer all questions throughout the application and underwriting processes, which is especially helpful, since refinancing reverse mortgages can be a tricky process.
While reviewers were happy with the reverse mortgage process, many felt it took too long. One customer from California said, “I refinanced and the application and the underwriting process took just a few weeks. It took quite awhile overall, though. I started in August (2021), and it ended Jan. 1 of this year (2022).”
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| Offers HECMs, HECMs for Purchase and jumbo reverse mortgages up to $4 million. Lump sums, growing lines of credit, and term or tenure payouts available. Free online calculator. Helps buy and sell homes. | | Get Started Call Center Open (800) 485-9418 | |||
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| 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. Options up to $4 million. | | ||||
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| Offers home equity conversion mortgage and HECM for Purchase loans. Provides personalized advice through in-person loan officers in 23 states. Makes other mortgage products available for borrowers who need them. |  | Get Started Call Center Open (833) 755-0847 | |||
Mortgage lender with purchase, refinance and reverse mortgage options. Conventional and government-backed loans. Helps seniors make informed decisions for retirement. Online quotes and application. Available in select states. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers HECMs and HECM for Purchase products. The proprietary Equity Elite Reverse Mortgage program is an alternative to traditional HECMs for those 60+ and is meant to have fewer restrictions. Out Of Business |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| 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. | | ||||
Online marketplace for secured and unsecured loans. Free to compare rates and quotes from lenders for mortgages, car loans, personal loans and more. Minimum credit score requirements vary. Available nationwide. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
What are reverse mortgages?
Qualified homeowners age 62 and older can use a reverse mortgage to borrow against their home equity without having to make monthly payments back to the lender. With a reverse mortgage, you can receive a one-time cash payout or regularly recurring disbursements. The money isn’t due back until you move, sell the home or die.
There are specific requirements you must meet to qualify for a reverse mortgage. Along with being the correct age, you must also:
- Live in the home as your primary residence
- Own your home outright or have a low mortgage balance
- Not be behind on federal debts
- Have your own funds set aside for property taxes, homeowners insurance and any homeowners association (HOA) fees
- Keep your home in good shape
- Go through Department of Housing and Urban Development-approved mortgage counseling (for a HECM)
Since a reverse mortgage is a nonrecourse loan, lenders can’t demand back more than the home is worth. If the property is sold for more than the debt on the loan, you (or your estate) are entitled to the surplus.
You’ll want to make sure you consider all the costs of a reverse mortgage. For instance, like a traditional mortgage, you’ll need to pay closing costs, origination fees and an appraisal fee. You might also need to pay a counseling fee or mortgage insurance premiums. And you’ll still be responsible for things like homeowners insurance, taxes and other costs.
How to get a reverse mortgage
Getting a reverse mortgage is a big decision. Because your primary residence is collateral for 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.
The reverse mortgage application process typically takes between 30 and 45 days. If you’re eligible for a reverse mortgage and decide it’s the right move for you and your family, these are the steps you need to take.
- 1. Get an appraisal
- You need to know 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.
- 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. If you’re interested in a HECM, you should focus on FHA-approved reverse mortgage lenders.
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 HUD in order to get a HECM. 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 a home equity loan.
- 4. Complete the application
- The application will be easier to complete if you have all the right documentation in order. You need the following:
- 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 benefits letter or pay stubs)
- 1009 form
- Your counseling certificate
- 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. These include keeping up with property taxes, homeowners insurance and HOA fees.
FAQ
Is a reverse mortgage right for me?
A reverse mortgage isn’t right for everyone, but it can be a good financial tool for older homeowners who want supplemental income and who don’t plan to move, can afford to keep up with ongoing home costs, expect their home to increase in value or live on a fixed income.
How much money do you get from a reverse mortgage?
The maximum loan amount anyone can access through a HECM is $1,089,300 in 2023 (up from $970,800 in 2022). Proprietary reverse mortgages have no cap. Many private lending companies offer proprietary jumbo reverse mortgages up to $4 million.
How much money you can receive depends on three factors: the value of your home, your age and current interest rates. The more your home is currently worth, the more funds you can get through a reverse mortgage. Expect to get up to 60% of your home’s current value.
Who owns the home in a reverse mortgage?
The borrower remains the owner of the home. The lender does not own the home, but it can exercise its right to a forced sale or foreclosure if you do not uphold your part of the contract.
Can a reverse mortgage be refinanced?
Like a traditional mortgage, you can refinance a reverse mortgage to get more favorable terms. Refinancing requirements vary based on the type of reverse mortgage and whether you want to refinance into a conventional mortgage or another reverse mortgage.
To refinance a reverse mortgage, you must submit a new application and possibly schedule another session with a HUD-approved counselor.
Methodology
We started with the companies listed on this guide and narrowed them down by first eliminating those without any verified reviews on our site. Companies then had to have an overall satisfaction rating of at least 4 stars to stay on the list, which only left four brands in the running. Finally, we required our top picks to have at least a 2:1 ratio of 5-star to 1-star reviews.
Once we made our selections, we analyzed verified review data collected between March 29, 2020, and March 29, 2021, to determine what customers consistently like most about our top-rated lenders.
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Reverse mortgage company information
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.
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.
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.
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 customer reports 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.
Champion Mortgage is a division of Nationstar Mortgage. The company has been providing seniors and others with a variety of mortgage products since 1997.
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.
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’s loan products include Equity Elite Reverse Mortgage, adjustable-rate HECM, fixed-rate HECM and Reverse Mortgage for Purchase.
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.
Quontic Bank specializes in consumer banking and lending, including HECMs. Standard eligibility requirements apply. Personal checking and savings accounts are also available.
- Loan options: Conventional, FHA and VA mortgages are available for owner-occupied and investment properties. Reverse and wholesale mortgages are also available.
- Online tools: Clients get access to accounts through a mobile app.
- Customer support: Representatives are available via live chat, phone, email and physical branch locations.
- Availability: Quontic Bank serves residents nationwide. However, not all products are available in all states.
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| Full-service mortgage lender. Team has over 70 years of reverse mortgage experience. Online quote request form available. Free customer education guide. On-site underwriting. Handles all steps of the process in-house. |  | Get Started | |||
Offers reverse mortgage products for those 62+. Loan officers help determine eligibility and provide guidance through the process. Provides conventional and FHA mortgage loans and refinancing programs. | | Chat with a ConsumerAffairs decision guide Live agent | ||||
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 | ||||
Offers HECMs, HECMs for Purchase and jumbo reverse mortgages that cover homes valued up to $4 million. Guarantees loan closure within 45 days of application. Charges a low origination fee. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers HECMs, HECMs for Purchase, jumbo reverse mortgages and proprietary reverse mortgages. Operates in all 50 states with local agents in most major cities. Provides online calculators. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Connects seniors to reverse mortgage lenders. Helps find the best loan for your situation. Provides customer education. Offers telephone or in-person consultation. Ensures you have a complete copy of all paperwork. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
| 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. | | Chat with a ConsumerAffairs decision guide Live agent | |||
| Read Author Review | Offers residential mortgage programs including HECMs. Standard eligibility requirements apply. Personal checking and savings accounts are also available. | | Chat with a ConsumerAffairs decision guide Live agent | |||
Adjustable- and fixed-rate HECM, HECM for Purchase and HELOC programs. Licensed loan specialists help guide borrowers through each step of the process. No longer offers reverse mortgages. Out Of Business | | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides reverse mortgage loan options to eligible homeowners. Offers direct deposit disbursement payments and line of credit payment plan options. Requires a high number of fees for various services. Out Of Business | | Chat with a ConsumerAffairs decision guide Live agent | ||||
- Guide sources
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- Consumer Financial Protection Bureau,“Can anyone take out a reverse mortgage loan?.” Accessed Nov. 26, 2022.
- Consumer Financial Protection Bureau,“Are there different types of reverse mortgage?.” Accessed Nov. 26, 2022.
- Federal Trade Commission,“Reverse Mortgages..” Accessed Nov. 26, 2022.
- U.S. Department of Housing and Urban Development,“Maximum Mortgage Limits 2023..” Accessed Nov. 26, 2022.
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
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