
- Minimum credit score
- 620
- Availability
- Varies based on reverse mortgage option
- Reverse mortgage options
- HECM, HECM for purchase, second-lien reverse mortgage and refinancing
Company | Customer rating | Our pick for | Min. credit score | Availability | Reverse mortgage options | |
---|---|---|---|---|---|---|
![]() | 1.0
2,972 reviews
2,972 reviews
| Easiest application process | 620 | Varies based on reverse mortgage option | HECM, HECM for purchase, second-lien reverse mortgage and refinancing | Learn more |
![]() | 4.6
2,109 reviews
2,109 reviews
| Reverse mortgage refinancing | 600-620 | 48 states | HECM, HECM for purchase and refinancing | Learn more |
![]() | 4.7
24 reviews
24 reviews
| Customer service | Not disclosed | Most states | HECM | Learn more |
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.
Jump into our guides and start learning
If affording retirement is your top concern, a reverse mortgage can take some of that stress off. Many homeowners have used a reverse mortgage solution to afford necessary home updates to help them age in place or they have used the funds to pad their nest egg.
Whatever your reason for a reverse mortgage, this guide will help you understand how reverse mortgages work, the types available, how to choose a suitable lender and the risks involved.
To qualify, homeowners must meet strict eligibility criteria, including age, property ownership, and financial readiness to cover ongoing housing costs like insurance and taxes. Skipping these can lead to disqualification or even foreclosure.
Jump to insightNot all reverse mortgages are created equal—while HECMs are federally backed and widely available, proprietary and single-purpose options can offer more tailored or restricted uses depending on your financial goals.
Jump to insightReverse mortgages can ease financial strain in retirement and won’t affect Social Security benefits, but high upfront costs and reduced inheritance potential make them a complex decision that requires family discussion.
Jump to insightQualified 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:
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.
Each lender will offer different reverse mortgage solutions, but the most common options include the following:
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 home maintenance costs.
While fees will vary by lender, you can expect to pay the following:
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.
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.
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 who walks you through the entire process and doesn’t resort to high-pressure sales tactics.
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.
The application will be easier to complete if you have all the right documentation in order. You need the following:
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.
“Reverse mortgages can benefit older individuals with fixed or reduced income,” said Dan Green, the CEO of Cincinnati-based mortgage company Homebuyer.com. “Through a reverse mortgage, homeowners can cease making conventional mortgage payments and, in turn, receive income from their property.”
Another pro of a reverse mortgage is that your funds aren’t taxed, and they will not affect other retirement income streams, like Social Security. Since it is a nonrecourse loan, reverse mortgage lenders won’t charge you more than the current value of the property.
While reverse mortgages can be helpful for many homeowners, there are some downsides to consider, too. There’s a risk of foreclosure. You must be able to afford your property taxes and homeowners insurance and maintain the property to avoid defaulting on your reverse mortgage. If the home is a significant part of the planned inheritance, a reverse mortgage could reduce the amount left for heirs. Also, reverse mortgages can have higher upfront costs compared to traditional mortgages.
We analyzed three years of consumer ratings on our site and calculated an overall satisfaction for reverse mortgage lenders of 4.5 stars.
Out of 84,119 reviews collected, 87% or 73,491 customers gave their lender a four- or five-star review. Companies that we chose as our top picks in this guide all have an overall satisfaction rating of 4.4 stars or higher.
Other key takeaways from our analysis of reverse mortgage lenders on ConsumerAffairs include:
We also examined 1-star reviews on our site from several reverse mortgage companies. The most common complaint was about communication issues and delays. Some customers also expressed annoyance over having to get multiple appraisals.
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.
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.
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.
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.
To make our selections for the best reverse mortgage lenders, we analyzed over 2,000 customer reviews and overall ratings from ConsumerAffairs readers who have used a reverse mortgage company in the past three years.
Customer ratings weighed these picks heavily, and we eliminated any company that lower than a four-star average rating in the past three years. Some other factors we considered include the following:
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.
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work.
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Company | Customer rating | About | Learn More |
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![]() | 4.7
24 reviews
| 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. | Read reviews |
![]() | 1.0
2,113 reviews
| 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. | Read reviews |
![]() | 4.7
110 reviews
| 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 |
![]() | 1.0
2,972 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. Options up to $4 million. | Read reviews |
![]() | 4.1
10 reviews
| 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. | Read reviews |
![]() | No reviews | 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. | |
![]() | 4.6
2,109 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. | Read reviews |
![]() | 1.0
1,567 reviews
| 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. | Read reviews |
![]() | 1.3
8 reviews
| 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. | Read reviews |
![]() | 1.0
161 reviews
| 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. | Read reviews |
![]() | No 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. | |
![]() | No reviews | 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. | |
![]() | No reviews | 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. | |
![]() | No reviews | 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. | |
![]() | 4.3
70 reviews
| 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. | Read reviews |
![]() | 3.8
19 reviews
| 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. | Read reviews |