Best Reverse Mortgage Lenders

best reverse mortgage lenders

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You’ve heard the ads on TV speaking directly to senior citizens about addressing their financial worries with a reverse mortgage loan. Are you or a loved one considering a reverse mortgage and wondering if it’s right for you?

Reverse mortgage loans can help seniors, age 62 and older, use the equity they’ve invested in their own homes for living expenses, health care, and other unplanned expenses.

Not all reverse mortgage lenders are created equal and it’s important to understand what you’re getting into with a reverse mortgage. Often the costs and fees can extensive so reading and understanding the fine print is key for seniors considering taking advantage of their equity.

There are many lenders, however, who maintain quality standards and good business practices and do offer reputable reverse mortgage options.

Read on to learn about some options for reverse mortgage companies.

Finding the Right Lender for You

There are many reverse mortgage companies, not all have the best reputations. If you are considering a reverse mortgage for yourself or your loved one, you may want to consider one of these reverse mortgage companies for your loan.

Do your homework. Read reviews and the fine print. It’s always smart if you are considering a big financial decision like this to talk with your financial advisor about the financial implications of a reverse mortgage on your overall financial picture.

Check out this list of reverse mortgage companies.

Gain Access to Tax-Free Cash with a Reverse Mortgage Loan

  • Eligibility: Age 62+, $100K+ home value with 50%+ equity.
  • Meet with a Licensed Professional to discuss your personal needs, depending on location.
  • Customer service agents readily available 24/7.
Free information kit on the pros and cons


American Advisors Group, also known as AAG, is likely the best known reverse mortgage company. They do significant advertising so they have big-name recognition.

Among the things they do well is to explain to their customer the different types of reverse mortgages available. They also offer reverse loan specialists to meet with their borrowers to go over their situation and find the best option for them.

They have prided themselves on optimal customer service with a 98% satisfaction rate. Some services include:

  • Free information kit
  • DVD and detailed mailer
  • Reverse mortgage qualification questionnaire

For those borrowers who have little understanding of a reverse mortgage, the Learn section of AAG’s website is particularly helpful.

AAG currently offers several types of reverse mortgage options including:

  • AAG Advantage Jumbo Loan
  • Adjustable-rate HECM
  • Fixed-rate HECM
  • HECM for purchase

The Advantage Jumbo Loan is offered for borrowers owning high-value homes but is only available in certain states.


Fairway Independent Mortgage has many available branches and broker locations for borrowers across the US. They stand out by connecting their borrowers with a dedicated loan officer. This officer is available through technology to the borrower at all times to answer questions and evaluate their finances.

They use the Fairway Now App to connect with their customer base. Customers should be comfortable with the app as it works much like a regular banking app. Through the app customers can:

  • Access information about reverse mortgage funds
  • Tools for contact with a designated loan officer
  • Application status information
  • Download documents

They also offer a resource section on the website to understand the long list of terms associated with mortgages and reverse mortgages.

Fairway offers an adjustable-rate HECM, a fixed-rate HECM, and a HECM for purchases. Finance of America Reverse

Finance of America Reverse is a popular traditional reverse mortgage lender and a member of the National Reverse Mortgage Lenders Association. Finance of America Reverse is a strong lender who not only offers reverse mortgages, HECMs but also student loans, and large commercial loans. is both user-friendly and comprehensive for borrowers. They offer what they call a retirement personality quiz. This allows potential borrowers to evaluate their personality and see what loan model would best meet their needs. It helps to also evaluate retirement readiness.

The FAR reverse mortgage calculator helps potential borrowers to see what their payout amount might be.

Their Home Safe loan allows borrowers who have high equity and high-value homes to access funds. They also offer an adjustable-rate HECM, fixed-rate HECM, and HECM for purchases.

Liberty Reverse Mortgage

Around since 2004. Liberty Reverse Mortgage offers both consumer and wholesale loans.  Liberty Reverse Mortgage is a subsidiary of Ocwen Financial Group and is best known for its Liberty Iron Clad Guarantee. They offer a standard HECM and HECM for purchases.

Some positives to their program include:

  • Decade plus in the reverse mortgage business
  • Detailed website
  • Consumer-direct loans available in all states except Utah, Hawaii, New York, and South Dakota

Costs and fees vary from state to state. Title and closing costs are similar to if the borrower were seeking a conventional mortgage.

Back to the Liberty Iron Clad Guarantee which is worth noting. It includes:

  • Beat or match reverse mortgages offers of competitors or gift you a $100 Visa gift card
  • Close within 60 days of application or they subtract $500 off from closing costs
  • Reverse mortgage application can be done completely from home
  • Five-step easy loan process with weekly updates

They have loan experts available by phone and online to answer questions.


Longbridge Financial is known for its easy to use tools. The tools include a free quote calculator and scenario-based guides. These guides help borrowers answer common questions and questions that are unique to their situation.

Longbridge makes a few pledges to its customers including:

  • Free identity theft
  • A pledge to say if the reverse mortgage is a bad idea the individual borrower
  • Weekly check-ins on status of the loan
  • Closing within 45 days
  • Retain the loan instead of selling it to another lender

This last feature is particularly nice as once you are acquainted with them, the loan will stay with them the entire life of the loan. This is not true of many reverse mortgage lenders.

They offer Platinum HECM for borrowers with a high-value equity property. They also offer fixed-rate and adjustable-rate HECM. Like other lenders, they offer the HECM for purchases too.

The National Reverse Mortgage Lenders Association certifies Longbridge for their high ethical standards in lending.


Quontic, with its brick and mortar locations, is different from some other lenders on this list because they don’t solely do reverse mortgages. In addition to reverse mortgages, they offer a whole host of other financial services. They are a lender who received many accolades from professional lending organizations.

They offer user-friendly and comprehensive services on their website including a reverse mortgage calculator. They offer links for useful information and access to the National Reverse Mortgage Lenders Association.

They offer a reverse mortgage pro and con feature, as well as detailed rates information. Quontic offers fixed-rate and adjustable-rate HECM and HECM for purchases.

Because Quontic is a brick and mortar lender and has a long history in mortgage lending beyond reverse mortgages they stand out in the reverse mortgage industry for the supreme customer service. While they might be a brick and mortar lender, they are available nationwide.

Mutual of Omaha Mortgage

Mutual of Omaha Mortgage, a subsidiary of Mutual of Omaha, holds a notable market share in reverse mortgages. They closed over 1,000 reverse mortgages last year.

Retirement Funding Solutions, RFS, is a member of the National Reverse Mortgage Lenders Association and offers reverse mortgage services in 48 states across the US. They do not offer services in West Virginia or New York.

They offer tools for mortgage shoppers on their website. The calculator offers many retirement scenarios and how the different reverse mortgage packages might realistically impact those retirement scenarios.

They feature a ‘What If’ tool that allows borrowers to see what the impact is of them taking monthly money from the HECM. It considers their other finances and income like social security. The tool also considers retirement savings, annual savings, and other costs in its calculations.

They offer fixed-rate and adjustable-rate HECMas well as offer HECM for Purchase loans.

Reverse Mortgage Funding

Reverse Mortgage Funding, RMF, is recognized by the National Reverse Mortgage Lenders Association so they maintain ethical and sound business practices in the industry.

They have a couple of features to their reverse lending program worth noting. They have a Customer for Life Commitment. While it can be pretty standard practice for reverse mortgages to be sold off on the securities exchange once they close. The Customer for Life program guarantees they will not sell the reverse mortgage debt to another lender.

It offers a price match guarantee too.

Their website offers borrowers many tools including a mortgage calculator. The interesting feature of their calculator is its immediate results. Borrowers don’t have to wait for an estimate.

RMF offers services in 49 states across the US but does not service reverse mortgages in Hawaii.

Finding the Best Reverse Mortgage Lenders for You

While there are many reverse mortgage companies available to lenders, they are not all created equal. If you are in the market for a reverse mortgage lender, use this guide, and do your research.

It’s important to consider the term of the loan and how it will impact your long term financial picture. You should also consider what it leaves your heirs with once you are gone. Reverse mortgages are almost also due once you are deceased.

For more information about reverse mortgages, visit our page to gather what you need to know about the different types of reverse mortgages to consider.

Frequently Asked Questions

Learn the reverse mortgage basics

What Is a Reverse Mortgage?

reverse mortgage allows a homeowner aged 62 or older to take out a mortgage on their own home based on the equity they have into the home. They must pay off any previous mortgages. The funds from the reverse mortgage come to the borrower in different ways depending on the type of reverse mortgage.

Borrowers don’t make any payments on the mortgage during the life of the mortgage. It must be paid off when either the house is sold or the borrower dies.

What are different types of reverse mortgages?

The home equity conversion mortgage, HECM, is the most common type of reverse mortgage. A HECM loan is offered by most reverse mortgage lenders in both adjustable and fixed-rate loans.

Depending on the terms of the reverse mortgage and the borrower’s needs, the money from the loan can be paid out in a variety of ways. These include:

  1. A lump-sum payment means the borrower gets all proceeds at once. This type of payment has a fixed-rate.
  2. An annuity where the borrower gets equal monthly payments for the time that ONE borrower is in the home. Often this is referred to as a tenure plan.
  3. The borrower gets a set monthly payment for an agreed time upon in the terms of the loan.
  4. A line of credit is established from the equity. The homeowner/borrower can pull money from the line of credit as needed and only pays interest on money pulled.
  5. This option combines the previous two. So, the borrower starts with monthly payments for an agreed-upon period and can access additional funds from a line of credit as needed.
  6. The last option is to receive a monthly sum of money as long as the primary borrower remains in the home. It also gives the borrower access to a line of credit as needed.

While options 2 through 6 sound like they give the borrower more flexibility, it should be noted, they almost always come with an adjustable-rate versus a fixed rate.