Best Reverse Mortgage Companies USA 2024, While I can’t definitively tell you the “best” reverse mortgage companies due to individual needs and market fluctuations, I can help you identify top contenders and provide resources to make an informed decision. Here are some highly-rated reverse mortgage lenders in the USA for 2024.
Overall of Best Reverse Mortgage Companies
- American Advisors Group (AAG): Excellent customer service, diverse product offerings, competitive rates.
- Finance of America Reverse: Largest reverse mortgage lender, wide range of products, competitive rates.
- Longbridge Financial: Known for low interest rates and transparent fees.
Other notable companies:
- Mutual of Omaha Reverse Mortgage: Strong reputation, good customer service, competitive rates.
- Fairway Independent Mortgage Company: Homebuyer focus, competitive rates, excellent online tools.
- Open Mortgage: Tech-savvy platform, easy application process, competitive rates.
Factors to consider when choosing a reverse mortgage company:
- Interest rates: Compare rates from multiple lenders to find the best deal.
- Fees: Pay attention to closing costs, origination fees, and monthly service charges.
- Financial stability: Choose a lender with a strong financial track record.
- Customer service: Look for a company with a good reputation for customer service.
- Product offerings: Make sure the lender offers the type of reverse mortgage you need.
- Your individual needs and situation: Consult a financial advisor to discuss your specific circumstances and ensure a reverse mortgage is the right choice for you.
Resources to help you compare reverse mortgage companies:
- AARP: https://www.aarp.org/money/credit-loans-debt/info-2019/reverse-mortgage-loan-advice.html
- Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/
- National Reverse Mortgage Lenders Association (NRMLA): https://www.nrmlaonline.org/
- Reverse Mortgage Daily: https://reversemortgagedaily.com/home/
List of best reverse mortgage companies
| Name of Entity | AM Approved program(s) |
|---|---|
| Advisors Mortgage Group, LLC d/b/a Fix-It Mortgage | HECM |
| Allied Mortgage Group, Inc. | HECM in conjunction with Finance of America Reverse, LLC |
| American Financial Network, Inc. | HECM |
| Bank of England | HECM in conjunction with Finance of America Reverse, LLC. |
| Bay Equity LLC | HECM in conjunction with Finance of America Reverse, LLC and Longbridge Financial, LLC. |
| Broker Solutions, Inc. dba New American Funding | |
| Calcon Mutual Mortgage LLC d/b/a CalCon Mortgage | HECM in conjunction with Finance of America Reverse, LLC and Longbridge Financial, LLC, |
| CBC National Bank | HECM |
| Continental Home Loans, Inc. | HECM |
| Fairway Independent Mortgage Corporation | HECM in conjunction with Finance of America Reverse, LLC and Longbridge Financial, LLC. |
| Finance of America Reverse, LLC d/b/a FAR formerly known as Urban Financial of America, LLC. | HECM and HomeSafe Standard and HomeSafe Select- Proprietary programs |
| FirstBank | HECM |
| Firststar Bank | HECM |
| Hartford Funding LTD | HECM in conjunction with Finance of America Reverse, LLC and Longbridge Financial. |
| HomeBridge Financial Services, Inc. | HECM |
| Homeowners Options for Massachusetts Elders | |
| Homestead Funding Corp. | HECM |
| Land Home Financial Services, Inc. | HECM |
| LeaderOne Financial Corporation | HECM in conjunction with Finance of America Reverse, LLC |
| Lenox Financial Mortgage Corporation d/b/a Weslend Financial | HECM in conjunction with Finance of America Reverse, LLC f/k/a Urban Financial Group, Inc. |
| Longbridge Financial, LLC | HECM and Platinum fixed rate and adjustable rate proprietary programs |
| Movement Mortgage | HECM in conjunction with Finance of America Reverse, LLC |
| Mutual of Omaha Mortgage, Inc. f/k/a Synergy One Lending, Inc. dba Retirement Funding Solutions | HECM |
| Northern Mortgage Services, LLC | HECM in conjunction with Plaza Home Mortgage, Inc. and PHH Mortgage Corporation d/b/a Liberty Reverse Mortgage |
| One Reverse Mortgage, LLC | HECM |
| People’s Bank, a Kansas Corp. | HECM |
| PHH Mortgage Corporation d/b/a Liberty Reverse Mortgage | HECM |
| Plaza Home Mortgage, Inc. | HECM |
| radius Financial Group, Inc. | HECM |
| Reverse mortgages.com | HECM |
| Salem Five Mortgage Company, LLC, a wholly-owned subsidiary of the Salem Five Cents Savings Bank | HECM in conjunction with Finance of America Reverse, LLC f/k/a Urban Financial Group. Inc. |
| The Federal Savings Bank | HECM |
| Top Flite Financial | Approved to offer HECM in conjunction with Finance of America Reverse, LLC |
| US Mortgage Corporation dba US Mortgage Group | HECM in conjunction with Finance of America Reverse, LLC f/k/a Urban Financial Group, Inc. |
Reverse mortgage calculator
Reverse mortgage calculator, I can help you estimate your potential payout from a reverse mortgage using a simple calculator. To get started, I’ll need some information from you:
- Your current home value: This is the estimated market value of your primary residence where you plan to use the reverse mortgage.
- Your age: As reverse mortgages are only available to homeowners aged 62 or above, knowing your age helps determine the loan amount you can qualify for.
- Desired loan type: Reverse mortgages come in two main types: lump sum and line of credit. Choose the one that best aligns with your needs.
Once you provide this information, I can calculate your estimated:
- Loan amount: The maximum amount you can borrow based on your home value and age.
- Monthly payment: If you choose a line of credit, you can see the estimated monthly payment you might receive.
- Total loan amount over a specific period: This helps visualize the cumulative sum you could access over time.
Best Reverse Mortgage Companies for you depends on your individual needs and circumstances. Do your research, compare rates and fees, and consult with a financial advisor before making a decision.
