Best Reverse Mortgage Lenders

Reputable Reverse Mortgage Companies

A reverse mortgage can be a valuable financial tool for seniors looking to enhance their retirement. By allowing homeowners aged 62 or older to tap into their home equity without selling their property or making monthly payments, reverse mortgages offer a flexible way to supplement income, cover expenses like healthcare or home maintenance, and support aging in place. We studied top resources, talked to experts, and contacted top reverse mortgage companies to determine our top eight picks. Check out our methodology section to learn more about our process.

Community First National Bank offers the FHA-insured Home Equity Conversion Mortgage (HECM), which is the most common reverse mortgage. You can apply for a reverse mortgage loan at Community First National Bank by visiting a local branch, calling a representative, or filling out an online contact form.

• Loan types: HECM, jumbo reverse mortgages
• Credit score: Not disclosed
• States served: Not disclosed

Community First National Bank gets our praise for customer service and satisfaction because it is the most reviewed and highest-rated reverse mortgage lender on Retirement Living. Customers praise Community First National Bank for its respectful agents, fast closing speeds, in-depth industry knowledge, efficiency, professionalism, and kindness throughout the reverse mortgage process.

To learn more, read our full Community First National Bank review.

Mutual of Omaha offers four reverse mortgage solutions with no monthly payments. It streamlines the application process by offering a mobile app where you can upload photos and documents and communicate with family members, financial advisors, and HECM specialists.

• Loan amounts: up to $4 million
• Loan types: HECMs, HECMs for Purchase, HomeSafe (jumbo reverse mortgages), refinancing loans
• Credit score: No minimum
• States served: All states except NY and WV

The information on the website is pretty generalized and lacks specifics on reverse mortgage fees, qualifying statistics, and who to contact to start the loan process. However, a six-page information kit is available for instant download on the website. To determine Mutual of Omaha’s credit requirements, we spoke with a company representative who told us that the company does not have a minimum credit score, but it is considered during the review process.

To learn more, read our full Mutual of Omaha Reverse review.

Finance of America Reverse (FAR) is licensed in 50 states and Puerto Rico and is a member of the National Reverse Mortgage Lenders Association. In 2023, FAR merged with American Advisors Group as part of the company’s “strategy to create a retirement solutions platform that helps older homeowners achieve financial goals in retirement,” a news release said.

If you need a reverse mortgage and are unfamiliar with the process, FAR is a good place to start. Its team of reverse mortgage specialists offers attentive support, and customer reviews rate the agents as knowledgeable and courteous. Most loans originated by FAR are government-secured HECM loans, but you can also get a jumbo reverse mortgage earlier (age 55 or more) using its HomeSafe option if you live in certain states.

• Loan amounts: up to $4 million
• Loan types: HECM, HECM for purchase, and jumbo loans
• Credit score: 620
• States served: All 50 states (HomeSafe® only available in select states)

In addition to its commitment to customer education, we like FAR’s online reverse mortgage calculator that will help you run the numbers based on your home’s equity. This feature is especially helpful because you don’t have to submit contact information to get a funds estimate.

To learn more, read our full Finance of America Reverse review.

Liberty Reverse Mortgage offers two HECM loan options, which you can apply for online. Liberty requires a home appraisal. You’ll also have to pay the initial mortgage insurance premium at closing and annually over the life of the loan.

• Loan types: HECM, HECM for purchase and refinancing
• Credit score: 600
• States served: All states except HI and NY

We like the two-step online reverse mortgage calculator and its free eBook. We downloaded the product and found it straightforward, helpful, and transparent. Liberty is a trustworthy and transparent company that receives high ratings and reviews.

To learn more, read our full Liberty Reverse Mortgage review.

Longbridge Financial is a trusted provider of reverse mortgage solutions, offering a range of products to meet the needs of older homeowners. Whether you’re interested in a Home Equity Conversion Mortgage (HECM), a HECM for Purchase, or a jumbo reverse mortgage through the Longbridge Platinum program (available for home values up to $4 million), Longbridge provides a streamlined and transparent process. Homeowners can benefit from a Great Online Quote experience, which includes a Detailed Online Quote Estimator that breaks down costs, loan amounts, and potential payouts.

One of Longbridge Financial’s standout features is its fast and efficient 45-day Close timeline, allowing borrowers to access their home equity quickly and with minimal hassle. Their easy-to-use online tools simplify exploring options and getting personalized estimates without pressure.

• Loan amounts: up to $4 million
• Loan types: HECMs, HECMs for Purchase, jumbo reverse mortgages (Longbridge Platinum)
• Credit score: No minimum
• States served: All states (depending on the product)

Whether you’re looking to supplement retirement income, pay off existing debt, or fund future plans, Longbridge delivers personalized service and flexible solutions to help you achieve greater financial peace of mind.

To learn more, read our full Longbridge Financial Reverse review.

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Top Reverse Mortgage Lenders

• Great Rates – Community First National Bank
• Great Mobile App – Mutual of Omaha Reverse
• Great Calculator – Liberty Reverse Mortgage
• Great Service – Finance of America Reverse
• Great Online Quote – Longbridge Financial
• Great Tool – Reverse Mortgage Assist
• Great Nationwide Availability – Movement Mortgage

Additional Companies

American Advisors Group (AAG), now owned by Finance of America Reverse, was a direct mortgage lender offering reverse and jumbo reverse mortgage loans up to $4 million.

Reverse Mortgage Funding LLC, also known as RMF, is a direct reverse mortgage lender servicing more than 84,000 borrowers; however, the company filed for bankruptcy in February 2023.

One Reverse Mortgage was the reverse mortgage division of Quicken Loans/Rocket Mortgage, but the company halted operations in early 2020. Before the shutdown, One Reverse Mortgage was a top three national lender.

Easy Knock is a real estate investment company offering equity release programs. Easy Knock has two options for homeowners to access the value of their homes without moving.

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What is a Reverse Mortgage?

A reverse mortgage is a type of loan available to homeowners aged 62 or older. Unlike a traditional mortgage, a reverse mortgage allows homeowners to convert part of their home equity into cash without having to sell their home or make monthly mortgage payments. Instead of making payments to a lender, the homeowner receives money as a lump sum, monthly payments, a line of credit, or a combination of these. The loan is typically repaid when the homeowner sells the home, moves out permanently, or passes away.

This option can benefit seniors by providing additional income during retirement, especially for those on a fixed budget. It allows them to stay in their homes while accessing the value built up in their property. Because there are no monthly mortgage payments, it reduces financial strain, and the loan is non-recourse, meaning the homeowner or their heirs won’t owe more than the home’s value when it’s sold. However, it’s important to consider that the loan balance grows over time, which reduces the remaining equity in the home, potentially leaving less for heirs.

Types of Reverse Mortgages

There are several types of reverse mortgages that are better suited to certain circumstances. These include:

• Home Equity Conversion Mortgage (HECMs): Backed by the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA), HECM reverse mortgage loans allow you to access a portion of your equity based on the borrower’s age as well as the home’s value. You can choose an adjustable or fixed rate. These make up most of all reverse mortgages on the market and come with the most borrower protections, as they are highly regulated.
• HECMs for Purchase (H4P): This loan type helps you purchase a new home with a reverse mortgage. You might use this mortgage to find a house closer to family or one that better accommodates your needs as you age in place without depleting your liquid savings to pay all cash. Because this loan is a purchase and reverse mortgage all-in-one, they only incur one set of closing costs, saving borrowers a lot of money when buying a home. 
• Reverse Mortgage Refinance: If you already have a reverse mortgage, you can possibly refinance to take advantage of lower interest rates, add a spouse to the mortgage, or access more cash as your home equity rises.
• Proprietary reverse mortgages: Also called jumbo reverse mortgages, proprietary mortgages are best for those who own higher-value homes or cannot do an HECM. Private companies issue these loans, and the FHA does not back them, so it is critical to understand the terms and any limitations before doing one. Interest rates tend to be higher, and there are often minimum loan balances required, but the upfront costs can be less because no FHA mortgage insurance is charged. Some states allow private reverse mortgages as young as age 55.
• Single-purpose reverse mortgages: This option is the least common reverse mortgage type, and it’s not available in every state. You can get a single-purpose reverse mortgage from state, local, and non-profit agencies. As the name implies, you can only use this loan for a single, lender-approved item such as necessary home repairs or property taxes. You’ll typically pay less in interest fees for this type of mortgage.

How to Choose the Right Reverse Mortgage Company

The three most significant considerations for finding the best reverse mortgage company are to study each lender’s licensing and credentials, customer service, and program fees.

Top Tips:

1. Confirm credentials via the National Multistate Licensing System (MNLS) lookup and the Better Business Bureau.
2. Shop around to compare prices, programs, and who you want to work with.
3. Understand your payout options and discuss them with your loved ones.

Before you commit to a reverse mortgage, you should know exactly what you’re getting. Ask lots of questions. Going into a transaction of this magnitude unprepared or without the right knowledge could cost you money in the long run. To make an informed decision, it’s essential to understand key reverse mortgage facts and statistics. Fortunately, you can discuss these things during your required independent, third-party counseling before applying. Also, be sure you do the following:

Check Licensing and Credentials

There are countless options for reverse mortgage lenders. You can weed out the suspicious ones by simply checking for reputable credentials. For example, limit your search to lenders approved by the Federal Housing Authority (FHA) if you’re looking for a HECM. Certifications and licensing requirements vary by state, but legitimate lenders will prominently display their credentials prominently online.

Look for a national reverse mortgage lender that guides you through the process without selling you additional services like homeowners insurance or annuities using high-pressure sales tactics. The NMLS database and the Consumer Financial Protection Bureau website can help you search for regulatory actions against the lender and recent enforcement actions involving the company.

Understand the Tax Implications

The money you receive from a reverse mortgage is usually not taxable because they are considered proceeds from a loan, so it won’t affect your Social Security or Medicare benefits. However, the IRS will consider your funds “assets,” which could affect your eligibility for Supplemental Security Income. 

The IRS doesn’t allow you to deduct interest on reverse mortgages until it is paid unless you use the money to buy, build, or substantially improve the home. However, your upfront FHA mortgage insurance premium can be deductible depending on how you file your taxes. This is why it’s important to discuss these costs and reverse mortgage tax implications with your lender or tax advisor before signing a contract.

Estimate the Upfront and Ongoing Costs

Remember to budget for additional reverse mortgage fees, which will vary by the type of loan and lender you choose. At the start of the loan, you’ll pay the required counseling, origination, and appraisal fees. Most other closing costs can be financed into the loan. The most common upfront out-of-pocket costs that people overlook are any repair costs identified by the appraiser, which often need to be paid before the loan can close. So, bring any major repair concerns to your loan officer before you start the process and pay for an appraisal.

Over the life of the loan, reverse mortgage borrowers are also responsible for paying long-term property costs like flood insurance and real estate and property taxes. (See below for related cost estimates.)

Before committing to a loan, ask the lender to explain the costs associated with a reverse mortgage, including what you’ll be required to pay out of pocket. Some lenders might be more affordable than others.

Ensure Protection for Your Spouse and Heirs

Your decision to take out a reverse mortgage loan could affect the family you leave behind, so include them in the decision-making process as much as you can—this could include putting the title in your spouse’s name, too, if it wasn’t at the time of purchase, to ensure the surviving spouse can maintain the existing loan structure without issue. While spouses who are not on the title can be added as “non-borrowing spouses,” giving them the right to continue to live in the home, they will lose access to any future loan proceeds or remaining line of credit if they’re not on the title.

You can also ensure the home will pass to your heirs in a will or a trust by making sure anyone designated to make decisions on behalf of the estate knows how to contact the servicer at the final death for all their repayment options. They’ll need to do this within 30 days to avoid complications.

How Much Does a Reverse Mortgage Cost?

The costs and loan limits associated with a reverse mortgage are highly regulated by the government. For example, The Federal Housing Administration (FHA) places yearly limits on the amount reverse mortgage companies can offer for Home Equity Conversion Mortgage (HECM) loans. The HECM home value limit for calculating maximum reverse mortgage loan amounts is $1,209,750 in 2025, up from $1,149,825 in 2024.

Reverse mortgages also come with several fees, varying by the loan type and lender you choose. Required counseling fees, origination fees, closing costs, and interest charges are some of the costs associated with reverse mortgages.

As mentioned above, when you take out a reverse mortgage, one requirement is to continue to pay property taxes and insurance. If you can’t make these payments or have had trouble making them, it may not disqualify you outright, but the lender may set aside funds upfront to pay these charges on your behalf, which could affect your loan proceeds.

HECM Counseling	$125 – $199 (ask whether discounts or fee grants are available)
Origination fees	– The greater of $2,500 or 2% of the first $200,000 of your home’s value plus 1% of the amount over $200,000 – HECM origination fees are capped at $6,000
Mortgage insurance	– Upfront charge of 2% – 0.5% annual fee of outstanding mortgage balance
Closing costs	Typically includes: – Appraisal ($575 – $750, depending on region) – Title search – Surveys – Inspections ($175) – Recording fees – Mortgage taxes – Credit checks
Interest	6% – 11% depending on loan type
Service fee	Up to $35 per month if your lender charges one

How a Reverse Mortgage Works: How to Qualify

Reverse mortgages have specific eligibility requirements. To qualify for a reverse mortgage, the youngest borrowers must meet the age requirement of at least 62 years old, maintain the home as their primary residence, and have at least 40% to 70% equity, depending on the youngest owner’s age. While there are no formal minimum credit scores to qualify, some lenders will reject your application if you’re delinquent on debt or have a history of late payments.

As an added consumer protection, every lender will complete a financial assessment during the application process to determine your ability to pay any ongoing property charges like taxes, insurance, HOA fees, and upkeep, as well as general living expenses each month.

You can only borrow against your primary residence to be eligible for a reverse mortgage, and you must wait at least one year if you have recently done a cash-out refinance on the property. Before applying for processing, you must complete federally-mandated counseling to ensure you understand your borrowing responsibilities. You’ll also need an independent appraisal to assess the value and property condition. This may incur additional costs if repairs are mandated or if the lender or FHA determines a second appraisal is required.

There are also property restrictions for government-backed reverse mortgages. Your home must fall into one of these categories:

• Single-family homes
• Multi-unit properties with up to four units
• Manufactured homes built after June 1976
• FHA-eligible condos or townhomes

Private reverse mortgages, like jumbo reverse mortgages, have their own qualification requirements that vary by lender and loan type, but an experienced loan officer will be able to help you navigate your options.

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Methodology

To identify top reverse mortgage providers, we analyzed 10 data points to give you a well-rounded review of each provider. We sourced feedback and reviews from real consumers, contacted lenders, and talked with mortgage experts to narrow down our original list of 20 reverse mortgage lenders. We also considered these features:

• State licensure and/or credentials
• Service area
• Loan options available
• Eligibility criteria
• Costs and fees
• Discounts
• Closing time frames
• Access to educational information
• Customer service availability
• Consumer reviews

We contacted companies and requested additional information to help customers make a responsible choice, like the context surrounding reverse mortgage fees and access to educational resources given to new customers.

Our favorite companies had a calculator on their site to get a quick sample quote, customer-centered service, and multi-state licenses. Companies that obscured their prices, had difficult or confusing policies and procedures, and/or limited loan options were eliminated. The result of our analysis is the best reverse mortgage companies for seniors to consider.

Some additional resources we used to determine our best reverse mortgage companies included:

• To verify licensing and credentials of reverse mortgage companies: Nationwide Mortgage Licensing System (NMLS) and National Reverse Mortgage Lenders Association (NRMLA)
• To verify accreditation and check for complaints against the business: Better Business Bureau (BBB) 
• To understand reverse mortgage eligibility requirements and verify trusted lenders: U.S. Department of Housing and Urban Development and Consumer Financial Protection Bureau (CFPB)

Our Experience With Reverse Mortgage Lenders

Our experience with reverse mortgage companies was mostly positive. Our research showed that most lenders are upfront about reverse mortgage fees, the process for obtaining a loan, and its eligibility requirements. We’re also very pleased with the lenders’ commitment to customer service and consumer education.

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FAQs

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Local Reverse Mortgage Companies

• Atlanta, GA
• Austin, TX
• Boston, MA
• Chicago, IL
• Denver, CO
• Fort Worth, TX
• Jacksonville, FL
• Los Angeles, CA
• New York, NY
• Orlando, FL
• Philadelphia, PA
• Phoenix, AZ
• San Antonio, TX
• San Francisco, CA
• Seattle, WA
• St. Louis, MO

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Final Thoughts

If you need supplemental income or an additional financial safety net during retirement, a reverse mortgage can help. Just remember to do your homework when it comes to choosing a lender. There are plenty of options out there, but ideally, you want to work with a company that specializes in reverse mortgages with a loan officer who is experienced with navigating the process. Reverse mortgage lenders that explicitly disclose their fees and rank high for customer service are safer choices.