Buyers Guides » Reverse Mortgage » Best Reverse Mortgage Companies in St. Louis, MO

Best Reverse Mortgage Companies in St. Louis, MO

We chose the best reverse mortgage companies in St. Louis, MO, based on loan options, costs, and customer reviews.

Latest update: December 28, 2022

Best Reverse Mortgage Companies in St. Louis, MO

Finance of America Reverse

As a member of the National Reverse Mortgage Lenders Association (NRMLA), Finance of America Reverse has retailers licensed in 43 states and a wholesale division licensed in 42 states and Puerto Rico. Its goal is to help you optimize your retirement, help ease financial worries and diversify your investments through a reverse mortgage.

American Advisors Group (AAG)

American Advisors Group puts its sole focus on reverse mortgage lending, so it's focused on helping you access your home’s equity.

Magnolia Bank

Magnolia Bank offers personalized service for reverse mortgages and quick closing. Magnolia Bank offers FHA-backed Home Equity Conversion Mortgage and offers various fund distribution schedules.

Sean Zalmanoff: USA Mortgage

Offers a variety of mortgage loans, including HECMs. Specializes in low rates and making the loan process a great experience. Member of the Mortgage Bankers Association of St. Louis and Missouri Area Mortgage Professionals.

Bob Rutledge

Provides a comprehensive selection of mortgage loans, including HECMs. Educates borrowers on choosing the best loan options for their financial situation while avoiding pitfalls.

Top Flite Financial, Inc.

Family owned and operated mortgage lender. Specializes in helping homeowners take advantage of the equity in their homes. Works with a 500 minimum credit score minimum. Apply online and download the mobile app to track loan progress.

Fairway Independent Mortgage Corporation

Offers a full line of mortgage loans, including reverse mortgages. Specializes in quick turnaround and personalized customer service. Meet or chat with a local loan officer to determine if a reverse mortgage is right for you.

First Integrity Mortgage Services

Independent broker offering a variety of loans to bring the best options to clients. Work one-on-one with your personal loan coordinator to guide you through the process.

USA Mortgage

Employee-owned company offering in-house underwriting. Provides a wide variety of loans for borrowers of almost any financial situation. Available 24/7.

Reverse Mortgage Costs in St. Louis, MO

The 2023 HECM maximum nationwide claim amount—also known as the reverse mortgage lending limit—is $970,800 for all Missouri borrowers. In St. Louis, the cost of a reverse mortgage depends on:

When budgeting for your reverse mortgage costs, remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes.

Missouri borrowers have several options for how the proceeds are disbursed:

Lump sum disbursement is more expensive because the lender will charge fees on the entire loan amount at once. A line of credit could be more affordable because fees and interest are charged only on the portion of funds you withdraw.

How a Reverse Mortgage Works

A reverse mortgage allows borrowers to leverage their home equity for cash. Typically, borrowers use the money to supplement retirement income, cover the costs of necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses.
Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts.

You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. The home must be built before 1976.

Vacation homes, rental homes, and investment properties are not eligible. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender.

St. Louis, MO Reverse Mortgage Eligibility Requirements

A reverse mortgage is a good financial tool for St. Louis, MO, retirees 62 and over who:

According to the U.S. Census, more than 44% of St. Louis residents own their homes, and more than 13% of the populations are seniors. Many of these seniors qualify for reverse mortgages. Reverse mortgage holders can finance renovations for aging in place and provide extra income to improve quality of life. Senior homeowners with less-than-perfect credit can easily qualify for a reverse mortgage, but if you have the option to take out a HELOC or other type of home equity loan, you should not get a reverse mortgage.

Before you can apply for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.


St. Louis, MO Reverse Mortgage Company Reviews

Sean Zalmanoff: USA Mortgage

Sean Zalmanoff: USA Mortgage

Sean Zalmanoff with USA Mortgage offers a full line of loan products, including FHA-backed HECMs. The team works to secure the lowest rates for its clients. Start an application online, use the mobile app, or contact a loan officer. Clients say this company is great to work with and provides the smoothest loan process they have ever experienced. Reviewers liked the competitive rates, kind and caring staff, and stress-free process. One customer said Sean Z helped him build his credit, and another said this company was able to approve his loan when other companies turned him down.

Sean Zalmanoff: USA Mortgage
Address 1118 Hampton Ave, St. Louis, MO 63139
Phone Number (314) 361-9979


Bob Rutledge, Mortgage Lender

Bob Rutledge, Mortgage Lender

Bob Rutledge, Mortgage Lender, offers a wide variety of loan products, including reverse mortgage HECMs. You can choose a lump sum, line of credit, or monthly payments. A loan officer will walk you through the advantages and pitfalls of a reverse mortgage to help you find the best way to tap into your home’s equity. Clients give this company five stars for their professional and pleasant attitude, level of knowledge, and responsiveness. One reviewer especially appreciated that Mr. Rutledge was local to St. Louis; another liked that he was willing to match offers from other lenders.

Bob Rutledge, Mortgage Lender
Address 12312 Olive Blvd Suite 240, St. Louis, MO 63141
Phone Number (314) 913-9678


Top Flite Financial, Inc.

Top Flite Financial, Inc.

Top Flite Financial specializes in helping homeowners tap into equity, including FHA-backed HECMs. Consult with a loan officer to find out if a HECM is right for you. Fill out a brief form on the website to get a reverse mortgage quote. This company has a five-star rating with over 600 reviews. Reviewers said loan officers responded to questions with compassion and concern and made the process easy. Clients experienced detailed and timely communication from agents who took the time to explain everything about equity in the home.

Top Flite Financial, Inc.
Address 21 The Blvd Saint Louis, Richmond Heights, MO 63117
Phone Number (314) 748-1313


Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation has branches throughout Missouri, including St. Louis. This company is a direct lender that offers a full line of mortgage options with fast turnaround times. You can talk with a loan officer to decide if a reverse mortgage suits your financial situation. Reviewers give this company five stars for making the process easy, keeping them informed, and closing on time. Clients said they felt valued and that the experience was hassle-free.

Fairway Independent Mortgage Corporation
Address 12125 Woodcrest Executive Dr Suite 330, St. Louis, MO 63141
Phone Number (314) 528-9310


First Integrity Mortgage Services

First Integrity Mortgage Services

First Integrity Mortgage Services offers a variety of loan solutions, including reverse mortgage HECMs that allow you to take cash out of your home tax-free. Choose a line of credit, monthly payments, lump sum, or a combination. Talk with a loan officer to guide you through the process. This business earned over 900 five-star reviews. Clients commented on outstanding service from patient and persistent loan coordinators who did everything possible to ensure that financing was approved.

First Integrity Mortgage Services
Address 1807 Park 270 Dr Ste. 265, St. Louis, MO 63146
Phone Number (314) 878-7900


USA Mortgage

USA Mortgage

USA Mortgage is headquartered in St. Louis. This company offers a comprehensive selection of home loans and refinancing options, including reverse mortgages. Operations are in-house with no middleman. Visit a branch, apply online or call to talk to a loan originator. Reviewers gave this company high scores for making them feel safe and comfortable and listening to their needs and goals. Clients experienced excellent communication, first-class customer service, and a seamless process.

USA Mortgage
Address 12140 Woodcrest Executive Dr Suite 250, St. Louis, MO 63141
Phone Number (314) 628-2000

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