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Reverse mortgages generally allow homeowners aged 62 or older to tap their home equity and receive tax-free cash payments while remaining in their homes. To help you compare reverse mortgage options, we’ve rounded up a list of the best reverse mortgage lenders to consider.
Best reverse mortgage lenders
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Finance of America’s reverse mortgage packages include unique options for different types of borrowers. The lender acquired American Advisors Group (AAG), another major reverse mortgage lender.
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Longbridge Financial is one of the top 5 reverse mortgage lenders in the U.S.
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Mutual of Omaha was the top reverse mortgage lender in the U.S. in 2024. It offers the option to refinance your reverse mortgage (whether it’s with Mutual or another lender) to a better interest rate and/or higher amount.
How to find a reverse mortgage lender
You can start exploring reverse mortgage options in your state using HUD’s FHA lender search tool. The search function allows you to search for HECM lenders by state, county and zip code. Just check off the “Reverse Mortgages” filter.
Keep in mind: Not every mainstream mortgage lender does reverse mortgages. Rather than looking to your bank, you might be better off with a lender that specializes in these types of loans.
When comparing your top reverse mortgage companies, consider what’s most important to you: your bottom line (the cost), the convenience of the experience and service, or a combination:
- Costs – While there are no monthly payments with a HECM, it’ll still cost you money to obtain via the interest rate and fees. The closing costs for a HECM are fairly standard across the board, but there are some services that cost more or less depending on the lender. That said, you might be able to negotiate closing costs with the lender.
- Customer service – Reverse mortgages have a complicated set of rules, and if you don’t adhere to them, you could lose your home. Pay attention to how responsive the lender is to your queries and customer reviews and testimonials.
Be wary of reverse mortgage scams. These include claims that a reverse mortgage could help you put off claiming Social Security benefits or buy a home with no money down, or require you to sign a document with blank fields.
Who are the largest reverse mortgage lenders in the U.S.?
The largest HECM lenders based on originations, or amount of new loans, according to Reverse Market Insight, are:
- Mutual of Omaha Mortgage
- Finance of America Reverse
- Longbridge Financial
- Liberty Reverse Mortgage
- Fairway Independent Mortgage
- GoodLife Home Loans
- South River Mortgage
- Guild Mortgage
- Plaza Home Mortgage
- HighTechLending
Should you get a reverse mortgage?
Like any other financial product, there are pros and cons to reverse mortgages. If you have substantial equity or your home is paid off, a reverse mortgage can help supplement retirement income or pay for medical expenses or necessary home repairs.
While you won’t need to repay the reverse mortgage until you pass away or sell or move out of the home, it does have some upfront costs. You’ll also need the financial resources to continue paying for homeowners insurance, property taxes, HOA fees (if applicable) and home maintenance.
If you’re looking for other ways to access your equity, you might consider selling the home and applying the proceeds to your goals, or taking out a home equity loan or HELOC.
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To determine the best reverse mortgage lenders, Bankrate evaluated lenders based on availability, affordability and borrower experience. Learn more about our methodology.
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