REVERSE MORTGAGE COMPANIES: Top 10 Lenders In 2023

reverse merger companies

Reverse mortgages allow homeowners aged 62 and up to borrow against the equity in their property. Its mission is to provide additional financial assistance to elders in retirement. We researched over a dozen reverse mortgage companies to find the best seven for you based on their pricing, simplicity of qualification, nationwide coverage, timeliness and customer service, reliability, and overall reputation.

What Is a Reverse Mortgage?

A reverse mortgage borrows against the equity in your property. They are available to seniors who own their houses and have equity in them. You will receive cash but will not be required to sell your home. Reverse mortgages do not have to be repaid as long as you dwell in your house.

When you move out, sell your home, or die, the mortgage loan is due. If you or your heirs want to maintain the property after then, the loan debt must be paid. Otherwise, the reverse mortgage lender will keep the house to pay off the loan.

Some of the best reasons to choose a reverse mortgage are to address a long-term problem when you have no intentions to leave your home, you have no plans to move, and your spouse is likewise 62.

Reverse mortgages are not recommended for persons who are already in financial hardship since they risk losing their homes to foreclosure if they fail to comply with the arrangement.

Best Reverse Mortgage Companies In 2023:

  1. American Senior- Simple and quick online approval process
  2. AAG- Skilled loan originators
  3. Longbridge Financial offers a HELO reverse mortgage.
  4. Reverse Finance of America- High client satisfaction
  5. Liberty Reverse Mortgage- A one-of-a-kind assurance system
  6. LendingTree- The quickest way to get lenders to contact you.
  7. Homebridge Financial Services offers a wide range of HECM loans.
  8. Reverse Mortgage Financing- Excellent proprietary loan

Reviews On The Best Reverse Mortgage Companies

#1. America Senior

  • Loan options include: Standard HECM, HECM for Purchase, Jumbo Reverse, and HECM-to-HECM are all options.
  • Options for loan disbursement: A lump amount, an annuity, or a credit line
  • BBB Score: A+
  • ConsumerAffairs: N/A
  • Up to $4 million in loans
  • Simple online application
  • Various payment alternatives

Since 2007, many customers have relied on American Senior as their go-to reverse mortgage firm. This organization provides some of the most reliable reverse mortgage deals on the market, as well as exceptional customer service and one of the simplest online application processes.

Loan Alternatives

The reverse mortgages available from American Senior are outstanding and will easily meet the needs of the majority of people. Anyone over the age of 63 with equity in their house is eligible to apply for its basic HECM, reverse mortgage refinance loans, or HECM for purchasing a second property. It also provides exceptional Jumbo loans, allowing seniors to borrow up to $4,000,000.

Discounts and Pricing

When it comes to fees and prices, you’ll quickly find that the American Senior website is completely opaque on the subject. It’s not surprising, given that the site’s purpose is for you to contact them, which is common among reverse mortgage brokers. You can acquire precise quotes and rates by calling their customer service team.

#2. American Advisors Group

  • Loan options include: Traditional HECM, Purchase HECM, Refinance HECM, Jumbo Reverse Mortgage
  • Options for loan disbursement: A lump sum, monthly payments (tenured), a line of credit, or some combination of the aforementioned
  • BBB Score: B
  • ConsumerAffairs: 4.6
  • Free loan calculator online
  • High levels of customer trust
  • Skilled loan originators

Reza Jahangiri started AAG in Orange County, California, in 2004 to assist homeowners aged 62 and older in living a more financially secure retirement. Since then, the company has grown to become the largest reverse mortgage lender in the United States, as well as the only one operating in all 50 states. AAG has demonstrated that it belongs at the top, with a market share of 32.22 percent as of October 2020 and many honors, including the BBB’s Torch Award for Ethics in December 2017.

Loan Options

Because American Advisors Group is a major player in the reverse mortgage sector, it is not surprising that it offers a diverse range of loans. With a maximum house value of $679,500, the most common HECM reverse mortgage can be signed on an adjustable or fixed rate. There is also the HECM for a purchase loan, which allows senior homeowners to acquire a new house as well as a reverse mortgage in the same transaction, all while paying only one set of closing expenses.

The AAG Reverse Mortgage Finance loan is intended to refinance your existing reverse mortgage at a lower interest rate and provide access to increasing equity due to rising property values. A Single-Purpose Reverse Mortgage can also be used to fund expenses such as property taxes and home maintenance.

Discounts and Pricing

This is the one area where AAG does not provide anything unique – and where it has lots of room to expand. The only true advantage in terms of pricing is that the company will not charge you a service fee for the duration of your HECM loan. In addition, AAG does not publicize any discounts, maximum caps, or price matching, so you must contact them for an estimate.

#3. Longbridge Financial Analysis

  • Loan options include: Standard HECM, HECM for Purchase, and Platinum packages are available.
  • Options for loan disbursement include: a lump sum, monthly payments (tenured), a line of credit, or some combination of the aforementioned
  • BBB Score: A+
  • ConsumerAffairs: 4.6
  • There are no first-year withdrawal limits.
  • • Transparency regarding fees and costs
  • • Zero-cost identity theft protection

Since 2012, this New Jersey reverse mortgage provider has been in business. It has a good reputation for the high quality of its online service, which is nearly unrivaled in the market.

Loan options

Longbridge Financial provides a variety of HECM loan choices as well as its own proprietary loan known as Longbridge Platinum. There are adjustable and fixed-rate choices for lump-sum or term disbursement, as well as tenure and line-of-credit reverse mortgages, for basic HECMs.

The Longbridge Platinum proprietary loan has a $4 million maximum loan amount. It, like other Jumbo Reverse Mortgages, is not FHA-insured. However, it is not available in all states, so check with the provider to see if your state is supported.

Discounts and Pricing

Longbridge Financial does not differentiate itself from the competition in terms of pricing, since it follows industry trends for both proprietary mortgage and government-mandated HECM loan fees. The origination cost is set at $6,000, and the mortgage insurance rate premium is set at the regular 2%.

#4. America Finance

  • Loan options include: Fixed-rate HECM, Adjustable-rate HECM, Purchase HECM, Jumbo Reverse Mortgage loan
  • Options for loan disbursement: Lump-sum, monthly payments (tenured), line of credit, or a combination of the aforementioned
  • BBB Score: A+
  • ConsumerAffairs: 4.5
  • Up to $4 million in loans
  • Skilled loan originators
  • High levels of client satisfaction

Finance of America, which has been in business since 2003 (when it was known as Urban Financial of America), has grown to become one of the leading reverse mortgage firms in the United States. The corporation, established in Oklahoma, operates in 43 states and Puerto Rico. It is a member of the National Reverse Mortgage Lenders Association or NRMLA.

Loan Options

Finance of America Reverse LLC offers two major reverse mortgage options. The HECM loan, which is available in all 50 states and Puerto Rico, is the most popular. The HECM loan has a cap of $636,150 or the value of the home, whichever is less.

The other approach targets residences with values greater than the HECM loan restrictions. This unique Jumbo loan is known as the HomeSafe Reverse Mortgage by Finance of America. Homeowners can borrow up to $4 million. HomeSafe loans are not federally insured in the same way that HECM loans are, but they are non-recourse loans.

Discounts and Pricing

When it comes to pricing, Finance of America Reverse demonstrates a level of flexibility that other companies just do not have. The company offers five variants of its HomeSafe patented reverse mortgage loan, the most alternatives available anywhere.

The HomeSafe loan is available in Standard, Flex, For Purchase, Second, and Select variants, with the main distinction being how funds are disbursed. HomeSafe Standard and Second are designed for lump-sum payments, whilst the HomeFlex loan is designed for people who are ready to pay 60% of the loan upfront and the remaining 40% over the next five years.

#5. Liberty Reverse Mortgage

  • Loan options include: In some states, you can get a standard HECM, a HECM for purchase, or a reverse mortgage.
  • Options for loan disbursement: Lump cash, monthly payments, or a credit line
  • BBB Score: A+
  • ConsumerAffairs: 4.3
  • Access to free online resources
  • Excellent customer service
  • Iron Clad Liberty guarantee

Liberty Reverse Mortgage, formerly known as Liberty Home Equity Solutions Inc., was founded in 2004 and is one of the largest reverse mortgage companies in the United States. The company is present in 49 states and has distributed more than $7.5 billion to over 60,000 elderly homeowners.

Loan Options

While most companies offer a wide range of home loans, Liberty Reverse Mortgage is solely dedicated to reverse mortgages. For the longest time, the organization only offered two types of HECM loans: ordinary HECM and purchase HECM. To compete with the other reverse mortgage companies, Liberty has recently begun rolling out a proprietary mortgage service, so you can certainly expect to see a Liberty Jumbo loan offer in your state in the near future.

Discounts and Pricing

Closing expenses and certain fees vary by state, but other reverse mortgage criteria and prices are set in stone by HUD and FHA laws. So, the origination cost is limited to $6,000, and the mortgage insurance is limited to $13,593. Liberty’s title, settlement, and closing expenses are in line with industry standards.

#5. LendingTree

  • Loan options include: As a broker, it provides all loan types from lenders listed on the platform.
  • Options for loan disbursement: As previously stated, depending on the lender, all disbursement alternatives are available.
  • BBB Score: A+
  • ConsumerAffairs: 3.9
  • Excellent for comparing prices
  • Simple to use and understand
  • The quickest way for lenders to reach you

LendingTree was founded in North Carolina in 1996. Since 2013, it has been a licensed online mortgage broker. The organization acts as a loan aggregator, connecting borrowers with a home loan and reverse mortgage providers so they can compare offers side by side. It truly is a one-stop-shop for every type of financing.

Loan options

LendingTree is a well-known marketplace for various forms of financial loans, and it collaborates with some of the biggest reverse mortgage companies in the United States. Because the company is not a lender, this method distinguishes LendingTree. Instead, it is the best place to compare rates from all companies on the market. It also ensures that lenders contact borrowers, which is fantastic if you don’t want to be bombarded by calls and emails from different companies.

Discounts and Pricing

Because LendingTree is not a reverse mortgage company, it will not charge you directly. It makes money by selling reverse mortgage loans to third parties, which means that the lender you choose determines your costs. Furthermore, LendingTree prohibits any of its lenders from charging upfront fees to guarantee or insure a loan.

#6. Homebridge Financial Services

  • Loan options include: Standard HECM, Purchase HECM, Jumbo, and Super Jumbo
  • Options for loan disbursement: A lump sum, a line of credit, monthly payments, or a combination of the aforementioned
  • BBB Score: B+
  • ConsumerAffairs: 4.2
  • Up to $5 million in loans
  • Offers a plethora of useful information
  • A wide range of HECM loans

Homebridge Financial Services Inc. was created in 1989 with the goal of becoming a “generational lender” capable of providing loans at any period of your life, from your first loan to a refinance reverse mortgage to pay your retirement. So, in 2016, the company bought Prospect Mortgage, transforming it into one of the largest non-bank companies in the United States.

Loan Alternatives

Homebridge Financial specializes in HECM mortgages and offers a wide choice of lending options. The company offers FHA-approved reverse mortgages for single-family homes, condos, townhomes, and prefabricated homes. Furthermore, Homebridge, like other top reverse mortgage companies, is a nationwide company, which means you can apply for a reverse mortgage in any US state.

For a purchase loan, you can select a tenured loan, line of credit, or HECM with a fixed-rate lump-sum disbursement or an adjustable-rate term disbursement. Jumbo and Super Jumbo loans are also available.

Discounts and Pricing

Because Homebridge is a solely HUD-insured reverse mortgage lender, costs such as origination fees and reverse mortgage insurance premiums are strictly regulated, hence they must adhere to industry standards. Homebridge’s HELOC reverse mortgage ceiling is $300,000, while Jumbo loans can go up to a whopping $5 million. Origination fees are normally less than $6,000 per transaction.

#7. Reverse Mortgage Funding

  • Loan options include: Equity Elite proprietary mortgage, Equity Elite Zero proprietary mortgage, Standard HECM
  • Options for loan disbursement: Lump cash, a line of credit, or a monthly payment
  • BBB Score: A+
  • ConsumerAffairs: N/A
  • Excellent proprietary loan
  • Offers price matching
  • Educational materials

Reverse Mortgage Funding LLC (RMF) is a new entrant into the market. Nonetheless, it has become one of America’s most regarded reverse mortgage companies in less than a decade of operation. It is now an active NRMLA member and one of the few companies endorsed by the American Bankers Association.

Loan Alternatives

RMF offers a wide range of reverse mortgages, including HECMs and bespoke loans developed exclusively for the company. RMF reverse mortgages are available at fixed or adjustable rates, with payout options including a lump sum, monthly installments, or a line of credit. The maximum loan amount for a HECM mortgage is $726,525.

RMF offers a patented Equity Elite reverse mortgage that has various advantages over HECMs when it comes to unique reverse mortgage choices. For example, the minimum age is reduced from 62 to 60, and there are no limits on how much you can borrow during the first year.

Discounts and Pricing

RMF can be a little ambiguous in this regard, as there are no clear signs about reverse mortgage fees on the website. The fees listed are for HECMs, which are subject to government-mandated restrictions. These have origination fees ranging from $2,500 to $6,000, as well as a one-time counseling cost of $125.

When it comes to discounts and special deals, RMF provides borrowers with a $500 gift card if the company is unable to match reverse mortgage costs seen on other websites.

Read Also: SECOND CHANCE LOANS: Everything You Need To Know

How Did We Pick the Best Reverse Mortgage Companies?

We looked at over a dozen reverse mortgages before settling on the top seven. We evaluated the benefits and drawbacks for you, investigated the costs at the start, middle, and end of the reverse mortgage contracts, and highlighted crucial phrases.

Borrower requirements and the types of residences that qualified were also important. The standards for the majority of the industry are the same because they are dictated by the FHA, but many proprietary reverse mortgages give intriguing possibilities, both for the borrower’s profile and the home style.

Time to close, client service, reputation, and nationwide financing were all important considerations in choosing our winners in each area.

Which Type of Reverse Mortgage Is Most Prevalent?

The most popular kind of reverse mortgage, the Home Equity Conversion Mortgage (HECM), is a unique home loan available only to homeowners aged 62 and above. Like a conventional mortgage, a reverse mortgage loan enables homeowners to borrow money while using their house as security for the loan.

Do Reverse Mortgages Have Monthly Interest Charges?

Each month, ongoing expenses are added to the loan balance. This implies that interest and fees are added to the loan total each month in addition to the interest and fees already due.

Is It Wise to Take Out a Reverse Mortgage?

Due to the necessity to return the expenses of the loan plus interest, investing in reverse mortgage earnings is typically not advised; nevertheless, the income from a reverse mortgage may present a chance to refocus other components of your investment portfolio.

What Occurs to a Reverse Mortgage after the Owner Passes Away?

Your reverse mortgage loan becomes due and payable once you, any co-borrower(s), or an eligible non-borrowing spouse, as applicable, have passed away. After receiving the lender’s notice that the debt is due and payable, your heirs have 30 days to buy, sell, or transfer the house over to the lender in order to pay off the obligation.

What Makes You Ineligible for a Reverse Mortgage?

If you are younger than 62, have less than 50% equity in your house, or don’t have enough income or assets to cover recurring expenses like homeowner’s insurance and property taxes, you might not be eligible for a reverse mortgage.

Reverse Mortgage Companies FAQs

Who is the largest reverse mortgage company?

AAG is the largest provider of reverse mortgages in 2022 and has been the top lender by volume every month this year. The National Reverse Mortgage Lenders Association has also certified AAG for its excellent ethical standards.

How long does it take to get reverse mortgage?


A reverse mortgage application typically takes 30-45 days from start to completion and consists of five essential components. However, the decision-making process that leads up to the application is the most time-consuming component of the reverse mortgage loan process

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