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7 Best Reverse Mortgage Companies for October 2024

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updated: September 9, 2024

Reverse mortgages kick the proverbial can down the road, not forcing you to repay that borrowed amount until the home is sold or the borrowing homeowner dies. Here’s a look at what the best reverse mortgage lenders offer to eligible borrowers.

Our recommendations

Best for customer service availability
Mutual of Omaha

Mutual of Omaha

Best for customer service availability

Mutual of Omaha

Loan amount

Up to $4 million

Minimum age

55

Reverse mortgage products

HECM reverse mortgage

HECM for purchase

HomeSafe reverse mortgage

Jumbo reverse mortgage

States served

48 (excludes New York and West Virginia)

If you have questions or need someone to help walk you through your options and details of a reverse loan, a Mutual of Omaha representative can be reached by phone around the clock every day of the year. There are multiple reverse mortgage products, including a home equity conversion mortgage (HECM), home equity conversion mortgage for purchase, jumbo reverse mortgage, and a HomeSafe reverse mortgage. You can also opt for a refinance loan.

You won’t find any information online regarding rates and fees, and you’ll need to speak with a representative to learn more about how much this loan will cost you. Jumbo mortgage loans may be available to borrowers 55 and older, but most of Mutual of Omaha’s products are limited to borrowers who are at least 62, and its reverse mortgages are currently available in 48 states (excluding New York and West Virginia).

Pros:

  • Customer service representatives available at any time.
  • No monthly servicing fees on HECMs.
  • Wide variety of online resources and calculators.

Cons:

  • No online rate information.
  • Not offered in New York and West Virginia.
  • Aimed at borrowers 62 or older.
Best for large loan amount
American Advisors Group

American Advisors Group

Best for large loan amount

American Advisors Group

Loan amount
Up to $4 million
Minimum age
62
Reverse mortgage products

Lump-sum payout
Growing line of credit
Term or tenure
HECM for purchase

States served
49 (excludes New York)

American Advisors Group is a lender that offers reverse mortgage products in all states except New York. Eligible homeowners can borrow as much as $4 million with a lump-sum payout, growing line of credit, term or tenure loan, or reverse for purchase loan.

In order to qualify for an AAG reverse mortgage, you’ll need to be an eligible homeowner age 62 or older. Figuring out exactly how much a reverse mortgage will cost you is difficult, as AAG doesn’t publish interest rates or fees online.

Pros:

  • Multiple loan options.
  • Borrow up to $4 million.
  • Products available for some mobile homes.

Cons:

  • Hidden fees.
  • No loan options before age 62.
  • No interest rates available online.
Best for no origination fees
American Advisors Group

Finance of America Reverse (FAR)

Best for no origination fees

Finance of America Reverse (FAR)

Loan amount

Up to $4 million

Minimum age

55

Reverse mortgage products

HomeSafe

HomeSafe Second

HECM

EquityAvail retirement mortgage

States served

Varies by product

Finance of America Reverse (FAR) offers multiple reverse mortgage and “retirement mortgage” loans to homeowners at least 55 years old. These mortgage options, available in most states, can give you up to $4 million against your home, in some cases with no origination fees.

You’ll need to speak with a FAR representative to see exactly which fees apply to you and how much you’ll pay in interest, as long as the product you want is offered in your state. There is also no online application available.

Pros:

  • Some options have no origination fees.
  • Borrow up to $4 million.
  • Multiple loan options including retirement mortgages.

Cons:

  • Not all products available in every state.
  • Fees and interest rates not online.
  • No online application.
Best for military discounts
Longbridge Financial

Longbridge Financial

Best for military discounts

Longbridge Financial

Loan amount
Up to $4 million
Minimum age
55
Reverse mortgage products

HECM

HECM for purchase

Platinum (jumbo) mortgage

States served
All

Longbridge Financial is a highly rated lender offering three different reverse mortgage products to eligible homeowners age 55 and older: a HECM, a HECM for purchase, and a platinum (jumbo) mortgage for high-value properties up to $4 million. Some products are even available on condos, which not all lenders allow. Eligible veterans can receive a military discount for their service, saving even more money.

Longbridge Financial doesn’t disclose rates or fees online, so you’ll need to chat with a representative to get a better idea of your reverse mortgage costs. While the company guarantees that you’ll close in 45 days or less, this is still longer than the time frame offered by many other lenders.

Pros:

  • Discounted fees for veterans.
  • Excellent consumer reviews.
  • Some products available for condos.

Cons:

  • Not all products offered in all states.
  • Limited product options.
  • Closing can take as long as 45 days.
Best for simple options
Liberty Reverse Mortgage

Liberty Reverse Mortgage

Best for simple options

Liberty Reverse Mortgage

Loan amount
Not disclosed
Minimum age
62
Reverse mortgage products

HECM

HECM for purchase

States served
49 (excludes New York)

For homeowners in all states but New York, Liberty Reverse Mortgage is a large lender that offers a simple, straightforward option for borrowing in retirement. Liberty Reverse Mortgage loans are available on single-family residences as well as condominiums and manufactured homes, putting a HECM or HECM for purchase within reach.

Liberty does not disclose interest rates or reverse mortgage fees online, so you’ll need to speak with a representative to learn more. Additionally, there are no expanded options for owners of high-value homes, so this might not be the right lender if you’re looking to borrow multiple millions against your home.

Pros:

  • One of the largest lenders in the country.
  • Products available for condos and manufactured homes.
  • Gift funds acceptable as down payment (under certain conditions).

Cons:

  • Limited products.
  • Not available in New York.
  • No high-value options.
Best for quick close
Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation

Best for quick close

Fairway Independent Mortgage Corporation

Loan amount
Up to $4 million
Minimum age
55
Reverse mortgage products

HECM

HECM for purchase

Jumbo reverse

States served
All

Fairway Independent Mortgage Corporation is a nationwide lender offering three different reverse mortgage products for up to $4 million. Homeowners who qualify can take out a reverse mortgage that can close in as little as 17 days, and applications can be started online or even through the mobile app.

Applicable fees and interest rates aren’t published online, so you’ll need to apply and/or speak with a representative to learn more. Fairway doesn’t have a retirement loan option.

Pros:

  • Close in as few as 17 days.
  • Available in all 50 states.
  • Online and mobile app.

Cons:

  • Fees and rates not available online.
  • No retirement loan option.
  • Limited reverse mortgage products.

Best reverse mortgage lenders compared

TitleLoan amountUp-front costsMinimum ageStates served
Mutual of Omaha

Up to $4 million

Not disclosed

55

48 (excludes New York and West Virginia)

American Advisors Group
Up to $4 million
Not disclosed
62
49 (excludes New York)
Finance of America Reverse (FAR)

Up to $4 million

Not disclosed

55

Varies by product

Longbridge Financial
Up to $4 million
Not disclosed
55
All
Liberty Reverse Mortgage
Not disclosed
Not disclosed
62
49 (excludes New York)
Fairway Independent Mortgage Corporation
Up to $4 million
Not disclosed
55
All

Methodology

In order to find and choose the best reverse mortgage companies for homeowners, we looked at and compared specific lender criteria. This included factors such as lender availability, eligibility requirements, mortgage products, repayment options, funding speed, and expenses. We also considered the ease of the application process, satisfaction ratings, and customer service availability.

How to select the right reverse mortgage company

Not sure how to pick the best reverse mortgage company for you and your needs? Here are some things to consider.

How much you need to borrow

Some reverse mortgage lenders cap borrowing at the annual limit set by the Federal Housing Authority (FHA), which is $1,149,825 in 2024, while others offer jumbo loans that let you borrow as much as $4 million. The right lender for you can depend on how much equity you need to tap.

Where you’re located

While some reverse mortgage lenders operate nationwide, others are only available in some states. In particular, four of the seven companies on our list do not offer their reverse mortgage products in New York State.

How you plan to use the funds

There are a few different types of reverse mortgages available. The right one for you depends on whether you’re using the funds to cover everyday expenses or are planning to buy another home with the proceeds.

How old you are

Standard reverse mortgages are only available to homeowners age 62 or older. However, some proprietary jumbo loans may be available to homeowners as young as 55.

Alternatives to a reverse mortgage

Not sure if a reverse mortgage is right for you? Here are some alternatives to consider.

Calque

Calque is a mortgage lender offering an unusual trade-in mortgage product. It allows you to tap into your property’s equity while shopping around for a new home, so you can use those funds toward the down payment on your new purchase. Like a reverse mortgage, you’ll need to repay this debt as soon as your current home is sold.

Warp Speed Mortgage

If you’re interested in a cash-out refinance or simply lowering your monthly payment, Warp Speed Mortgage can help. It allows you to refinance your existing home mortgage loan to lower your interest rate, adjust your monthly payment, change your loan term, or tap into your home equity for various purposes. The right loan can accomplish all four objectives simultaneously.

More about reverse mortgages

Want to learn even more about reverse mortgages and how they can help homeowners reach their funding goals? Here’s what you need to know.

What is a reverse mortgage?

A reverse mortgage is a product that allows homeowners to tap into their home equity without needing to pay back that debt as long as they’re alive and living in the home. These funds can be used to cover everyday expenses, make a large purchase, travel the world in retirement, or even buy another property.

How does a reverse mortgage work?

With a reverse mortgage loan you’ll receive a lump sum or monthly installment payment of funds borrowed against your home equity. This debt, plus interest and fees, will sit unpaid as long as you are alive and living in the home. If you sell the property, you’ll be required to repay the reverse mortgage lender at the time of the sale. If you die, your heirs will be required to repay the debt, either through the sale of the home or with the help of a new mortgage loan in their own name.

What fees do reverse mortgages charge?

Reverse mortgage lenders charge origination, appraisal, and application fees, as well as discount points and more. These are often similar to the fees and charges paid on standard home mortgage loans.

Types of reverse mortgages

There are a few different types of reverse mortgage loans to consider, depending on your needs. These include:

  • Home equity conversion mortgage (HECM). Insured by the FHA, a HECM allows you to tap into a portion of your home equity for pretty much any purpose.
  • HECM for purchase. A HECM for purchase works just like a standard HECM, except that the funds borrowed are earmarked for the purchase of a new property.
  • Single-purpose reverse mortgage. A single-purpose reverse mortgage is designed for one specific expense, such as a large home repair or property taxes.
  • Proprietary reverse mortgage. With a proprietary reverse mortgage, such as a jumbo loan, borrowers can take out more than the FHA’s annual limit and may even be able to qualify for a reverse mortgage sooner (at 55 as opposed to 62).

Reverse mortgage pros and cons

Pros

  • Allows you to tap into your home equity.
  • Borrow up to $4 million.
  • No monthly payment requirement.

Cons

  • Can be costly.
  • Will need to be repaid by your heirs or when you sell.
  • Eligibility limits including minimum borrower age.

Who are the largest reverse mortgage lenders in the U.S.?

Some of the largest reverse mortgage lenders in the country include Finance of America Reverse (FAR), American Advisors Group, Fairway Independent Mortgage, Mutual of Omaha Reverse, Longbridge Financial, and Liberty Reverse Mortgage. Not all lenders operate in all states.

TIME Stamp: Consider our top choices for reverse mortgage companies

Reverse mortgage loans allow homeowners to tap into their home equity without incurring a new monthly repayment. However, there are many downsides to these types of loans, which can endanger your children’s inheritance or affect your ability to sell and buy another home, both by reducing your equity. It’s important to understand reverse mortgages and how they’ll affect you before applying for one.

Frequently asked questions (FAQs)

What is the average interest rate on a reverse mortgage?

Mortgage interest rates, including on reverse mortgages, change all the time and will vary according to each borrower’s eligibility. However, according to a survey conducted by HSH.com, a 35-year-old mortgage advice website for consumers, the average interest rates for a traditional HECM as of March 24, 2024, are 5.53% fixed and 7.30% variable.

What type of home is not eligible for a reverse mortgage?

Typically, reverse mortgages are not allowed on homes that are not principal residences, such as vacation or rental properties. Depending on your lender, you may or may not be allowed to take out a reverse mortgage on a townhouse, condo, manufactured home, mobile home, or multifamily property.

How does a reverse mortgage work?

A reverse mortgage pays you a lump-sum payment or monthly installments on a home that you already own. As long as you live on your property, you won’t need to repay these advanced funds. However, when you die or the home is sold, you (or your heirs) will be responsible for repaying any debt plus incurred interest.

What is the maximum amount you can take out on a reverse mortgage?

Most lenders will limit you to borrowing as much as $4 million with a jumbo reverse mortgage. If a lender doesn’t allow for jumbo loans, you’ll be limited to the FHA’s annual lending limit, which is $1,149,825 in 2024.

How do you pay back a reverse mortgage?

Most reverse mortgages are repaid either when you sell the home or die, at which point your heirs become responsible for the debt. If your heirs want to keep the property, they can apply for a new mortgage loan for the home and pay off any remaining balance, including accrued interest.

How does a reverse mortgage work when you die?

When you die, your heirs will be responsible for repaying your reverse mortgage balance. This can be done by selling the home and paying the outstanding balance plus fees and interest or taking out a new mortgage loan and keeping the property.

The information presented here is created by TIME Stamped and overseen by TIME editorial staff. To learn more, see our About Us page.

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