Best reverse mortgage lenders in 2025

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

Finance of America

• Highlight

  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.

• Reverse mortgage options and requirements

  Home Equity Conversion Mortgage (HECM), lump sum, line of credit, reverse for purchase, HomeSafe (jumbo)

  • For HECMs, borrowers must be aged 62 or older and have considerable equity or own their home free and clear and live there, and undergo HUD-approved counseling
  • For HomeSafe, borrowers must be aged 55 or older
  • Must continue to pay for homeowners insurance and maintenance, property taxes and any HOA dues
  • Must pay HECM mortgage insurance premiums when loan comes due

• Pros and cons

  

  Pros

  • Diverse product range
  • No origination fee on some loans

  

  Cons

  • HomeSafe option not available in every state

Longbridge Financial

• Highlight

  Longbridge Financial is one of the top 5 reverse mortgage lenders in the U.S.

• Reverse mortgage options and requirements

  HECM, lump sum, line of credit, reverse for purchase, Platinum (jumbo)

  • For HECMs, borrowers must be aged 62 or older and have considerable equity (at least 50 percent) or own their home free and clear and live there, and undergo HUD-approved counseling
  • For Platinum, borrowers must be aged 55 or older
  • Must continue to pay for homeowners insurance and maintenance, property taxes and any HOA dues
  • Must pay HECM mortgage insurance premiums when loan comes due

• Pros and cons

  

  Pros

  • A+ Better Business Bureau rating
  • Mobile app
  • $500 discount for members of military

  

  Cons

  • No branch locations

Mutual of Omaha Mortgage

Learn more in our Bankrate review

• Highlight

  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.

• Reverse mortgage options and requirements

  HECM, lump sum, line of credit, reverse for purchase, HomeSafe (jumbo)

  • Borrowers must be aged 62 or older and have considerable equity or own their home free and clear and live there, and undergo HUD-approved counseling
  • Must pay HECM mortgage insurance premiums when loan comes due

• Pros and cons

  

  Pros

  • Available in most states
  • No mortgage insurance on HomeSafe loans

  

  Cons

  • Not available in New York
  • No products for borrowers younger than 62

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 reverse mortgage lenders based on dollar volume in 2024, according to federal data:

1. Finance of America Reverse
2. Mutual of Omaha
3. Longbridge Financial
4. PHH Mortgage
5. Traditional Mortgage Acceptance
6. HighTechLending
7. Nationwide Equities
8. Guild Mortgage
9. Plaza Home Mortgage
10. Fairway Independent Mortgage

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.

Learn more: Reverse mortgage requirements

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.

FAQ

• How much money can I get with a reverse mortgage loan?

  The amount a homeowner can borrow, known as the principal limit, varies based on the age of the youngest borrower or eligible non-borrowing spouse, current interest rates, the HECM mortgage limit — $1,209,750 in 2025 — and the home’s value. The average amount of a reverse mortgage issued in 2024 was about $269,000, according to federal Home Mortgage Disclosure Act data.

• What are the costs and fees involved?

  With a HECM reverse mortgage, just like a standard purchase mortgage, you’re required to pay closing costs, including:

  • Mortgage insurance premiums (MIPs): There’s a 2 percent initial MIP due at closing, as well as an annual MIP equal to 0.5 percent of the outstanding loan balance. The MIP can be financed into the loan.
  • Origination fee: To process your HECM loan, lenders charge the greater of $2,500 or 2 percent of the first $200,000 of your home’s value, plus 1 percent of the amount over $200,000. The fee is capped at $6,000.
  • Servicing fees: Lenders can charge a monthly fee to maintain and monitor your HECM for the life of the loan. This monthly servicing fee can’t exceed $30 for loans with a fixed or annually adjusting rate, or $35 if the rate adjusts monthly.
  • Third-party fees: Third parties can charge their own fees as well, such as for the appraisal and home inspection, a credit check, title search and title insurance or a recording fee.

  Your reverse mortgage also accrues interest every month. You can roll these charges into the loan balance. Interest rates on reverse mortgages vary by lender, but they tend to be higher than those for a regular mortgage.

• How will I receive payments on a reverse mortgage?

  The type of HECM you choose determines your options for payments. With a variable interest rate, your payment options include:

  • Equal monthly payments, provided the property remains at least one borrower’s primary residence
  • Equal monthly payments for a fixed period
  • A line of credit that can be accessed until it runs out
  • A combination of a line of credit and fixed monthly payments for as long as you live in the home
  • A combination of a line of credit, plus fixed monthly payments for a set length of time

  If you choose a HECM with a fixed interest rate instead, you’ll receive a one-time, lump-sum payment.

• Methodology

  To determine the best reverse mortgage lenders, Bankrate evaluated lenders based on availability, affordability and borrower experience. Learn more about our methodology.