Reverse mortgages can be complicated and expensive, so it’s crucial to shop around. To simplify things as you compare reverse mortgages, we’ve rounded up a list of the best reverse mortgage lenders to consider.

Bankrate’s picks for best reverse mortgage lenders

American Advisors Group (AAG) logo

American Advisors Group (AAG)

Finance of America Reverse (FAR) logo

Finance of America Reverse (FAR)

Longbridge Financial logo

Longbridge Financial

Mutual of Omaha Reverse Mortgage logo

Mutual of Omaha Reverse Mortgage

Learn more in our Bankrate review

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.

Not every mainstream mortgage lender offers 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 options, 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 requiring you to sign a document with blank fields.

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

As of December 2023, the largest HECM lenders based on originations are:

  1. Finance of America Reverse (FAR)
  2. Mutual of Omaha Reverse Mortgage
  3. Longbridge Financial
  4. Liberty Reverse Mortgage
  5. Fairway Independent Mortgage
  6. Open Mortgage LLC
  7. Good Life Home Loans
  8. Guild Mortgage Company
  9. Cherry Creek Mortgage Co Inc.
  10. HighTechLending Inc.

Source: Reverse Market Insight

FAQ on reverse mortgages

  • Reverse mortgages give homeowners aged 62 or older the opportunity to get tax-free cash payments while remaining in their home. The payments are often structured to allow you to choose a lump sum or line of credit. You don’t have to repay the lender until you die, move or sell your home. The most common type of reverse mortgage is a Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). In addition to HECMs, some lenders offer proprietary reverse mortgages for homeowners aged 55 or older, as well as reverse mortgages above FHA loan limits.
  • The payments from a reverse mortgage can help supplement whatever income you might be receiving in retirement. The extra cash flow can also help you pay for home renovations, healthcare costs or other expenses. A reverse mortgage isn’t without downsides, however. Learn more about the pros and cons of a reverse mortgage.
  • To determine the best reverse mortgage lenders, Bankrate evaluated lenders based on availability, affordability and borrower experience. Learn more about our methodology.