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Best reverse mortgage lenders in 2024

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Published on July 15, 2024 | 2 min read

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pamspix/Getty Images: Illustration by Issiah Davis/Bankrate

Reverse mortgages allow homeowners aged 62 or older to tap into their equity and receive tax-free cash payments while remaining in their homes. However, even the best reverse mortgages can be complicated and expensive, so if you’re considering one of these loans, it’s crucial to shop around to find the right lender for you. To simplify things as you compare reverse mortgages, we’ve rounded up a list of the best reverse mortgage companies to consider.

Bankrate’s picks for the 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.

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.?

As of June 2024, 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. Guild Mortgage Company
  7. GoodLife Home Loans
  8. South River Mortgage LLC
  9. Plaza Home Mortgage Inc.
  10. Movement Mortgage LLC

Additional reverse mortgage resources

If you’d like to learn more about reverse mortgages, explore these resources from Bankrate:

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