Best Equity Release Companies
(Rated from 60 customer reviews)

Best Reverse Mortgage Lenders & Why You Should Use Them

I think you will agree with me when I say:

It’s challenging trying to choose a reverse mortgage establishment that perfectly suits your needs!

Or is it?

Well, it turns out, that after years and thousands of hours nose-deep in research; 30 lender considerations, 100 consumer and ten expert consultations, we have defined opinions on what classifies a reverse mortgage provider as perfect: favourable interest rates, NRMLA membership, helpful online tools, easy access to representatives on live chat and an A+ rating.

One Reverse Mortgage Company, LLC, is the best overall reverse mortgage provider; it has all the named features, and it has a clear edge over its competitors. Susan Tillman, one of the organization’s loyal clients, has been seeking their services for over five years, and she accredits her financial freedom and happy retirement to them.

She loves the fact that One Reverse Mortgage Providers have an A+ rating and that they are associates of the NRMLA. They are also one the largest reverse mortgage lenders, are licensed in 50 states and have their operations in 47, thus making their services easily accessible to her and her husband, George. She has vowed never to move to a new reverse mortgage provider and regrets the time she wasted on unscrupulous lenders.

If you want to register and get your reverse mortgage program from a reliable and convenient source, one that offers you reasonable fees and flexible terms, and a business that has top-notch capabilities and excellent reputation, make sure you avoid those unscrupulous sites and dealers, and get the best reverse mortgage estimates from these top ten reverse mortgage providers.

Comparing Reverse Mortgage Providers

Are you 62+, a homeowner, and are looking for ways to boost your pension or a financial product that can help you establish that dream restaurant?

Well, if yes, a reverse mortgage is one of the smartest ways to finance your retirement.

A reverse mortgage allows you to transform your home equity into a cash loan, on condition that you are over the age of 62 and own a home. It helps you balance out your income, makes it simpler to pay your day-to-day bills or even assist you in easing to a new home.

You can choose to receive payments via a lump sum, line of credit, or monthly disbursements.

Taking out a reverse mortgage is moreover dependent upon your age, your creditworthiness, the current market value of your estate, current interest rates, and the type of reverse mortgage you choose. 

Given how long it runs for, you need to make an informed decision on the agency that will help you with the process. You have to ensure that they give you the best reverse mortgage plan for your circumstances and you can only achieve that through a thorough comparison of the plan providers across the market to find one that offers you the most favourable rates.

Also, check out this guide on ‘What is a Reverse Mortgage’ for a better understanding of this financial product.

The Best Reverse Mortgage Lenders in 2019

The reverse mortgage industry has quite a bad reputation. Therefore, looking for a credible lender might feel like a daunting task.

In spite of the constant launching of new regulations to keep the industry in line, there are still plenty of scams, terrible advertisements, unscrupulous lenders, and a surprising amount of inadequate counselling out there.

Lucky for you, there is still a myriad of good reverse mortgage companies – ones that don’t engage in shady dealings, malpractices, lenders who offer a wide of reverse mortgage options and exhaustive information on these options and they have very accommodating representatives to assist you when you need them.

That said here is a comprehensive guide on some of the best reverse mortgage providers. Hopefully, you will find one that will cater to your needs.

How Much Equity Can You Release? Use Our Free Reverse Mortgage Calculator

Speak to an Expert » Get a FREE Reverse Mortgage Quote Now

Top Ten Reverse Mortgage Providers

1. One Reverse Mortgage

One Reverse Mortgage started its operations in 2001, and it has grown to be one of the most recognised reverse mortgage lenders in the world.  It’s a Quicken Loans business and is licensed in more than 50 states in the US with current operations in 47.

The Federal Housing Administration approves the organization’s operations, and as a loan institution, it’s insured by the US Department of Housing and Development, means it heeds to the department’s strict guidelines and principles that help protect consumers. It’s also a authentic associate of the National Reverse Mortgage Lenders Association (NRMLA).

One Reverse Mortgage also has an extensive service network –its employees and management have a clear understanding of the federal laws and regulations when it comes to mortgages and financial transactions.

It’s one of the best reverse mortgage lenders in the United States since it has favourable interest rates, A+ ratings, excellent customer service, and online education resources. The issue is that it does not offer its services to all the states. It excludes Rhode Island, West Virginia and Vermont.

One Reverse Mortgage Options

One Reverse Mortgage offers several mortgage loan options. They include:

  • Adjustable Rate HECM
  • Fixed Rate HECM
  • HECM for Purchase

The Adjustable Rate HECM is an incredible choice if you are looking for flexibility. You get the proceeds in the form of a line of credit, monthly disbursements, a lump sum or a combination of the three.

The Fixed Rate HECM is for those looking for cash to pay off a mortgage balance, tackle debts, or handle various home improvements. You get the proceeds through a lump-sum payout at a fixed interest rate that remains constant for the duration of the loan

The HECM for Purchase is for those who want to move or downsize to a smaller home. It enables you to access the equity in your residence and use it to buy a new estate with no required monthly mortgage payments. However, you still need to pay taxes, home insurance, and standard maintenance costs.

Other Factors and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000
  • Minimum Origination Fee: $2,500: 2% of the first $200,000 of your estate value & 1% of the remaining value
  • Rates Offered: Adjustable & Fixed Rates
  • Certifications: BBB Accredited
  • Ratings: A+
  • Proceeds Options: Lump Sum, Monthly Disbursements (ensure payments), Line of Credit
  • Representation: Easy Access (live chat)

If you need more information on One Reverse Mortgage, to use our calculator and see how much equity you can release

2. Longbridge Financials

Longbridge Financials serves 47 states (all but Alaska, Hawaii, and New York). It’s a associate of the National Reverse Mortgage Lenders Association and is HUD and FHA approved. Longbridge prides itself of offering the ‘Longbridge Guarantee’ that includes a pledge to notify people if it looks as if taking out a reverse mortgage is not the right step for them.

It’s one of the best reverse mortgage lenders in the United States and the most straightforward reverse mortgage lender. It provides you with favourable interest rates, bias information; it has an A+ rating, excellent customer service, and a user-friendly website. Its only drawback is that it only offers its services in the US.

Longbridge Reverse Mortgage Options

Longbridge offers several reverse mortgage loan options that include but are not limited to:

  • HECM Reverse Mortgage
  • Longbridge Platinum

The HECM Reverse Mortgage option allows you to purchase a home or FHA-approved condo as your principal residence. All you have to do is to make a down payment on your new property (via paying 40-50% of the cost) using proceeds from the sale of your previous estate or cash you have on hand, and you can use the remaining funds in the mortgage balance as you please.

The Longbridge Platinum Plan, unlike most plans, whose highest loan limit’s $625,000, offers a full limit of $4million. It’s a non-FHA reverse mortgage option, and it has low upfront costs with no origination fee options, zero Mortgage Insurance Premiums, and restrictions on your initial draw; you can take the full proceeds at closing, and it has a streamlined approval process.

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000 and $4,000,000 for the Longbridge Platinum Option
  • Minimum Origination Fee: 2% of the first $200,000 of your estate value & 1% of the remaining value
  • Rates Offered: Adjustable & Fixed
  • Certifications: BBB Accredited
  • Ratings: A+
  • Representation: Excellent Customer Services

If you need more information on Longbridge Financials, to use our calculator and see how much equity you can release

3. American Advisors Group

AAG commence its operations in 2004, and it has since then become one of the most recognisable reverse mortgage lenders. It’s also the most trusted and one of the largest reverse mortgage lenders worldwide. It has been in business for more than ten years, and it strives to offer homeowners who are 62 years old + with the chance to tap into their home’s equity and convert it into money to pay debts and daily expenses or to enjoy their retirement to the fullest.

It’s HUD and FHA approved and a licensed associate of the NRMLA.

The business has more experience with HECM loans than other companies; it offers you quick closing periods and prides itself of high customer satisfaction ratings. However, one issue with this provider is that it only provides its services in the US, and it’s not available in all the states.

AAG Reverse Mortgage Options

American Advisors Group offers you several reverse mortgage plans that include:

  • Jumbo Reverse Mortgage Loan
  • HECM for Purchase

The Jumbo Reverse Mortgage Loan, unlike other HECM loans with a limit of $625,000, offers you a utmost limit of up to $6 million.

The HECM for Purchase allows you to acquire the equity in your residence and use it to purchase a new estate with no required monthly mortgage payment. However, you still need to pay taxes, home insurance, and standard maintenance costs. You should also not be behind on any federal debts.

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000 for HECM loans and $6,000,000 for the Jumbo Reverse Mortgage Loan
  • Minimum Origination Fee: 2% of the first $200,000 of your estate value & 1% of the remaining amount
  • Certifications: BBB Accredited
  • Ratings: A+
  • Customer Satisfaction: 96%
  • Representation: Excellent
  • Service: Reliable and Fast

If you need more information on American Advisors Group (AAG), to use our calculator and see how much equity you can release

4. Liberty Home Equity Solutions

Formerly referred to as Genworth Financial Home Equity Access, the Liberty Home Equity Solutions kicked off its operations in 2003, and it targets homeowners who want to achieve short-term financial goals.

It’s HUD and FHA approved and an iron-clad associate of the NRMLA. Liberty is also one of the fairest and reasonable direct reverse mortgage providers worldwide. It offers you with lower costs, simplicity, and personal attention.

It also features an ‘Iron Clad Guarantee’ which includes several terms and conditions:

  • Consumers will receive fair and competitive pricing, and if Liberty cannot match or beat a program, it will offer you a $100 gift card.
  • The loan will close within 60 days or less from when the application is received as well as the HUD Counseling Certificate. If the mortgage is not closed in 60 days or less, the agency will issue you with a $500 credit toward its closing costs.
  • You will have an in-depth conversation with one of their operators during business hours, instead of reaching out to a machine. The operator will answer all your questions and concerns with knowledge and courtesy.
  • You can opt to change your mind or stop the process at any time while the firm funds you your loan.

Liberty also has a learning centre, an online hub of information that answers questions you might have about reverse mortgages and clears up any misconceptions you may have about these products and the process.

Liberty Reverse Mortgage Packages

The firm offers various loan options, which include:

  • HECM Loan
  • HECM Zero
  • HECM for Purchase

The HECM Loan allows you to convert a portion of the equity in your estate into cash.

The HECM Zero option is an alternative to gaining a Home Equity Line of Credit, with competitive rates, zero closing costs and lower interest rate caps.

The HECM for Purchase allows you to purchase your next primary residence and it serves as the best option if you are interested in downscaling your house. It covers about half the cost of the new home; you must come up with the remaining funds from other sources.

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000
  • Minimum Origination Fee: 2% of the first $200,000 of your estate value & 1% of the remaining value
  • Certifications: BBB Accredited
  • Ratings: A+
  • Representation: Excellent
  • Special Feature: Iron Clad Guarantee

If you need more information on Liberty Home Equity Solutions, to use our calculator and see how much equity you can release

5. Retirement Funding Solutions

Retirement Funding Solutions offers its services in 41 states. It’s a Mutual of Omaha Bank Company, and it’s the most significant retail reverse mortgage lender. The institution prides itself on being the most highly-rated lender for financial strength and their ability to meet obligations to policyholders. It also has several financial tools and advisery services for counsellors and agents so they can help you in deciding if a reverse mortgage is an excellent choice for your lifestyle.

It’s also HUD and FHA approved and a official part of the NRMLA, which is the national voice of the mortgage industry.

It offers incredible services, has a user-friendly website and an A+ rating. However, it’s not available in all the states.

RFS Reverse Mortgage Options

It offers the traditional HECM loan whose loan limit’s $625,000 and allows you to takeout the proceeds as either a lump, sum, line of credit, or in monthly disbursements.

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000
  • Minimum Origination Fee: 2% of the first $200,000 of your estate value & 1% of the remaining value
  • Rates Offered: Adjustable & Fixed Rates
  • Certifications: BBB Accredited
  • Ratings: A+
  • Proceeds Options: Lump-Sum, Line of Credit, Ensure Payments
  • Representation: Excellent

If you need more information on Retirement Funding Solutions, to use our calculator and see how much equity you can release

6. Lending Tree

Lending Tree was pioneered in 2013 to help consumers access affordable mortgage rates. It’s a one-stop shop for over 65 million reverse mortgage borrowers and is the leading online loans marketplace.

It’s also a part of the NRMLA and HUD-approved. It also provides you with reverse mortgage options for single-family homes, condos, multi-family homes, and mobile homes.

Lending Tree also has a host of online tools and information to help you find the best loan, and getting estimates from the agency does not obligate you to any one lender. However, one issue is that you are needed to share your personal information to get a quote.

Lending Tree Reverse Mortgage Packages

Lending Tree works with several lenders to give the best service, and they include but are not limited to:

  • American Advisors Group
  • Finance of America
  • Live Well Financials
  • Responsible Reverse Mortgage

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000
  • Minimum Origination Fee: 2% of the first $200,000 of your estate value & 1% of the remaining value
  • Certifications: BBB Accredited
  • Ratings: A+
  • Proceeds Options: Lump Sum, Line of Credit, Monthly Income
  • Representation: Excellent Customer Service

If you need more information on Lending Tree, to use our calculator and see how much equity you can release

7. All Reverse Mortgage

All Reverse Mortgage was pioneered, and it only focuses on reverse mortgages, means the representatives are focused on and knowledgeable about them. It’s the most standing-out reverse mortgage lender and one of the most recognised reverse mortgage lenders.

HUD and FHA back it, and it’s also a part of the NRMLA.

All Reverse Mortgage offers you zero closing, origination, and services fees. It cuts the middlemen and provides you with incredible services. The association also provides you with lower cost loans, and you can choose to apply for the loan online through ARLO.

All Reverse Mortgage Packages

They offer the HECM traditional option and the HECM for Purchase which is similar to those offered by other lenders

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000
  • Minimum Origination Fee: 2% of the first $200,000 of your estate value & 1% of the remaining value
  • Rates Offered: Daily Interest Rates
  • Certifications: BBB Accredited
  • Ratings: A+ Exemplary Rating
  • Loan Options: Lump Sum, Line of Credit, Monthly Disbursements
  • Representation: Excellent

If you need more information on All Reverse Mortgage, to use our calculator and see how much equity you can release

8. Live Well Financial

Live Well Financials was founded in 2005, and its headquarters is in Richmond, Virginia. It specialises in HECM loans. It’s also a loyal supporter of the NRMLA and FHA and HUD support it.

It offers you reasonable online estimates. However, one issue with this institution is that it does provide you with the single-purpose mortgage.

It has an origination fee that is two per cent of the first $200,000 of the value of your estate, plus one per cent of anything over $200,000. It also has a MIP fee that you have to pay upfront and is two per cent of your home’s appraised value or the FHA limit of $679,650.

Live Well Financials offers you nothing but the best when it comes to reverse mortgages.

Live Well Financials Packages

The firm offers you the traditional HECM loans.

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000
  • Minimum Origination Fee: 2% of the first $200,000 of your estate value & 1% of the remaining value
  • Rates Offered: Fixed & Adjustable Rates
  • Certifications: BBB Accredited
  • Ratings: A+
  • Loan Options: Lump Sum, Line of Credit, Monthly Income

If you need more information on Live Well Financial, to use our calculator and see how much equity you can release

9. Finance of America

Finance of America started as Urban Financial Group in 2003. It has since then grown to become one of the most significant reverse mortgage providers globally.

It stands out in the reverse mortgage market because of its commitment to professionalism and customer service and is HUD and FHA approved, plus a affiliate of the NRMLA.

It also requires its borrowers to complete a costless, compulsory consultation with a Housing and Urban Development (HUD) counsellor before taking out a HECM loan.

With its typical closing time of 30 days, Finance of America Reverse provides you with the lump sum, tenure payment, and line of credit options. Majority of their loans are also federally insured HECM reverse mortgages, even though it also gives you the jumbo loan option for individuals with more substantial loan necessities.

FOA has its operations in all the 50 states and Puerto Rico. However, it has limited use of technology – it operates in the unconventional methods.

Finance of America Loan Packages

Finance of America offers you two basic mortgage options:

  • The Home Safe Jumbo Reverse Mortgage
  • The HECM Traditional Loan

The Home Safe Jumbo Reverse Mortgage has a highest loan limit off $2, 2500,000. It’s for individuals who require more equity than the standard HECM loan limit.

The HECM Traditional Loan, on the other hand, has a enormous loan limit of $625,000.

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $635,150
  • Minimum Origination Fee: Between $2,500 and $6,000
  • Rates Offered: Fixed & Adjustable
  • Certifications: BBB Accredited
  • Ratings: A+
  • Loan Options: Lump Sum, Line of Credit, Monthly Income
  • Representation: Impeccable

If you need more information on Finance of America Mortgage to use our calculator and see how much equity you can release

10. Home Point Financial Corporation

Home Point is a licensed reverse mortgage lender that not only offers you with reverse-mortgage loan packages but also delivers financing to borrowers for primary, secondary and investment residences.

It has its operations in 13 states, and it currently occupies 23 offices in cities such as Baltimore, Charlotte, Red Bank, San Diego, and New Jersey. Its headquarters is in Ann Arbor, Michigan.

The business also offers its education to its clients on the safeguards that are part of a reverse mortgage, which include: mandatory HUD-approved counselling, capped interest rates, cutting-edge disclosures, and a three-day recession period.

Home Point Reverse Mortgage Packages

It offers the traditional HECM loan options to you.

Other Features and Qualification Specifications

  • Minimum Age Limit: 62 years
  • Loan Limit: $625,000
  • Minimum Origination Fee: 2% of the first $200,000 of your estate value & 1% of the remaining value
  • Rates Offered: Fixed & Variable
  • Certifications: BBB Accredited
  • Ratings: A+
  • Loan Options: Lump Sum, Line of Credit, Monthly Income

If you need more information on Home Point Financial Corporation, to use our calculator and see how much equity you can release

The Summary

Despite reverse mortgages having numerous advantages, they’ are not for everyone. Nevertheless, when you are sure that it’s what you need to spice up your retirement, then you need to choose a reputable lender and understand all the fine print.

That said, if you need more information about reverse mortgages, click here and see how much you can release and chat with an expert at no cost.

How much money could you release?

A reverse mortgage plan allows you to access the value of your home, tax-free without having to sell up, so that you can have money to spend on whatever you want or need.

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Make sure you check out what is a reverse mortgage, the best reverse mortgage calculator or popular reverse-mortgage calculator brands.

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