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The Best Reverse Mortgage Companies

Where Can You Find the Most Trustworthy Providers of Reverse Mortgages?

Many seniors find themselves being targeted by lenders trying to convince them that a reverse mortgage is the ideal solution for their financial needs in their later years. Sound familiar? You might be wondering what exactly a reverse mortgage is and how it works.

You're probably very familiar with a traditional mortgage: a loan you take out, usually for a period of 15-30 years, to buy a property and build up equity with every payment. A reverse mortgage lets you take out a new loan that borrows against that equity: you may receive a lump sum payment, get monthly deposits (as if the lender is "paying" you), or establish a line of credit to use as needed.

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2022 Reverse Mortgage Company Reviews

All Reverse Mortgage Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

All Reverse Mortgage

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

All Reverse Mortgage is an excellent choice: they offer online, real-time quotes without requiring a phone call with a representative, complete transparency with respect to rates and fees, and reverse mortgages with the lowest interest rates on the market. This lender has a sterling reputation for honesty and integrity, with glowing praise from satisfied clients. All Reverse Mortgage earns our highest recommendation.

Longbridge Financial Review 4.5 Star Rating

Longbridge Financial

4.5 Star Rating

Longbridge Financial puts Ivy League expertise to work for you. This lender offers reverse mortgages with rates much lower than its competitors, and services are backed by a pledge to look out for your best interests: no selling you a loan that won't be a good financial decision. Using the estimator tool on the Longbridge site can give you a pretty close idea of what to expect before you speak with a representative. Longbridge Financial can be trusted to help you find the reverse mortgage that's best for your situation.

Reverse Mortgage Funding Review 4 Star Rating

Reverse Mortgage Funding

4 Star Rating

Reverse Mortgage Funding (RMF) offers not one but five types of loans to consider. This lender has a strong reputation for quality and affordability, but if you get a better offer from another provider, RMF will give you a $1,000 Visa gift card. No quotes are available through the RMF website, so you'll have to talk with a rep to learn more about the reverse mortgage programs you're eligible for. Clients have overwhelmingly positive things to say about the loan experience here, making RMF a lender to consider for your reverse mortgage.

Liberty Reverse Mortgage Review 4 Star Rating

Liberty Reverse Mortgage

4 Star Rating

Short Liberty Reverse Mortgage has been around for the better part of two decades and focuses strictly on this type of loan: more than 60,000 clients have used this service to get the most out of their home equity in their later years. Although the Liberty website isn't as transparent as some - you'll have to get in contact with a loan rep to find out your available loans and rates - they back their reverse mortgages with a set of generous, customer-friendly guarantees. Liberty Reverse Mortgage earns a good rating.

GoodLife Home Loans Review 3.5 Star Rating

GoodLife Home Loans

3.5 Star Rating

GoodLife Home Loans has been around for almost a decade and services reverse mortgages in just over 30 states. They've got great feedback from clients and the BBB, and they're proud to say their interest rates are lower than average. We wish they'd go a little further to prove it right off the bat: no specifics are offered until you talk with a GoodLife representative. Because this lender doesn't operate in all 50 states and makes clients jump through several hoops to get info, it winds up towards the middle of our rankings for reverse mortgage companies.

Finance of America Reverse Review 3 Star Rating

Finance of America Reverse

3 Star Rating

Finance of America Reverse (or FAR for short) has three types of loans available to consumers of retirement age: traditional HECMs, jumbo loans up to $4 million through their HomeSafe platform, and EquityAvail for those who aren't eligible for a traditional reverse mortgage. FAR is in good standing with the BBB, but more recent client feedback isn't as positive as it used to be. Plus, interest rates here tend to be higher than some of FAR's rivals. We suggest checking out what the competition can offer first, and keeping FAR as a backup lender for reverse mortgages.

LendingTree Review 3 Star Rating

LendingTree

3 Star Rating

LendingTree is a well-respected service that connects borrowers with lenders: for mortgages, credit cards and more. The site makes it easy to see reviews on each partner in the network and what you might expect from the reverse mortgage process there. We were underwhelmed by our results here, matched with just one lender and still having to go to that company's site to apply for our loan. Overall, LendingTree is a solid option, but they definitely don't focus on reverse mortgages and this service might not save you much time or effort.

American Advisors Group Review 2 Star Rating

American Advisors Group

2 Star Rating

American Advisors Group (AAG) may be the reason you've heard of reverse mortgages, with frequent TV and radio ads often featuring actor Tom Selleck. They fund more of this specialized loan type than any other company, and thousands of clients have given AAG a five-star rating. However, you'll get no specifics about your options until you've spoken with a representative, and AAG continues to have issues in court regarding deceptive practices prior to loan closing. This keeps AAG from earning our recommendation.

Lower My Bills Review 1 Star Rating

Lower My Bills

1 Star Rating

LowerMyBills serves as a connection between borrowers and lenders across a spectrum of financial products. Although the Better Business Bureau gives this service an "A+" , we found no reason to recommend it for homeowners looking into reverse mortgages. Despite filling out a thorough online form, we weren't connected with a single suitable option - and we were given recommendations for lots of services we didn't need or qualify for. Don't waste your time with LowerMyBills.

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That loan balance can be paid off at any time, but most reverse mortgages assume repayment will take place when the borrower dies, using the funds from the sale of the home to do so. When you have a reverse mortgage, you are expected to continue paying property taxes and homeowner's insurance premiums, and to keep the property well-maintained.

Are you eligible for a reverse mortgage? Most loans of this type are Home Equity Conversion Mortgages (HECMs) and are heavily regulated by the Federal Housing Administration. The FHA requires that the mortgaged property be owner-occupied for at least 183 days per year (more than half of the time), and that all persons on the title participate in counseling with an authorized HUD counselor before the loan can be funded. That last requirement is to help protect seniors from entering into financial obligations that aren't in their best interests.

With so many TV ads, radio spots, and maybe even phone calls and snail mail coming to you, it can be overwhelming trying to learn about reverse mortgages and to sort out the great lenders from the not-so-good. But, if you keep these criteria in mind, you'll be able to find the right company to start your reverse mortgage research:

  • Transparency. How much does the lender tell you upfront? Can you get a rate quote without speaking to a representative? How easy is it to find out the lender's interest rates, closing costs and other fees?
  • Available loan types. There are several different types of reverse mortgages, from those HECMs we mentioned - which can come with fixed or adjustable rates - to jumbo options and more. Lenders that offer several loan types are more likely to have the right fit for your situation, instead of trying to shoehorn you into just one or two financial products they may have.
  • Guarantees. Some lenders are so confident that they can offer you the best rates, they'll either match another provider's rates or give you cash if they can't beat them. You may also find companies with similar promises with respect to loan closing timeframes (usually 60 days or less). Other customer-friendly commitments may include US-based call centers with guaranteed live operators during business hours and weekly updates on your loan's progress.
  • Reputation. This is probably the most important factor. What do clients say about the lender, not just during the application process but also the servicing of the loan after closing? Does the company have an "A+" from the Better Business Bureau?

TopConsumerReviews.com has evaluated and ranked the most popular providers of reverse mortgages. We're confident that this information will help you - or your elderly loved ones - find the right way to use a reverse mortgage to provide a solid financial foundation for many years to come.

The Best Reverse Mortgage Companies Compare Reverse Mortgage Companies Compare Reverse Mortgage Company Reviews What are the best Reverse Mortgage Companies Best Reverse Mortgage Company Reviews

Reverse Mortgage Company FAQ

A reverse mortgage is a loan that gives you access to your home's equity. Instead of paying money to a mortgage lender every month, a lender pays you. You keep the title to your home, and the loan gets paid back when the last borrower leaves the home permanently (due to death, moving elsewhere, and so on).
You can consider a reverse mortgage if you're at least 62 years old and are the titleholder of the property. There are several other criteria associated with qualifying for a reverse mortgage, such as having sufficient equity and other factors established by the Department of Housing and Urban Development (HUD). A reverse mortgage can help you access the equity in your home during the retirement years.
Reverse mortgages are heavily regulated by the federal government - largely to protect seniors from making a risky choice or being taken advantage of. As long as you understand how a reverse mortgage loan works, you should have no need to worry that it will pose any kind of financial risk.
If you don't meet the eligibility criteria (e.g. age, enough equity in the property, and so on), you should look for a different type of loan. You also shouldn't get a reverse mortgage if you plan on moving or if you won't have enough money to continue paying the property taxes and homeowner's insurance.
The federal government requires that you work with a reverse mortgage counselor before you can be approved for this type of loan. Your counselor will talk you through all of the steps necessary to apply and qualify for a reverse mortgage.
Expect the same types of costs you'd have with any other type of home loan, like closing fees. You'll also have to go through HUD counseling for reverse mortgages, and that can incur an additional fee.
Your Medicare and Social Security benefits shouldn't be affected by taking out a reverse mortgage. On the other hand, if you receive food stamps, Medicaid, or participate in any other state or local benefit programs, you may want to consult an expert at your local Area Agency on Aging before committing to a reverse mortgage - to determine what impact, if any, your payments might have.
You've got several trustworthy reverse mortgage providers to choose from. See what previous clients say about their experience: was it easy to understand? Efficient? With no unpleasant surprises? We recommend that you browse the websites of several highly-rated companies first, to get a good overview of what they each have to offer, and then schedule a complimentary consultation. Ultimately, select the reverse mortgage lender that sets your mind at ease, answers your questions, and has a strong overall reputation.

Compare Reverse Mortgage Companies

Select any 2 Reverse Mortgage Companies to compare them head to head

best-reverse-mortgages
  • All Reverse Mortgage
  • Longbridge Financial
  • Reverse Mortgage Funding
  • Liberty Reverse Mortgage
  • GoodLife Home Loans
  • Finance of America Reverse
  • LendingTree
  • American Advisors Group
  • Lower My Bills
All Reverse Mortgage vs Longbridge Financial All Reverse Mortgage vs Reverse Mortgage Funding All Reverse Mortgage vs Liberty Reverse Mortgage All Reverse Mortgage vs GoodLife Home Loans All Reverse Mortgage vs Finance of America Reverse All Reverse Mortgage vs LendingTree All Reverse Mortgage vs American Advisors Group All Reverse Mortgage vs Lower My Bills Longbridge Financial vs Reverse Mortgage Funding Longbridge Financial vs Liberty Reverse Mortgage Longbridge Financial vs GoodLife Home Loans Longbridge Financial vs Finance of America Reverse Longbridge Financial vs LendingTree Longbridge Financial vs American Advisors Group Longbridge Financial vs Lower My Bills Reverse Mortgage Funding vs Liberty Reverse Mortgage Reverse Mortgage Funding vs GoodLife Home Loans Reverse Mortgage Funding vs Finance of America Reverse Reverse Mortgage Funding vs LendingTree Reverse Mortgage Funding vs American Advisors Group Reverse Mortgage Funding vs Lower My Bills Liberty Reverse Mortgage vs GoodLife Home Loans Liberty Reverse Mortgage vs Finance of America Reverse Liberty Reverse Mortgage vs LendingTree Liberty Reverse Mortgage vs American Advisors Group Liberty Reverse Mortgage vs Lower My Bills GoodLife Home Loans vs Finance of America Reverse GoodLife Home Loans vs LendingTree GoodLife Home Loans vs American Advisors Group GoodLife Home Loans vs Lower My Bills Finance of America Reverse vs LendingTree Finance of America Reverse vs American Advisors Group Finance of America Reverse vs Lower My Bills LendingTree vs American Advisors Group LendingTree vs Lower My Bills American Advisors Group vs Lower My Bills
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