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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.

Wednesday, February 8th

2023 Reverse Mortgage Company Reviews

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

All Reverse Mortgage

5 Star Rating
  • "A+" rated and accredited by the BBB
  • Finalist of Torch Awards for Ethics
  • Member of NRMLA
  • HUD approved
  • Specializes just in reverse mortgages
  • Consistently lower interest rates than competitors'
Top Consumer Reviews Best-In-Class Blue Ribbon Award

All Reverse Mortgage is the first place you should turn when looking into reverse mortgages. The company has been around for nearly 20 years and has earned lots of praise for low interest rates, top-notch customer service, and a strong commitment to ethical standards.

Great information

There's a ton of information about reverse mortgages right on the main page here - just keep scrolling (...and scrolling... and scrolling...). If you have a specific question in mind, type it in the box above the "Search Now!" button to save yourself some time; otherwise, you can click on the links to learn about requirements for reverse mortgages, required counseling, payment options and more.

Trust ARLO for solid data

When using the All Reverse Mortgage website, you'll see frequent references to ARLO. That's the All Reverse Loan Optimizer, software the company introduced in 2017 that offers consumers real-time interest rates and instant loan eligibility. It's the driver behind everything you'll get when you use the site to research your options for a reverse mortgage.

Enter the basics for a quote

You can jump right into getting a quote by entering your zip code at the top of the landing page. Next, you'll provide your street address and ARLO will give you an approximation of your home's value - but if you think the estimate is off, you can enter what you feel is a more accurate amount (because you'll have an appraisal anyway, during the loan process). Adjust that number if needed and then enter the amount of any existing mortgage on the property. Further required details include your birthdate and your spouse's (if applicable), and then your email address and phone number to view your ARLO analysis.

See everything in great detail

Buckle up, because your analysis goes into extensive detail - but we love that. Why? Most reverse mortgage lenders won't give you even a hint of what you might qualify for unless you speak with one of their representatives. Not here at All Reverse. You can click on a button to be shown your options for Best Overall Payout, Best Over Time, Lowest Closing Costs, or Fixed Rate Programs. There's also a place to indicate if you would like an immediate cash payment from your line of credit: a great option if you've got medical bills or some other large expenses to pay off right away

Best Reverse Mortgages

Full transparency for the win

There's absolutely nothing hidden here. Want to see the interest rates or fees and costs? You got it: just click on the link in each loan in your results. A quick-glance comparison or a full in-depth one? Yes, that's right at your fingertips too. At any time, you can reach out to the All Reverse Mortgage team via toll-free number; just keep the results screen pulled up for reference during your call. And, if you're really ready to just go for it, you can fill out your application online without speaking to a representative in advance. It's pretty lengthy - there are sections for personal, financial, credit, legal, and property information - but definitely worth doing if you know that All Reverse is the lender you want for your mortgage.

Lowest interest rates

A big reason why All Reverse Mortgage earns our highest ranking is because of its interest rates: we were extremely impressed when looking at the rate chart based on the data reported by the Department of Housing and Urban Development (HUD). We found most of the lenders in our review, and there wasn't a single one that could compete with All Reverse. At the time of this review, the 12-month average note rate for this lender was 3.79%. One other provider came close at 3.91%, but all of the others were well over 4%. That might not sound like much, but when you consider how much more equity would be lost over a 10-year period when paying extra interest, it adds up.

Phenomenal reputation all around

Like most of our highest-rated reverse mortgage companies, All Reverse has an "A+" rating and accreditation from the Better Business Bureau. More notably, this provider had zero complaints filed there - as in none, not in the last 12 months or the past three years - and over 150 reviews registered with the BBB, all with an average of 4.95 out of 5 stars. Most people go to the BBB to complain, making it impressive that over 100 clients went there specifically to write a positive review.

Best choice for reverse mortgages

All Reverse Mortgage offers everything you could want from a lender: absolute transparency, a sterling reputation for honesty and integrity, and reverse mortgages with the lowest interest rates on the market. This should be the first provider on your list as you research your options. All Reverse earns our highest ranking among reverse mortgage companies.

Longbridge Financial Review 4.5 Star Rating

Longbridge Financial

4.5 Star Rating
  • "A+" rated and accredited by the BBB
  • Competitive interest rates
  • $500 discount for active duty military and veterans
  • FHA-approved lender
  • Member of NRMLA

Longbridge Financial was created by an Ivy League professor who spent over two decades studying housing and mortgages. Dr. Mayer is regularly consulted by the media and has testified before Congress because of his expertise, which he and his team have used to make this a lender you can count on for reverse mortgages.

Suitable for beginners and experienced borrowers alike

The Longbridge Financial website is one of the most intuitive we've found for all types of borrowers - whether you're completely new to the concept and need to do some research or you're already got a reverse mortgage and are looking to refinance. Read the brief descriptions of the sample "clients" - Maria, Walter, Sharon and George - and click on the profile that most closely matches your own situation. Or, scroll down a little further and decide if you'd rather watch a video, get in contact with Longbridge or get a quote.

Use calculator for an estimate

Let's assume you're interested in finding out what Longbridge can offer you. Start by entering your estimated home value, address, age, existing mortgage balance (if any), and your age(s). The next page takes you to the Reverse Mortgage Calculator; you'll indicate your preferred way to get loan proceeds (one-time payment, steady monthly payments, line of credit or a combination of those formats) and your contact information. The final screen is your reverse mortgage estimate details: your total available proceeds, projected credit line growth (if you chose that option), and how much equity would be kept in reserve.

You'll still have to talk to a rep

Unfortunately, your estimate details are just that: an approximation of what your reverse mortgage might look like. Longbridge Financial doesn't go the extra step of disclosing interest rates, closing fees, or any other specifics at this stage of the process. Like most other lenders, at this point you'll have to give them a call or wait for a rep to reach out. This one factor keeps Longbridge from earning our highest ranking, as our number one service clearly spells out all of those rates and terms upfront.

Best Reverse Mortgages

Very competitive rates + military discount

And yet, Longbridge earns a higher-than-average ranking here largely due to their interest rates. Among all the reverse mortgage companies we evaluated, only two came in with average rates under 4% - and Longbridge is one of them, with a 12-month average interest rate of 3.91% (according to the Dept. of Housing and Urban Development, or HUD, because Longbridge doesn't openly post such amounts). Also, if you're active duty or a veteran, Longbridge will give you a $500 discount on your reverse mortgage closing costs.

Excellent reputation with clients

Another plus is this lender's reputation. The Better Business Bureau gives Longbridge Financial a perfect "A+" rating and accreditation, with fewer than a dozen complaints filed there in the three years prior to our evaluation. Four times that many people left reviews on the BBB site, averaging a respectable 4.33 out of 5 stars. Beyond the BBB, we found hundreds of five-star reviews from Longbridge clients: 95% of them rated this lender as "great" or "excellent" . People say that the entire process is handled professionally and patiently by knowledgeable reps, and that even when problems or delays arise, Longbridge goes the extra mile to get their clients to closing.

Strong commitment to customers

You can also count on Longbridge not to "sell" you a reverse mortgage if it's not in your best interests. That's part of their commitment to total satisfaction, which also includes US-based call centers, closing within 45 days after applications are received, and providing weekly status updates on the loan.

Well worth a look for reverse mortgages

Longbridge Financial has a lot to offer prospective reverse mortgage clients: lower interest rates and greater transparency than most of its rivals, and a solid reputation for integrity and looking out for their customers' well-being. This should be one of the companies you consider when looking for a reverse mortgage.

Reverse Mortgage Funding Review 4 Star Rating

Reverse Mortgage Funding

4 Star Rating
  • "A+" rated and accredited by the BBB
  • Price-matching program
  • Member of NRMLA
  • Five different types of reverse mortgages

Reverse Mortgage Funding (RMF) was established in 2012 and is one of the largest issuers and servicers of reverse mortgages in the nation. You'll find the company's headquarters in New Jersey, with additional offices in New York, California, and throughout the US. The lender specializes in having local field offices, so that prospective clients can meet with a licensed loan specialist in their own home and get the answers they need to make a decision.

Loan calculator doesn't tell you very much

You can use the Loan Calculator tool on the RMF site to get an idea of how much you could qualify for in funding. You'll provide the basics of your name, address, home value, phone number, email, and so forth; once you submit the form, you'll be taken to a page that simply tells you how much you are likely eligible to borrow. We wish that RMF would give prospective clients more details at that point: available loan types and terms, anticipated fees, a ballpark on interest rates, and so forth. After all, our highest-rated reverse mortgage lenders provide that, and there's no reason that RMF can't do it too. Instead, you'll have to wait for a loan specialist to contact you or call the toll-free number on the loan estimate page.

5 types of reverse mortgages

You'll have five types of reverse mortgages to choose from here: Reverse Mortgage for Purchase, Equity Elite, HECM Annual Adjustable Rate, HECM Monthly Adjustable Rate, and HECM Fixed Rate. Which one is the best fit for you? That definitely depends on many factors: your reasons for wanting a reverse mortgage, your age, the value of your home, and so forth. Be sure to read through the descriptions of each loan type before you speak with a RMF representative: just click on the Loan Options tab to get started.

Best Reverse Mortgages

Generous price matching

Whichever loan is right for your needs, RMF is so confident that they are the best in the industry, they'll give you a $1,000 gift card if they can't match or beat a competitor's pricing on a reverse mortgage. That's a great reason to see what they can offer you.

Sterling reputation

Reputation-wise, Reverse Mortgage Funding is solid. The Better Business Bureau gives RMF its highest "A+" rating and accreditation, and we found over 400 five-star ratings from satisfied clients. There was plenty of recent positive feedback, giving high fives to RMF representatives for being helpful and available, and praising the entire loan process as efficient and exactly as expected.

A reverse mortgage provider you can trust

We have no qualms about recommending Reverse Mortgage Funding. While it would be nice if they provided more details about loan rates and terms on their website, it's still clear that they're doing a reputable job for clients. And, with that $1000 "price match" offer, why wouldn't you get a quote here to compare it with any other reverse mortgage lender that's on your radar? Give RMF a try and see what they can do for you.

Liberty Reverse Mortgage Review 4 Star Rating

Liberty Reverse Mortgage

4 Star Rating
  • "A+" rated and accredited by the BBB
  • Member of NRMLA
  • Has funded over 60,000 reverse mortgages
  • Available in all states except Hawaii, New York, South Dakota and Utah
  • Features the "Liberty Iron Clad Guarantee"

Liberty Reverse Mortgage was founded in 2004 with a mission to help clients build their financial independence and security using the equity in their homes. They've funded over 60,000 reverse mortgages to date.

Determine your loan eligibility online

While you can't use the Liberty Reverse Mortgage site to get an estimate or a quote on your loan, you can use their two-step calculator to determine your eligibility. You'll start by entering the age of the youngest homeowner on the title, the home's value and how much mortgage debt (if any) is on the property. Step 2 requires you to enter your name, address and phone number for a property search to determine your eligibility amount. If the calculator finds that you're eligible for an FHA reverse mortgage, you'll be contacted by a licensed advisor - unless you want to reach out first through Liberty's toll-free number.

Could be more transparent

There's not a lot to the eligibility results page. In our case, we were shown three different types of HECM, two adjustable and one fixed, with three different amounts of available cash (and no explanation as to why). Liberty doesn't disclose interest rates or closing fees at this step of the process: you'll have to speak with a rep to get that information. That's fairly typical for reverse mortgage companies, but several lenders in our review offer those details early on and we'd like to see Liberty follow suit.

Fantastic service guarantees

On the other hand, Liberty offers an "Iron Clad Guarantee" that should offer you some reassurance that this is a good option for reverse mortgages. First, if they can't match or beat a competitor's loan offer, they'll give you a $100 Visa gift card: that alone makes it worth getting a quote here. Next, they commit to getting your loan closed within 60 days from the date that Liberty receives your loan application and certificate of completed HUD counseling; if not, they'll give you a $500 credit towards your closing costs. Liberty also assures clients that they'll receive weekly updates throughout the course of the loan process, and that you'll always reach a live person (not voicemail) when calling during standard business hours.

Best Reverse Mortgages

Good feedback from customers and the BBB

Liberty Reverse Mortgage is in good standing with the Better Business Bureau. Not only do they have an "A+" rating and accreditation, but the BBB has received no complaints about this provider. That's rare. We also found several hundred four- and five-star reviews from Liberty clients, most of which praise their specific representatives for being on the ball and helpful.

Parent company not as reputable

Our one small caveat about working with Liberty for your reverse mortgage is its relationship with PHH Mortgage Corporation and parent company of both, Ocwen Financial. Neither of those entities is accredited by the BBB, and we found hundreds of complaints about the servicing of mortgages - both reverse and traditional - by PHH.

Good option overall among reverse mortgage lenders

That's something to keep an eye on, but not enough to make us think that Liberty isn't a good choice for a reverse mortgage (especially since Liberty's reputation is still just about perfect). We appreciate their commitment to their clients, as demonstrated by the Liberty Iron Clad Guarantee, and we think most homeowners will have a satisfactory experience if they choose this lender for a reverse mortgage. It's worth your time to shop around a little, especially with the providers that outrank Liberty, but rest assured that you're in good hands if you ultimately wind up here.

GoodLife Home Loans Review 3.5 Star Rating

GoodLife Home Loans

3.5 Star Rating
  • "A+" rated and accredited by the BBB
  • Available in 30+ states
  • Member of NRMLA
  • FHA-approved

GoodLife Home Loans began in 2012. Its founders, the Dunn Family, saw the impact of unscrupulous home lenders on their mom's estate and knew there had to be a better way to help seniors stay financially independent without being overly complicated - and with full transparency and integrity in the borrowing process.

Start with the calculator

On the main GoodLife page, it says you can find out in three minutes or less if a reverse mortgage is right for you, and then it asks for your name, email and phone number. However, this doesn't take you to anything useful: it simply passes your info along to GoodLife and lets you know they'll be in touch. Instead, we recommend that you go to the Reverse Mortgage Calculator tool on the site: put in your age, estimated home value, mortgage balance if any, and GoodLife will tell you how much you qualify to borrow as a lump sum or as a line of credit at fixed or variable rates.

More info, please

One reason GoodLife doesn't rank as high among reverse mortgage companies is because that's where the details stop. There's nowhere on their site that tells you what you can expect to pay in closing costs or interest rates, despite their assurances that they offer some of the lowest fees in the industry. Most prospective clients want as much upfront information as possible and can get it from GoodLife's higher-rated rivals.

Best Reverse Mortgages

Not available in all 50 states

Another reason for a lower ranking is the fact that GoodLife reverse mortgages aren't available everywhere. At the time of this review, there were 17 states excluded from their programs: Montana, Wyoming, Utah, Nevada, Alaska, Hawaii, New Mexico, North Dakota, Oklahoma, Missouri, Indiana, South Carolina, New York, Massachusetts, Delaware, Vermont and Rhode Island. We were a little confused, because GoodLife said they serviced 38 states in total but only 33 were shown on the coverage map on their website.

Surprisingly high number of 5-star reviews

On the plus side, GoodLife doesn't come up short with respect to its reputation. They've got an "A+" and accreditation from the Better Business Bureau, with only two complaints registered there in the last three years. And, out of over 300 client reviews, a staggering 97% gave this lender a flawless five-star rating. Most comments say that the loan process was smooth, representatives were helpful and pleasant, and the reverse mortgage itself was exactly right for the clients' needs.

Get a quote for comparison if you can

In general, GoodLife isn't a bad option to explore if you live in one of the states they're licensed in. There's nothing risked by reaching out for a quote and seeing if they can offer you those lower interest rates as advertised, and comparing your loan options here with other providers'. However, GoodLife's smaller-than-usual service area and lack of upfront information on their website keep this company from reaching a higher place within our rankings of reverse mortgage lenders.

Finance of America Reverse Review 3 Star Rating

Finance of America Reverse

3 Star Rating
  • "A+" rated and accredited by the BBB
  • Two types of reverse mortgages available: standard and HomeSafe
  • EquityAvail program for those who don't qualify for a reverse mortgage
  • Interest rates averaging about 4.34%
  • Member of NRMLA

Finance of America Reverse, or FAR, got its start in 2003 and has offices in San Diego, New York, Tulsa and Indianapolis. Across the entire Finance of America brand, you'll find lending for commercial and residential mortgages, personal and student loans, and general retirement solutions.

2 kinds of reverse mortgages

Finance of America has two main reverse mortgage products: traditional HECMs and a proprietary program called HomeSafe. According to FAR, HomeSafe loans give you access to higher loan limits than government-insured HECM loans (up to $4 million) but they have similar protections and features for you as a borrower. These differences mean that you can also be younger (55 and up instead of 62+, depending on your state of residence).

1 loan option if you're not eligible for a reverse mortgage

A third FAR program, EquityAvail, is for anyone who wants to refinance into a lower monthly mortgage payment but aren't eligible for a reverse mortgage. This lets you free up your cash flow without having to commit to a lengthy 30-year refinance or downsize. The program lowers your monthly mortgage payments for 10 years and allows for a lump-sum cashout on day one, if you choose.

No quotes or estimates given online

Not sure which loan product is right for you? Request more information by clicking on the green button: on the form, you can indicate if you're ready to start a reverse mortgage application or if you want help understanding the options. Either way, the questions are the same: name, zip code, age, home value and desired contact method. That's all you'll get until you hear from a FAR counselor or you reach out to them through their toll-free number: no quotes or even estimates are provided online.

Best Reverse Mortgages

Interest rates: not the best or the worst

However, our research revealed that the interest rates on reverse mortgages through Finance of America are fairly average. Data from the Department of Housing and Urban Development (HUD) had this lender coming in at a 12-month average of 4.34%: not the lowest we found (3.79%) or the highest (4.99%).

Reviews are a mixed bag

How about reputation? Finance of America is just average - literally. Despite having an "A+" rating and accreditation from the BBB, client feedback is much less uniform. There were only a handful of complaints registered with the Better Business Bureau, which is a good sign, but we found that about 20% of their reviews elsewhere rank FAR as "poor" or "bad" with just one or two stars. We weren't happy to see more than a few comments that said their FAR representatives weren't knowledgeable enough and that communication left a lot of room for improvement. On the other hand, a solid two-thirds of Finance of America's reverse mortgage customers give the lender a perfect five-star rating.

See what you can get elsewhere first

Should you try using Finance of America for your reverse mortgage? Maybe, maybe not. Their reviews are inconsistent, and we found that the more recent comments tended to be more negative than positive. And, with their interest rates being higher than some, FAR might not offer you the best possible terms on your loan. We'd definitely suggest doing some comparison "shopping" before signing on the dotted line with FAR.

LendingTree Review 3 Star Rating

LendingTree

3 Star Rating
  • "A+" rated and accredited by the BBB
  • Get matched with multiple lenders
  • Easy to see your reverse mortgage options

LendingTree has served over 100 million clients by helping them find loans of every type, from small businesses and auto to mortgage refinancing and beyond. In business for over 25 years, this platform is responsible for helping serve over $50 billion in loans.

Great resource for learning about reverse mortgages

It might take a little bit to find it, but we recommend reading up on LendingTree's reverse mortgage info page. (We got there by clicking on the available loan types; it was the first thing that came up.) It's pretty objective: rather than trying to convince you that this type of loan is right for you, it goes over what reverse mortgages are, how they work, what different types are available, even pros/cons as well as alternatives.

Easy form to fill out

LendingTree works as a referral service, connecting you with lenders interested in your business. To get started, click on "reverse mortgage" as the type of home loan you're seeking. You'll be asked to indicate what type of property you have (single-family, condo, townhome), how the property is used (remember that you have to live in it for at least 183 days a year), the estimated property value and current mortgage balance (if any), as well as your contact information. From there, you'll be told if you are matched with any of the partners in LendingTree's network.

Best Reverse Mortgages

Not a big time-saver

We were surprised that we only got one lender in our results (which happened to be one of the other providers in our review). It was helpful to see the lender's rating (five stars, with 81 reviews from LendingTree clients), some highlighted features ("great customer service" and "digital experience" ), plus options to click for more lender details or to apply online. Of course, clicking to apply online took us directly to the partner site where we had to start the process from scratch. In that regard, using LendingTree really didn't save us much time, and we didn't get any other reverse mortgage offers for comparison.

Stale reviews

Is LendingTree connecting many consumers with reverse mortgages? You might think so, when you see the featured reviews at the bottom of the page. But, when we tracked down the original place where those reviews were posted, we spotted that they were all 5+ years old (despite somewhat misleading month and day labels making them look like they posted within the last year or so). Even going into the reviews for the specific lender we were matched with, there was only one from the current calendar year; the rest of the 80 reviews were 2+ years old.

Good concept, but comes up a little short

In theory, we love the idea of using LendingTree to get a reverse mortgage: it should be a one-stop shop to connect with several possible options and get the best-matching loan. In our experience, though, it didn't quite work out that way and only wound up costing us more time by having to go directly to the lender anyway. There's nothing bad about LendingTree itself, and it might even be helpful for researching a lender that interests you. But, because this platform doesn't quite deliver all the way - probably because reverse mortgages aren't their main focus - it gets a "just average" rating from us.

American Advisors Group Review 2 Star Rating

American Advisors Group

2 Star Rating
  • Accredited by the BBB
  • Thousands of five-star ratings from clients
  • Member of the NRMLA
  • Approved lender of the US Dept. of Housing and Urban Development (HUD)

Tom Selleck wants to give you a loan! No, not really, but you might have gotten that impression seeing him as the spokesperson for American Advisors Group, or AAG. They're the most well-known reverse mortgage lender in the United States, closing more HECM loans than any of their rivals from year to year.

Good way to learn about reverse mortgages

If you're just getting started with learning about reverse mortgages, we encourage you to take some time and read through the FAQs at the bottom of the AAG site (or by clicking on the red "learn more" button - not the blue one, which takes you to a preliminary inquiry form. More on that later.). You'll find simple-yet-informative answers to questions like "How will my loan eventually be repaid?" and "What are the benefits of a reverse mortgage?"

Fill out the form to get more information

Ready to see what American Advisors Group can offer? Now it's time to click that blue "learn more" button by Mr. Selleck's photo. You'll be asked to enter the zip code for your property, then later you'll put in the street address, your name and phone number, the age of the homeowner on the deed, and the approximate mortgage balance (if any). You'll be told on that page if your answers look like you'll be a candidate for a reverse mortgage. Filling out the form will also get you a free information kit in the mail, and you're invited to call AAG to get your free quote.

Speak with a rep

When you speak with an AAG reverse mortgage professional, you'll get a personalized assessment of your situation and their best recommendations for the loan that will meet your needs. They can also help you with additional resources for seniors, like tax tips for retirees and researching ways to pay for home health care.

AAG may or may not be your lender

Will your loan be funded by AAG directly? Most of the time, yes; however, they reserve the right to forward your contact information to other financial institutions and lenders that offer reverse mortgages, in the event that they can't originate and/or service one for you.

Best Reverse Mortgages

Zero info until you talk to an AAG specialist

But, all of the specifics about any reverse mortgage loans available to you won't be revealed even slightly until you speak with someone at AAG. Loan terms? A ballpark of interest rates? Details about the application process and timeframe? You'll have to talk with a rep.

Reputation is not improving

But should you? We don't think it's the best idea. AAG hasn't improved its reputation since our last evaluation. Although they're still accredited by the Better Business Bureau, their grade has dropped from a "B+" to a "B" : not a huge dip, but still not trending in the direction we want to see. Worse than that, the company yet again was penalized in court - to the tune of $1.1 million in civil penalties and $173,400 in consumer redress payments - for deceptive representations of estimated home values. All of that is despite a similar consent order from five years prior. Once more, that's a sign that American Advisors Group isn't taking the necessary steps to move in the right direction.

Still manages to deliver to clients' satisfaction

On the other hand, we found more than 3000 five-star reviews from satisfied AAG clients. It seems like if you can get past the initial stages (where the accusations of deception would take place) and actually obtain a reverse mortgage here, chances are good that you'll receive professional, courteous customer service and a loan that does what it's supposed to.

Needs to do better

Not only would we like more transparency from American Advisors Group, we definitely need to see a better standing within the industry - preferably with no further court cases and the subsequent financial penalties. We'll keep an eye on AAG, and we'd be glad to move them up in our rankings once they have a better track record with respect to their pre-closing marketing practices. For now, however, we think you're better off going with a reverse mortgage lender with a sterling reputation at every step of the way - like the higher-ranked services in our review.

Lower My Bills Review 1 Star Rating

Lower My Bills

1 Star Rating
  • "A+" rated and accredited by the BBB
  • May connect you with lenders and other services

It's worth stating up front that LowerMyBills is an online marketing and lead generation site. In other words, when you use this service, 100% of the time your information will have to be passed along to some other provider who will contact you about your interest in a reverse mortgage.

Useless for connecting with reverse mortgages

Of course, that's assuming you can even get to a list of loan options. When we evaluated the LowerMyBills service most recently, we spent about three minutes filling in the online form. It asks for basic information like name and address, plus more in-depth details about the property, like its approximate current value and the balance of any mortgage(s) currently in place. At the end, we clicked on the button to see all of our offers, but all it did was give us links to TransUnion for credit planning and protection and to Truebill for canceling subscriptions we might not be using. There was another box beneath those two that referenced something about refinancing - but not only were we unable to scroll the page to see it, but we also had indicated in our questionnaire that we didn't currently have a mortgage on any property.

Hit refresh to get more irrelevant results

Hitting the refresh button was like spinning the wheel of fortune: what offers will we get this time? We got links to companies specializing in VA loans (despite the fact that we clearly stated in the application that we had no military background whatsoever), credit card companies for people who need to rebuild credit (even though we indicated that our credit scores were in the "excellent" range), and mortgage offers for homeowners in a state we don't live in.

Best Reverse Mortgages

Good BBB rating despite everything

Somehow, inexplicably so, LowerMyBills is not only "A+" rated but also accredited by the Better Business Bureau. Sure, this service only had two complaints filed there over the last three years, but is it any wonder if most people never wind up getting anywhere worth complaining about? Looking around a little, we found a few consumers who were able to successfully use LowerMyBills to connect with lenders for other purposes, usually mortgage refinancing, but that won't do you much good with finding a reverse mortgage.

Could be helpful as a lender overview

The only useful thing we found on the LowerMyBills website is their landing page for "best reverse mortgage lenders" . It gives a surprisingly decent overview of many of today's biggest players in the industry, including many of the ones you'll find reviewed here. You could use that to get started with your reverse mortgage research, but you're unlikely to be connected with any of those providers directly when you fill out the form on the LowerMyBills site.

Don't bother spending time here

By and large, LowerMyBills is a waste of time for anyone considering a reverse mortgage. While we're usually impressed with companies that maintain an "A+" and accreditation from the BBB, there's absolutely nothing else that demonstrates this service to be of any value. Your time is better spent going directly to a reputable reverse mortgage lender and skipping this service altogether.

Compare the Best Reviews

Continued from above...

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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