Top reverse mortgage lenders of 2024

A fixed income can be accessed by retirees through a reverse mortgage, which provides cash.

You can borrow against your home's value without monthly payments using reverse mortgages, but the loan must be repaid when you no longer use your home as your primary residence, and it still accrues interest.

Instead of requiring a minimum credit score, this type of loan considers the amount of equity you have in your home based on your age.

We have compiled a list of the top six reverse mortgage lenders based on customer service, ease of application, perks, affordability, and details about their reverse mortgage options. Our methodology explains how we arrived at this ranking.

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Best for a variety of loan options

This is for someone who wants options from their lender. FAR offers HECM loans and three unique loans: HomeSafe Standard, HomeSafe Second, and EquityAvail, designed to help homeowners find the best type of loan for them.

FAR offers customized loan options, personalized customer service, and a concierge service for borrowers. Customers can reach out for support via phone or email at any time. Additionally, FAR's website features educational resources and a reverse mortgage calculator.

Best brick-and-mortar

For borrowers seeking a reputable lender for their reverse mortgage and who prefer face-to-face interactions with their lenders, Mutual of Omaha is an excellent choice. Mutual of Omaha is a Fortune 500 company with numerous retail locations across the country.

Mutual of Omaha provides HECM options without service fees and offers an online application and 24-hour customer service every day.

Best streamlined experience

For those seeking to understand the reverse mortgage process and apply in a single location, Guild Mortgage offers an easy-to-use website filled with comprehensive information on reverse mortgages, as well as a step-by-step guide to the application process.

Guild offers a variety of choices, including HECM for Purchase, which enables borrowers to purchase a home in retirement without monthly mortgage payments, and reverse refinance options for those seeking additional cash or improved terms.

Best for those under age 62

This is for those who retire early and may want to supplement their fixed income with a reverse mortgage. Longbridge offers options for people in their 50s, younger than the typical 62 needed to score a reverse mortgage.

The Longbridge Platinum jumbo loan offers up to $4 million to homeowners and guarantees that borrowers will never owe more than the home's value when sold, with eligibility for applicants as young as 55.

Best for speedy closing

What is Fairway Reverse Mortgage for? It is designed for retired borrowers who require immediate cash. The lender claims to have a fast closing time, with some cases taking only 17 days, according to their website. This is significantly quicker than the usual one to two-month wait for reverse mortgage closings.

Fairway's website offers a wealth of educational and informative resources to assist borrowers in selecting the most suitable reverse mortgage plan. Additionally, customers can submit a form on the website to connect with a reverse mortgage specialist.

Best for customer satisfaction

American Advisors Group is ideal for individuals who prioritize customer satisfaction above all else. It has earned an A+ rating from the Better Business Bureau and consistently receives high praise from its customers, with an overall rating of 4.75 out of 5 stars on BBB's website, which is significantly higher than its competitors.

AAG provides resources, such as a magazine called Seniority, to help retirees learn about their reverse mortgage options, in addition to its high ratings.

More on our top reverse mortgage lenders

Finance of America Reverse (FAR)

In 2023, Finance of America Reverse became the top FHA-approved lender in the country for originating reverse mortgages, according to a Reverse Mortgage Insight (RMI) analysis of federal data.

Loan types offered

FAR HomeSafe, FAR HomeSafe Second, FAR HECM, FAR EquityAvail

Minimum home equity required

Depends on age, but around 50% on average

Minimum age

In some states, the price of certain products may be lower than 62.

Max loan amount

$4 million

Mutual of Omaha

One of the largest reverse mortgage lenders in the country, Mutual of Omaha is a Fortune 500 insurance and financial company. It offers a variety of reverse mortgage options and provides excellent customer service. Mutual of Omaha is BBB-accredited and has an A+ rating. Its website is user-friendly and includes a reverse mortgage guide.

Loan types offered

HECM Reverse Mortgage, HECM for purchase, HomeSafe, Refinance

Minimum home equity required

Generally, 50% but varied based on age.

Minimum age

For HECM products, 62. For HomeSafe, 55.

Max loan amount

$4 million

Guild Mortgage

Guild Mortgage is a top-rated lender known for its customer service and offers a range of mortgage options, including reverse mortgages.

Loan types offered

HECM, Refinance, Jumbo, Reverse for purchase

Minimum home equity required

The total equity required for each loan is determined by the borrower's age and the loan's interest rate.

Minimum age

62 in most cases. 55 for some products in some states.

Max loan amount

$4 million

Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation is a lender with excellent customer satisfaction ratings, a range of reverse mortgage options, and notably fast closing times. The lender boasts that it can close on its Home Equity Conversion Mortgage for Purchase (H4P) loan in just 17 days, significantly shorter than the typical one to two months it usually takes.

Loan types offered

HECM, H4P, Jumbo reverse

Minimum home equity required

A "good rule of thumb" is to aim for 50% of your daily water intake.

Minimum age

62

Max loan amount

$4 million

Longbridge Financial

Longbridge Financial is a mortgage lender that offers a range of reverse mortgage options for retirees, including HECM loans, HECM for purchase, and a proprietary Platinum reverse mortgage. It is one of the largest providers of reverse mortgages and has an accreditation and A+ rating from the BBB.

Loan types offered

HECM, HECM for Purchase, Longbridge Platinum

Minimum home equity required

Original: The cat sat on the windowsill and watched the birds outside. Rewritten: Observing the birds outside, the cat sat on the windowsill.

Minimum age

55 for Longbridge Platinum, 62 for other types of reverse mortgages

Max loan amount

$4 million

American Advisors Group

American Advisors Group, a well-rated reverse mortgage lender with an A+ rating from the BBB, also publishes a magazine for retirees that focuses on wellness, financial health, and home equity. In 2023, AAG was acquired by Finance of America Reverse, the largest reverse loan provider in the country, and is now operated as a division of that company.

Loan types offered

HECM, HECM for purchase

Minimum home equity required

Depends on age, but around 50% on average

Minimum age

In some states, the price of certain products may be lower than 62.

Max loan amount

$4 million

Types of reverse mortgages

Home equity conversion mortgages (HECMs), the most common type of reverse mortgage, are federally insured by the Federal Housing Administration and intended for individuals aged 62 and above. While most reverse mortgage providers offer HECMs, they also provide other types of reverse mortgages, including jumbo reverse mortgages and those for individuals as young as 55.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each mortgage review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of mortgage products. At CNBC Select, we are committed to maintaining our journalistic standards and ethics, even though we earn a commission from affiliate partners on many offers and links. Our methodology outlines the process we use to select the best reverse mortgage lenders.

Our methodology

Analyzing U.S. mortgages offered by both online and brick-and-mortar banks, including large credit unions, CNBC Select determined the best reverse mortgage lenders based on flexible loan amounts and terms to suit various financing needs.

We prioritized the following features when evaluating and selecting the best mortgages.

• Lenders may offer conventional, FHA, VA, USDA, and jumbo loans, as well as reverse mortgages and cash-out refinancing loans to cater to a wider range of applicant needs.
• We assess various fees, including origination fees, application fees, underwriting fees, processing fees, and administrative fees, in addition to other factors when evaluating mortgage offers from lenders.
• Each mortgage lender offers a range of financing options that you can tailor to your monthly budget and repayment timeline.
• Our list of mortgage lenders does not charge borrowers for paying off the loan early.
• We evaluated whether lenders provided a user-friendly online application process or local branch options for a hassle-free application.
• Our list of mortgage lenders offers customer support through phone, email, or secure online messaging, as well as an online resource hub or advice center to assist you in understanding the personal loan process and managing your finances.
• We found lenders that provide specialty loans with a lower minimum down payment requirement.

We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.

The interest rate and monthly payment for a mortgage are guaranteed to remain consistent throughout the loan term if you accept the mortgage agreement. However, the rates and fee structures advertised for mortgages may change based on the Fed rate. Your APR, monthly payment, and loan amount are determined by your credit history, creditworthiness, debt-to-income ratio, and desired loan term. To obtain a mortgage, lenders will conduct a hard credit inquiry and require a full application, which may include proof of income, identity verification, proof of address, and more.

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