Best Reverse Mortgage Companies of May 2025

* Sample rates are based on the most recent government data on reverse mortgages, issued in November 2024.

Reverse mortgages are one of the many tools you can use to access your home equity and turn it into cash — but not everyone can use them.

With reverse mortgages, only homeowners of a certain age are eligible. For the government-backed kind — called Home Equity Conversion Mortgages (HECMs) — you must be 62 to qualify. Other lenders offer proprietary options that allow seniors 55 and up to apply.

For those who are eligible, they can be helpful tools as you enter retirement, giving you access to much-needed cash at a time when your income might be limited. And the best part? They come with no monthly payments.

Are you considering a reverse mortgage? Here are the best lenders to choose from.

What to know about reverse mortgages

• Reverse mortgages allow you to turn your home equity into cash. You can receive the funds as a one-time payment, monthly payments, a line of credit or a combination of these options.
• Only seniors are eligible — those 62 and up for HECMs and 55 and up for proprietary programs.
• There are no monthly payments with reverse mortgages. You only repay the money once you sell the house, move out permanently or die.
• Major banks or credit unions don’t typically offer reverse mortgages, so you’ll need to shop around to ensure you get the best deal.

How we chose our top picks

Our editors and writers reviewed over 20 reverse mortgage lenders throughout the U.S., using government data, lender websites and lender representatives to confirm data accuracy. We then used factors such as product variety, interest rates, reputation, maximum loan amounts, age requirements and geographic availability to score each lender on a one-to-five scale. What you see below are the top companies that emerged.

Read our full methodology to learn more about our approach.

Our Top Picks for Reverse Mortgage Lenders

• Finance of America: Best Overall
• Northwest Reverse Mortgage: Best for Comparison Shopping
• Longbridge Financial: Best for Coverage Options
• South River Mortgage: Best for Refinancers
• Guild Mortgage: Best for Low Rates
• Fairway: Best for Homebuyers

Best reverse mortgage companies reviews

Why we chose it: Finance of America clocked in with the highest score out of all the reverse mortgage companies we considered, with a 4.4 out of 5 rating. Its loan product variety, wide availability, strong ratings and variety of online resources and tools make it a good option for a large swath of potential borrowers. It also has a strong reputation in the industry and has no NMLS actions or notable lawsuits to its name within the last five years.

Why we chose it: If you’re looking for choices, Northwest Reverse Mortgage is the company to consider. The niche mortgage broker offers access to an expansive list of reverse mortgage options, including HECMs for purchase and four kinds of proprietary and jumbo reverse mortgages, including some from Finance of America and Longbridge (other winners on our list). The only drawback is its limited geographic availability. Borrowers in just 28 states can use Northwest’s services.

Why we chose it: Regardless of where you live in the U.S., Longbridge Financial is a solid choice for reverse mortgage loans, lending to borrowers in all 50 states plus Washington, D.C. The lender boasts strong reviews and ratings, has no regulatory actions against it over the last five years, and its online resources and tools are plentiful, making it a great option for new borrowers just getting their feet wet.

Why we chose it: If you already have a HECM and are considering refinancing to access more cash or get a better interest rate, South River Mortgage is worth a look, as the lender has extensive experience with HECMs for refinancing. South River also boasts strong online ratings, has no regulatory actions against it, and came in with some of the lowest average interest rates of all the lenders we analyzed.

Why we chose it: Among large, nationwide reverse mortgage lenders, Guild Mortgage offered the lowest HECM rates, with an average of just 6.16% in November 2024 — nearly 0.75 points lower than the highest-rate lender we analyzed. Guild is also highly accessible, serving 49 states, has no regulatory actions against it in recent history, and boasts strong customer ratings (5 out of 5 on Zillow on over 42,000 reviews).

Why we chose it: Not all lenders offer HECMs you can use for home purchases, but Fairway does. Combine that with its wide availability, deep library of online tools and resources, and its e-closing option, which lets you finalize your loan remotely, and you’ve got a lender that can help make your next home purchase much easier.

Other Companies We Considered

All Reverse Mortgage

All Reverse Mortgage actually had the second-highest score of all lenders we considered, but its limited geographic footprint — just 13 states — held it back. However, if you happen to be in one of the places it serves, count yourself lucky: The lender offers the lowest average HECM rates (just 5.99%) and the most robust set of online tools and resources around. Its squeaky-clean record and loads of high-scoring customer reviews are notable, too.

Atlantic Avenue Mortgage

Atlantic Avenue Mortgage also boasted ultra-low interest rates compared to other reverse mortgage lenders on our list, but again, its accessibility is limited, offered in just 27 states. If you live in one of those states, though, choosing Atlantic could save you quite a bit on interest. The lender boasts an average 6.05% HECM rate, as of the most recent government data.

Mutual of Omaha

Mutual of Omaha is a well-known name in the reverse mortgage space and is one of the biggest originators by volume. Unfortunately, the lender faces several regulatory actions and lawsuits, and its website is less than helpful for newbie borrowers.

What You Need to Know About Reverse Mortgage Loans

Reverse mortgage loans function a little differently than other types of mortgage loans and home equity products. Before you apply for one, here’s what you should know.

What is a reverse mortgage?

A reverse mortgage is similar to a traditional mortgage, only it works in reverse: Instead of the borrower paying the lender, the lender pays the borrower out of the available home equity.

Reverse mortgages are only available for senior homeowners, and they’re often used to help supplement Social Security or other limited forms of income in retirement.

How does a reverse mortgage work?

Reverse mortgages work by letting you borrow from your home equity — or the stake in your home that you own outright.

The exact amount you can borrow depends on your age and the value of your home, and you can usually choose from several payout options:

• A credit line, which allows you to borrow money as needed over time (like a credit card)
• A lump sum payment, giving you your equity funds all at once
• Monthly payments, paying you a set amount each month
• Some combination of the above

For HECMs, you must be 62 or older, and with some lenders, you can get a proprietary reverse mortgage at age 55. Most lenders require you to have at least a 50% equity stake in your home to qualify — meaning your current mortgage loan balance is less than 50% of your home’s value. Additionally, you must attend a counseling session with an independent service to ensure you understand the pros and cons of reverse mortgages as part of the application process.

You also must stay up to date on your property taxes, home insurance and home maintenance during your reverse mortgage term. If you don't, the lender can foreclose on the property.

Types of reverse mortgages

There are several types of reverse mortgages. The most popular type is the Home Equity Conversion Mortgage (HECM), which is the government’s version of a reverse mortgage. It’s insured by the Federal Housing Administration and, depending on the lender, can sometimes be used to purchase another property.

There are also proprietary reverse mortgages, which are programs unique to the private lenders that offer them. They may allow for younger borrowers, large loan amounts or less equity. Many lenders that offer these options allow for ages as low as 55 and loan amounts of up to $4 million. Sometimes, these are called jumbo reverse mortgages.

Finally, there are single-purpose reverse mortgages. As the name suggests, these can only be used for a designated purpose, such as paying for home repairs. They’re typically offered by state and local governments.

How to choose a reverse mortgage lender

Choosing the right lender is important when considering a reverse mortgage. For one, products and interest rates can vary widely by lender. But more than that, scams are common in the reverse mortgage industry, and if you’re not careful, you or a loved one could fall victim.

To ensure you choose the right lender, always consider:

• Reputation, including Better Business Bureau, Trustpilot and J.D. Power ratings and reviews
• Regulatory actions and lawsuits, paying special attention to any actions noted in the Nationwide Mortgage Licensing System
• Eligibility requirements, such as equity and age minimums
• Availability, as not all lenders serve borrowers in every state
• Loan products, especially if you are looking for a higher loan amount or lower age minimum than HECMs allow for

If you’re not sure what reverse mortgage lender to use, consult a financial professional you trust before applying.

How is a reverse mortgage paid?

Reverse mortgages don’t come with monthly payments, as traditional mortgages do.

While they do accrue interest, you won’t pay for that interest or the money you borrow until one of the following occurs:

• You sell your house
• You move away for six months or more (this includes moving to an assisted living facility or similar arrangement)
• You pass away

You can always repay all or a portion of a reverse mortgage before these circumstances arise, of course. This would reduce the long-term interest you owe on your loan.

Pros and cons of reverse mortgages

Alternatives to reverse mortgages

A reverse mortgage isn’t the only option if you need money as you age.

You can also look to a:

• Cash-out refinance: This involves replacing your current mortgage loan with a larger one, but it can provide you with a lump sum of cash to work with. You’ll need to make monthly payments just as you would with your existing loan. Just be careful, as it replaces your rate and loan term, too, which may not be a good idea if interest rates have increased since you took out your original loan.
• Home equity loan: A home equity loan is another way to turn your equity into cash. This provides you with a lump sum of money after closing, which you can use for any purpose. You’ll repay the money via fixed monthly payments for anywhere from five to 30 years.
• HELOC: A home equity line of credit (HELOC) is similar to a home equity loan, although it works more like a credit card, allowing you to withdraw money as you need it over a long period of time (usually 10 years).
• Home equity sharing agreement: Home equity sharing agreements allow you to sell a portion of your home’s future value to an investor in exchange for a lump sum payment. You then pay the investor their portion of your home’s value once you sell the home or your agreement’s term comes to an end. Like reverse mortgages, these require no monthly payments.

You can also consider a credit card or personal loan for cash, too, though these typically come with higher rates than mortgage and home equity products.

Latest Reverse Mortgage News

Homeowners are gaining about $30,000 annually in home equity, according to recent data, making reverse mortgages a solid option for older homeowners who need cash or help paying for retirement.

Be careful, though, as scams and fraud happen in this industry. Lenders also move in and out of the reverse mortgage space often, so it’s important to shop around thoroughly before deciding where to get your loan. For example, Open Mortgage is now offering wholesale lending only, while AAG — American Advisors Group — is now a part of Finance of America, our overall pick for best reverse mortgage lender.

Methodology

We evaluated nearly two dozen reverse mortgage lenders nationwide. Gathering data on product terms, qualifying requirements, interest rates, availability, reputation and other factors to zero in on the best ones. Lenders were rated on a one-to-five scale based on eight categories: product variety (10%), maximum loan amount (10%), age minimum (10%), online resources (10%), average rates (15%), states served (15%), lawsuits/regulatory actions (15%) and ratings/reviews (15%).

We prioritized companies that:

• Had no lawsuits and no regulatory actions listed in the Nationwide Mortgage Licensing System in the last five years
• Offered low average interest rates on HECMs (as measured from government data on reverse mortgages issued in November 2024)
• Boast high ratings on Better Business Bureau, Zillow, Google and Trustpilot
• Have low age minimums and wide geographic availability, allowing more borrowers access to their products
• Offer several reverse mortgage products, including HECMs, jumbo products and proprietary loans

Summary of our Top Picks for Reverse Mortgage Lenders

• Finance of America: Best Overall
• Northwest Reverse Mortgage: Best for Comparison Shopping
• Longbridge Financial: Best for Coverage Options
• South River Mortgage: Best for Refinancers
• Guild Mortgage: Best for Low Rates
• Fairway: Best for Homebuyers

More from Money

• What is a Reverse Mortgage, and How Does it Work?
• Should You Use a Reverse Mortgage to Fund Your Retirement?
• How Do You Pay Back a Reverse Mortgage?