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Open Mortgage is an Austin-based, multi-channel mortgage lender that offers reverse mortgages. Because of its numerous branch locations, the company is among the best reverse mortgage companies if you want an in-person borrowing experience.

Read our full Open Mortgage review to learn about its reverse mortgage pros and cons, mortgage terms, accessibility, customer satisfaction and more.

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  • Largest Reverse Mortgage Lender in the Nation
  • 96% Customer Satisfaction Rating and A+ BBB Rating
  • Available in 49 states, 24/7 to answer your questions

  • Free quote and easy application process
  • All HECM programs available
  • A+ rating with the BBB and HUD approved direct lender and servicer

  • A+ rating with the BBB
  • Competitive pricing on loans due to low overhead
  • All products available - HECM adjustable, HECM fixed, & private jumbo

Best for tech-savvy borrowers

Open Mortgage is one of the best reverse mortgage providers because it offers a particularly tech-driven experience, making it a great pick for those who are comfortable navigating the internet. In addition to the convenience of being able to initiate your application online, Open Mortgage has an array of educational and informative video content.

It's important to note that the entire application process cannot be completed on the platform due to the required counseling through a HUD-approved agency. However, you can use Open Mortgage’s website to explore different loan scenarios. After closing your loan, you can also manage it, establish connections with customer service or request funds from your line of credit.

Open Mortgage reverse mortgages pros and cons

  • Two varieties of reverse mortgages
  • Physical branches in 26 states
  • Dedicated customer service experience
  • Mixed customer reviews
  • No third-party ratings to ensure financial stability

Pros explained

Two varieties of reverse mortgages

Open Mortgage offers two types of reverse mortgages, or Home Equity Conversion Mortgages (HECMs). Its HECM for Retirement allows you to take a reverse mortgage out on your current home and use the funds for whatever you need throughout your retirement years, such as daily living expenses, travel and medical bills. Alternatively, Open Mortgage has its HECM for Purchase, which you can use to buy a new home and bypass monthly mortgage payments.

Physical branches in 26 states

Although Open Mortgage is notable for its online resources, the company also has physical branches in 26 states across the U.S. Even if there are no branches near you, the company has independent loan originators who offer its products. Clients can also work with Open Mortgage over the phone.

Dedicated customer service experience

When you apply for a loan with Open Mortgage, you can visit a physical branch or work with a loan officer over the phone. Either way, Open Mortgage assigns a specific loan officer to work on your case from start to finish. Open Mortgage also allows you to request a new loan officer if you’re unhappy with your experience.

This dedicated service allows the loan officer to truly get to know your financial needs and learn how they can help.

Cons explained

Mixed customer reviews

Some customer reviews cite good experiences with Open Mortgage’s simple application process and professional customer service. However, many reviews also mention issues like misrepresentations in the application process, difficulty making payments and poor customer service.

No third-party ratings to ensure financial stability

Open Mortgage isn’t rated by third-party agencies that evaluate financial stability, such as Fitch or Moody’s. This lack of information on its finances can be disconcerting if you want reassurance that you’ll receive the full disbursement of your loan, especially if you choose the term payment or line of credit option. However, this isn’t an indicator of poor financial stability either, so don’t automatically discount Open Mortgage if you’re looking for a reverse mortgage.

Open Mortgage reverse mortgage offerings

Open Mortgage offers two types of reverse mortgage loans, also known as Home Equity Conversion Mortgages (HECMs): HECMs for Retirement and HECMs for Purchase.

HECM for Retirement

Open Mortgage’s HECM for Retirement is a reverse mortgage designed to provide retirement income. You must meet the following requirements to qualify:

  • Be 62 years of age or older
  • Use the home as your primary residence
  • Pay homeowners insurance, property taxes and HOA fees when applicable
  • Complete a counseling session with a HUD-Certified Housing Counselor

You can use the payments from your reverse mortgage for just about anything, including living expenses, large purchases, travel and investing. Your interest won’t be tax-deductible until you begin making payments, which aren’t due until you pass away, move out, or sell the home.

If you die, a co-borrower can continue living in the home and receiving payments from the reverse mortgage. However, non-borrowing family members who wish to keep your home must repay the loan by other means. Otherwise, they might have to sell the home to repay the reverse mortgage.

This reverse mortgage includes origination fees, closing costs, mortgage insurance and service fees. You must also pay your property taxes, insurance and maintenance costs to ensure the home stays in good condition.

HECM for Purchase

Open Mortgage’s HECM for Purchase gives you the funds for a new home in combination with a down payment you provide separately. The down payment for an HECM for purchase can be as high as 65%. While this down payment is larger than a traditional mortgage, the product helps you avoid making monthly mortgage payments by enabling you to purchase the home outright.

Down payments for HECMs for purchase generally come from the sale of the current house or cash on hand. Then, customers can use the HECM to fund the remainder of the purchase price. As with the traditional reverse mortgage, the loan won’t need to be paid until they pass away, move out of the home or sell it.

The requirements for the HECM for Purchase include:

  • Be 62 years of age or older
  • Use the home as your primary residence
  • Pay homeowners insurance, property taxes and HOA fees when applicable

Open Mortgage reverse mortgage pricing

Open Mortgage’s HECMs have fixed or variable interest rates. Fixed rate HECMs can only be disbursed as a lump sum. While somewhat inflexible, fixed rate reverse mortgages allow you to know exactly what you will ultimately owe because the rate on the entire principal doesn’t change over time. This option is useful if borrowers require a large amount of upfront cash for a specific purpose.

Variable rate HECMs can be disbursed as a lump sum, line of credit, term payments, or any combination of the three. Additionally, you only pay interest on the amount you have borrowed. The downside is that, since the rate is variable, it can go up over time.

While you don’t need to pay most fees upfront, Open Mortgage does require origination fees, mortgage insurance and closing costs, typically as part of your mortgage balance.

Your estimated closing costs and insurance premiums may range between $3,000 and $19,416, depending on the value of your home or the home you’re purchasing. However, closing costs can also vary due to your location and may result in some out-of-pocket costs.

Open Mortgage reverse mortgage financial stability

Open Mortgage, LLC, was founded in 2003 and originated over $1.1 billion in loans in 2022. It has 71 branch locations in 26 states with over 300 employees. It also works with independent loan originators that sell Open Mortgage loans.

The company has set forth a goal to provide loans for 65,000 families per year. Open Mortgage’s reputation and history in the reverse mortgage industry make it a reputable company. However, third-party financial rating agencies such as Fitch and Moody’s have yet to rate it.

Open Mortgage reverse mortgage accessibility


Open Mortgage is available in every state except Alaska, Maine, Massachusetts and New York. It also has physical branches in 26 states with independent originators selling Open Mortgage products nationwide.

Customers must also meet the following reverse mortgage rules:

  • Be 62 years of age or older
  • Use the home as your primary residence
  • Pay homeowners insurance, property taxes and HOA fees when applicable
  • Complete a counseling session with a HUD-Certified Housing Counselor

Contact information

To contact Open Mortgage for general concerns and complaints, you can use the contact form on the company’s website. A customer service representative or loan officer will contact you when available.

You can also call Open Mortgage’s corporate office at 888-602-6626, or current customers can call 800-781-1892 from 8 a.m. to 5 p.m. CST Monday through Friday. If you have concerns or complaints, you can call the corporate line or email

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Open Mortgage reverse mortgage customer satisfaction

Open Mortgage isn’t accredited by the Better Business Bureau (BBB), but it has an A+ rating. On the other hand, Open Mortgage home lending has mixed reviews on the BBB website.

Open Mortgage replies to some reviews and closes out official complaints on the BBB site, which typically means the business tries to help customers and resolve issues as best as possible. Other online review sites also show fairly equal good and bad reviews.

Open Mortgage reverse mortgage FAQs

What is Open Mortgage?

Open Mortgage is a mortgage lender that provides homebuyers and homeowners with traditional mortgages, refinance loans and reverse mortgages. These may include USDA loans, FHA loans, DPA loans, VA loans, rehab loans, cash-out refinances and HECMs. The Open Mortgage company was founded in 2003 by Scott Gordon. It's headquartered in Austin, TX, with licenses in 46 states plus Washington, D.C.

Who owns Open Mortgage, LLC?

Open Mortgage, LLC was founded by Scott and Tana Gordon. However, current ownership information isn't publicly disclosed.

Is Open Mortgage a good reverse mortgage company?

Open Mortgage has been in business for 20 years and originated more than $1.1 billion in loans in 2022. It provides a variety of loans seeking to improve the home-buying process, including reverse mortgages for both retirement income and purchasing a new home. Because of its many online resources, we deemed it the best reverse mortgage company for tech savvy borrowers.

How we evaluated Open Mortgage reverse mortgage

In our assessment of reverse mortgage lenders, we took into account various key factors, including:

  • Product Diversity: We scrutinized the variety of reverse mortgage products offered by the company and how each one benefited homeowners.
  • Client Satisfaction: We gave preference to lenders with commendable customer ratings and few complaints.
  • Regulatory Adherence: Our choices leaned toward companies with an unblemished record in terms of regulatory actions and away from those linked to inadequate customer service or questionable sales and advertising practices.
  • Online Accessibility: We held a preference for lenders with a robust online presence, namely one that caters to the requirements of reverse mortgage borrowers.

Summary of Money’s Open Mortgage reverse mortgage review

Open Mortgage has provided a variety of home loans for 20 years. In addition to some traditional and specialty mortgages and refinance loans, its reverse mortgages allow homeowners and homebuyers over 62 to access funds for retirement or buying a new home.

While it has mixed online reviews, it assigns a loan officer to each customer, which creates a more personalized experience. It has licenses in 46 states plus Washington, D.C., and you can visit in-person branches in 26 states.

Open Mortgage’s array of online tools and resources make it a great choice for those comfortable with making this significant financial transaction via the internet.

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