12 Best Reverse Mortgages for Seniors

Key Takeaways: Your Quick-Reference Cheat Sheet 💡

Who qualifies? You must be at least 62 years old for a government-backed reverse mortgage, though some proprietary programs accept borrowers as young as 55.
How much can you borrow? In 2025, the most you can get a government-backed reverse mortgage for is $1,209,750, while proprietary options can reach up to $4 million.
Do I make monthly payments? No. You repay only when you sell, move out permanently, or pass away.
What does it cost upfront? There’s a 2% initial mortgage insurance premium at closing, plus an origination fee capped at $6,000, plus third-party fees like appraisals and title searches.
Can the bank take my home? No. You retain full ownership as long as you meet loan obligations like paying property taxes and insurance.
Are there scams? Yes. HUD warns that scam artists charge thousands for information that is freely available from the government.
Which lender has the best reviews? GoodLife Home Loans holds a perfect 5.0 out of 5 stars with 100% positive reviews, while HighTechLending scores 4.94 out of 5.
Which lender is the largest? CrossCountry Mortgage is the nation’s largest reverse mortgage lender by volume, funding over 13,000 reverse mortgages in 2024.
Is counseling required? Absolutely. Every borrower must complete a HUD-approved counseling session before applying.
Where do I complain? Contact the FHA Resource Center at 1-800-225-5342 or the Consumer Financial Protection Bureau.

🏡 1. Finance of America: The Market Share Giant That Acquired the Biggest Name in the Business

Finance of America didn’t just grow into the reverse mortgage space. They swallowed it. The lender acquired American Advisors Group, another major reverse mortgage lender, and now commands a massive share of the national market. Finance of America holds approximately 27% of the market share.

They offer a full suite of options, including standard government-backed reverse mortgages, lump sum payouts, lines of credit, reverse mortgages for purchasing a new home, and their proprietary HomeSafe jumbo program for high-value properties.

Pros	Cons	💡 Tip
Widest variety of reverse mortgage products	Customer review scores are notably low at 1.0 out of 5 on Better Business Bureau	Call the general support line and ask specifically about their HomeSafe jumbo option if your home exceeds the standard limit 📞
Largest market presence in the country	Loan servicing transferred after closing can cause confusion	Request a single point of contact throughout the entire process 🤝

📞 Contact: General Support: (800) 816-8179 | Existing Customers: (866) 654-0020

💡 Pro Tip: Finance of America’s sheer size means they’ve seen virtually every borrower scenario. If you have an unusual property type or complex financial situation, their breadth of experience can be a significant advantage.

🏠 2. CrossCountry Mortgage: The Volume Leader With Proprietary Options for Younger Seniors

CrossCountry Mortgage is the nation’s largest reverse mortgage lender by volume, funding over 13,000 reverse mortgages in 2024 according to government data. What sets them apart is that they cater to a broader age range than most. CrossCountry offers a proprietary loan product that allows borrowers aged 55 and older to access their home equity, rather than only those 62 or older.

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Pros	Cons	💡 Tip
Accepts borrowers as young as 55 for proprietary products	Carries an F rating from the Better Business Bureau with only 29% positive reviews	If you’re between 55 and 61, CrossCountry is one of your very few options, so compare their proprietary rates carefully 🔍
Highest loan volume in the nation	Online application does not provide a reverse mortgage option, requiring phone or in-person contact	Insist on getting your Good Faith Estimate in writing before committing ✍️

📞 Contact: (877) 351-3400 | Headquarters: Cleveland, OH

💡 Pro Tip: CrossCountry’s volume is impressive, but volume doesn’t always equal satisfaction. If you’re considering them, ask for references from recent reverse mortgage borrowers in your specific state.

💰 3. Longbridge Financial: The Budget-Friendly Choice That Waives Servicing Fees

If keeping costs low is your top priority, Longbridge Financial deserves your serious attention. Longbridge Financial offers no monthly servicing fees, which is a significant savings over the life of a reverse mortgage when competitors can charge up to $35 per month. Longbridge also acts as its own loan servicer, ensuring you deal with the same company from application through repayment.

They also offer a military discount that provides up to $500 off closing costs for veterans, their spouses, and spouses of deceased veterans.

Pros	Cons	💡 Tip
Zero monthly servicing fees saves hundreds over loan life	Customer satisfaction score of 3.87 out of 5 with 77% positive reviews	Ask about their military discount program immediately if you or your spouse served 🎖️
Services its own loans, so no third-party handoff confusion	Smaller market presence than some competitors	Use their online calculator for a quick estimate before calling 🖥️

📞 Contact: (855) 523-4326

💡 Pro Tip: The fact that Longbridge services its own loans is a genuinely underappreciated advantage. Many borrowers report frustration when their loan gets sold to a different servicer after closing. With Longbridge, that headache disappears.

🌟 4. All Reverse Mortgage (ARLO): The Top-Rated Lender With Zero Complaints

If consumer trust matters most to you, this is the lender that stands head and shoulders above the pack. All Reverse Mortgage consistently achieves a stellar 4.99 out of 5 star rating and has earned an A-plus Exemplary Rating from the Better Business Bureau with zero complaints. They were even nominated as BBB Torch Award for Ethics finalists three years in a row.

With over two decades focused exclusively on reverse mortgages, their team includes CEO Michael G. Branson, who brings 45 years of mortgage banking experience.

Pros	Cons	💡 Tip
Perfect BBB record with zero complaints	Smaller operation means potentially longer wait times	Use their ARLO calculator tool for instant, no-obligation quotes without sharing personal info 🔒
Offers both government-backed and jumbo reverse mortgages	Not as widely recognized as household-name competitors	Email CEO Michael Branson directly for complex questions 📧

📞 Contact: (800) 565-1722 | Email: [email protected]

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💡 Pro Tip: All Reverse Mortgage pioneered the first fixed-rate jumbo reverse mortgage back in 2008. If your home value exceeds the government limit, their expertise in proprietary products is genuinely unmatched.

🏦 5. Mutual of Omaha Mortgage: The Century-Old Brand Bringing Legacy Trust to Reverse Lending

Mutual of Omaha holds an A-plus rating from the Better Business Bureau, with over 100 years of experience. This is a brand that has been part of American financial life for over a century, and they bring that institutional credibility into the reverse mortgage space. They offer standard government-backed loans, purchase reverse mortgages, and jumbo options.

Pros	Cons	💡 Tip
Over a century of financial services experience and brand recognition	Not available in New York and West Virginia	Use their online calculators for instant loan estimates before connecting with a representative 📊
Extensive library of educational resources for borrowers	Consumer review scores on BBB are surprisingly low at 1.53 out of 5	Ask about their HECM for Purchase option if you’re looking to downsize into a new home 🏡

📞 Contact: (800) 578-0283

💡 Pro Tip: Mutual of Omaha’s educational resources are among the best in the industry. Before you even pick up the phone, read through their guides and use their calculators. You’ll walk into the conversation far better prepared.

⚡ 6. Fairway Independent Mortgage: The Speed Champion That Closes in 17 Days

When time is critical, Fairway stands in a class of its own. Fairway Independent Mortgage claims to close loans in as few as 17 days, while other companies may require up to 45 days. That speed, combined with a strong national branch network that allows face-to-face meetings, makes them particularly appealing for seniors who want a hands-on experience.

Pros	Cons	💡 Tip
Industry-leading closing speed of as little as 17 days	BBB rating is A-minus rather than A-plus, with 90.2% positive reviews	Visit a local branch for a face-to-face consultation if you prefer in-person guidance 🤝
National branch network offers personalized local service	Processing speed varies by market and loan complexity	Have all your documents ready before applying to take full advantage of their fast timelines 📋

📞 Contact: (866) 948-6020 | Refinancing: (844) 940-4326

💡 Pro Tip: Fairway’s speed matters most when you’re purchasing a home with a reverse mortgage, since sellers prefer fast closings. If you’re using a reverse mortgage to buy a new primary residence, Fairway’s timeline is a serious competitive advantage.

🏆 7. HighTechLending: The Quietly Outstanding Performer With Near-Perfect Reviews

This Irvine, California-based lender flies under the radar compared to the bigger names, but their customer satisfaction numbers speak volumes. HighTechLending holds an A-plus BBB rating with 4.94 out of 5 stars and 99% positive reviews alongside only one complaint on record.

Pros	Cons	💡 Tip
Near-perfect customer satisfaction scores	Smaller company with limited brand recognition	Call their toll-free line and ask about both fixed and adjustable-rate options 📞
Strong expertise in California and western state markets	Not available in all 50 states	Request a detailed comparison of their fixed vs. adjustable rate programs ⚖️

📞 Contact: Toll Free: (866) 714-2040 | Email: [email protected] | Headquarters: 2030 Main Street, Suite 500, Irvine, CA 92614

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💡 Pro Tip: HighTechLending’s small size is actually a strength. You’re far more likely to get personalized attention and a dedicated loan officer who remembers your name and situation.

🌿 8. GoodLife Home Loans: The Perfect Review Score Nobody’s Talking About

Here’s the lender that should be making headlines but isn’t. GoodLife Home Loans holds an A-plus BBB rating with a perfect 5.0 out of 5 stars and 100% positive reviews. They are a family-owned operation that serves borrowers in 38 states, offering some of the lowest adjustable rates in the industry.

Pros	Cons	💡 Tip
Perfect 5-star review score with 100% positive feedback	Only available in 38 states, not nationwide	Check their state availability before getting your hopes up 🗺️
Among the lowest adjustable interest rates in the industry	Website appears somewhat outdated compared to competitors	Don’t judge this lender by their website. Call them directly for a surprisingly excellent experience 📱

📞 Contact: Visit goodlifehomeloans.com contact page | Headquarters: 23032 Mill Creek Drive, Suite 62, Laguna Hills, CA 92653

💡 Pro Tip: GoodLife is a division of Traditional Mortgage Acceptance Corporation, a well-capitalized secondary market purchaser of reverse mortgages. That financial stability behind the scenes means your loan is backed by serious institutional strength.

🛡️ 9. Liberty Reverse Mortgage: The Experienced Specialist With 60,000 Borrowers Served

Liberty Reverse Mortgage has helped over 60,000 borrowers with $7.5 billion in loans funded over the past 20 years. That track record of volume and longevity makes them one of the most battle-tested reverse mortgage specialists in the country.

Pros	Cons	💡 Tip
Two decades of dedicated reverse mortgage experience	Loan servicing is handled by a separate company called PHH, which has received more than a few complaints	Ask upfront about what to expect from the PHH servicing transition after your loan closes ⚠️
Some loans come with no origination fees	Not available in New York and Hawaii	Request the no-origination-fee option and compare total costs with competitors 💵

📞 Contact: (866) 497-6746

💡 Pro Tip: Liberty’s potential origination fee waiver can save you thousands. However, make sure to compare the total cost of the loan, including the interest rate and margin, because some lenders offset fee waivers with slightly higher rates.

🏗️ 10. Guild Mortgage: The Flexible Lender for Non-Standard Situations

Guild Mortgage stands out for its ability to work with borrowers in unique situations, making it a strong option for homeowners who may not fit the traditional reverse mortgage mold. They offer both standard government-backed products and proprietary reverse mortgages for higher-value properties.

Pros	Cons	💡 Tip
Excels with non-standard properties and unique borrower situations	Less specialized in reverse mortgages than dedicated lenders	Ask specifically for their reverse mortgage division when you call 🎯
Multiple disbursement options including lump sum, credit line, and monthly payouts	As a general mortgage company, reverse mortgage expertise may vary by branch	Request to speak with a Certified Reverse Mortgage Professional 🏅

📞 Contact: Visit guildmortgage.com/help-center for your nearest branch

💡 Pro Tip: Guild is a top-10 overall mortgage lender with a national branch network, so if your property is unusual, like a multi-unit building or a unique condo, their underwriting flexibility could be exactly what you need.

📊 11. South River Mortgage: The Rising Star That Went From Broker to Direct Lender

South River Mortgage ranks as the fourth largest reverse mortgage lender in the United States. What’s remarkable is their rapid growth trajectory. The company began as a broker in 2019 before strategically evolving into a direct lender, a change that improved their processing efficiency. They maintain an A-plus Better Business Bureau rating and a strong Google review score of 4.5 stars.

Pros	Cons	💡 Tip
Fourth largest reverse mortgage lender nationally	Relatively young company, founded only in 2019	Their technology-focused approach means a smoother digital application experience 💻
Technology-driven processing for faster, more efficient closings	Less track record compared to 20-year veterans	Ask about their current processing timelines and compare with Fairway’s speed ⏱️

📞 Contact: Based in Maryland. Visit southrivermortgage.com for current contact details.

💡 Pro Tip: South River’s rapid ascent from broker to the fourth-largest lender signals serious operational competence. Their tech-forward approach appeals to seniors who are comfortable doing business online.

📖 12. New American Funding: The High-Volume Lender With Strong Customer Scores

New American Funding brings both scale and customer satisfaction to the table. They hold an A-plus BBB rating with 4.68 out of 5 stars and 94% positive reviews. As a full-service mortgage company, they offer reverse mortgages alongside their conventional lending products, giving borrowers access to a broad range of financial options.

Pros	Cons	💡 Tip
Strong 94% positive review rate with A-plus BBB rating	Higher complaint count of 143 on BBB compared to smaller specialists	Ask about their specific reverse mortgage team rather than going through general channels 🎯
Full-service lender with diverse mortgage product offerings	As a general mortgage company, reverse mortgage may not be their primary focus	Compare their rates directly with dedicated reverse mortgage lenders like Longbridge 📉

📞 Contact: Visit newamericanfunding.com for local branch contacts

💡 Pro Tip: New American Funding’s size means they have strong relationships with underwriters and can sometimes push through approvals that smaller lenders might struggle with. Their broad product lineup also means they can suggest alternatives if a reverse mortgage isn’t your best option.

📋 Master Comparison: All 12 Lenders at a Glance

Lender	Best For	Min. Age	BBB	Phone
🏢 Finance of America	Widest product variety	55+ (proprietary)	A+	(800) 816-8179
📈 CrossCountry Mortgage	Younger seniors (55+)	55+ (proprietary)	F	(877) 351-3400
💵 Longbridge Financial	Lowest fees, veterans	62+ (HECM)	A+	(855) 523-4326
🌟 All Reverse (ARLO)	Best overall reputation	62+	A+	(800) 565-1722
🏦 Mutual of Omaha	Brand trust, education	62+	A+	(800) 578-0283
⚡ Fairway Independent	Fastest closing speed	62+	A-	(866) 948-6020
🏆 HighTechLending	Near-perfect reviews	62+	A+	(866) 714-2040
🌿 GoodLife Home Loans	Lowest adjustable rates	62+	A+	Via website
🛡️ Liberty Reverse	No origination fees	62+	A+	(866) 497-6746
🏗️ Guild Mortgage	Non-standard properties	62+	Varies	Via website
📊 South River Mortgage	Tech-savvy borrowers	62+	A+	Via website
📖 New American Funding	Full-service borrowers	62+	A+	Via website

🚨 The Critical Government Resources Every Senior Must Know

Before you contact a single lender, here are the government resources that exist specifically to protect you.

You can contact the FHA Resource Center for assistance at 1-800-225-5342. For hearing or speech impairments, access this number via TTY by calling the Federal Information Relay Service at (800) 877-8339. You may also submit questions by email at [email protected].

The Consumer Financial Protection Bureau also maintains a dedicated reverse mortgage resource center and accepts complaints about lenders. The National Reverse Mortgage Lenders Association maintains a lender locator tool where all listed lenders have signed a Code of Conduct and Professional Responsibility.

And here’s the most important thing nobody emphasizes enough: you might be able to negotiate closing costs with the lender. That’s right. Those fees aren’t always set in stone. Ask, push, and compare. Your retirement depends on it.

⚠️ Final Warning: What the Ads Won’t Tell You

A reverse mortgage can be a powerful retirement tool, but it is not free money. You’ll need the financial resources to continue paying for homeowners insurance, property taxes, HOA fees if applicable, and home maintenance. Failing to meet these obligations can trigger a default, which can ultimately lead to foreclosure.

Be wary of reverse mortgage scams, including claims that a reverse mortgage could help you put off claiming Social Security benefits or buy a home with no money down, or requiring you to sign a document with blank fields.

The smartest thing you can do? Call at least three lenders from this list, complete your mandatory HUD counseling session, and compare every single number before signing anything. Your home is likely your most valuable asset. Treat this decision with the seriousness it deserves.

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