Best reverse mortgage companies of December 2025

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Years ago, reverse mortgages had a shady reputation for putting older homeowners into too much debt. Now, thanks to higher standards and oversight, these mortgage types can be great tools for seniors looking to boost their income during their retirement years.

Best reverse mortgage lenders of December 2025

Best reverse mortgage company overall: Mutual of Omaha

The Yahoo view: Mutual of Omaha consistently ranks among the top-volume reverse mortgage lenders in the nation and offers an extensive selection of reverse mortgage solutions.

Key benefits

• Mutual of Omaha was the highest-volume reverse mortgage provider in 2024.

• Mutual of Omaha earns strong financial health grades from the nation's leading credit rating companies.

Need to know

• Getting information from the website is challenging. Clicking on “Reverse Mortgage” on the “Products” menu takes you only to a page with a contact form that must be completed to receive a reverse mortgage guide.

• A link from the Mutual of Omaha site to a reverse mortgage lender review site called Review Counsel shows Mutual of Omaha as a number one Featured Lender with a five-star rating. The site is owned and operated by Mutual of Omaha.

• Not licensed to serve in New York.

Best reverse mortgage company for online resources: Finance of America

The Yahoo view: Finance of America has deep educational resources to guide potential clients through the reverse mortgage process.

Key benefits

• A reverse mortgage calculator supplies an estimate of the proceeds you might be eligible for in four easy steps.

• The Education Center defines reverse mortgages, explains how they work, and answers common questions.

• Offers reverse mortgage solutions for four scenarios: eliminating a mortgage, addressing expenses, funding home improvements, and maintaining or upgrading lifestyle.

Need to know

• Finance of America acquired American Advisors Group (AAG), another reverse mortgage provider, in 2023 and finally combined the brands in the third quarter of 2024.

Best company for high-value (jumbo) reverse mortgages: Longbridge Financial

The Yahoo view: Another leading reverse mortgage lender, Longbridge Financial, caters to homeowners with high-value homes.

Key benefits

• A proprietary (non-HECM) reverse mortgage program called Longbridge Platinum offers a line of credit of up to $4 million to homeowners age 55 and older.

• Offers a $500 discount on closing costs to active military members and veterans.

Need to know

• The Home Equity Conversion Mortgage (HECM) program requires reverse mortgage counseling before submitting an application.

• A mobile app provides access to online account information and statements.

• Longbridge Financial offers another type of mortgage for senior citizens: the HELOC For Seniors® program. Instead of receiving payments like with a reverse mortgage, you draw from your line of credit as needed and make interest-only payments. But like a reverse mortgage, you don't have to repay the funds until you move out of the house or pass away.

Best reverse mortgage company for fast closings: Fairway Independent Mortgage

The Yahoo view: Fairway Independent Mortgage offers reverse mortgages and has a reputation for quick closings.

Key benefits

• Already known for speedy closings, Fairway launched a "15-Day Close" program for HECM reverse loans in 2024. Competitors often mention a closing time frame of 30 to 45 days.

• A strong reverse mortgage resource center includes video testimonials from satisfied clients.

• Mortgage Builder is a free online tool for borrowers age 62 and older that delivers mortgage options based on your financial goals and situation.

Need to know

• Founded in 1996 as a retail mortgage lender for home buyers, Fairway has also grown to be a top-five reverse mortgage lender by volume.

• Has branches in all 50 U.S. states.

Best reverse mortgage company for repayment flexibility: Guild Mortgage

The Yahoo view: Guild Mortgage has been a residential lender for 60 years and offers a suite of equity-tapping loan products.

Key benefits

• Guild's Flex Payment reverse mortgage allows you to refinance into a HECM to pay off your original mortgage or to sell your home to make a down payment on another house, then use funds from the HECM to cover the remaining amount.

• Offers fixed- and adjustable-rate HECMs.

• Reverse mortgage refinancing is available if better terms become available.

Need to know

• Reverse mortgages aren’t available in the state of Massachusetts.

Discover how and when to pay back a reverse mortgage.

Best reverse mortgage company for customer satisfaction: Movement Mortgage

The Yahoo view: Movement Mortgage has a complete lineup of reverse mortgage options and outscores its peers in customer satisfaction.

Key benefits

• Movement Mortgage is the highest-rated reverse mortgage lender in J.D. Power’s 2025 national customer satisfaction survey of mortgage originators.

• Available in all 50 states.

Need to know

• Doesn't offer an online application. A contact form puts you in touch with a mortgage rep.

• Commits 10% of its profits to charities in areas it serves.

How do reverse mortgages work?

A reverse mortgage allows you to access the value of your home without selling it up front.

A lender determines the amount of equity it will give you, minus fees and interest, and distributes that cash to you either as a lump sum, in monthly payments, as a line of credit — or as a combination of the three.

You will not make payments on the loan. Interest on the loan increases while the principal is reduced.

The portion of the equity paid to you, as well as the amount remaining in the home (and not available to you), is designed to last the lifetime of the youngest borrower or spouse, so that you won't owe more than the value of the home when you move out of the house or die.

Types of reverse mortgages

There are three types of reverse mortgages. The most common is the HECM, but there are two other variations that serve different purposes.

Proprietary reverse mortgages

Issued by private lenders (such as Longbridge Financial, which is on our best-of list), proprietary reverse mortgages are often designed for homeowners with high-value properties. Proprietary reverse mortgages aren't guaranteed by the government and may have higher expenses and interest rates than a HECM.

Single-purpose reverse mortgages

Provided by nonprofit organizations or government agencies, single-purpose reverse mortgages are primarily issued to low-income households to pay for urgent expenses. A local agency on aging may be able to assist you.

HECM reverse mortgages

The most common reverse mortgage is the Home Equity Conversion Mortgage, or HECM. It is issued by retail mortgage providers and backed by the FHA, which facilitates mortgage insurance and protects lenders from financial losses due to defaults. The loan proceeds can be used for any reason.

How to qualify for a reverse mortgage

Eligibility for most reverse mortgages requires the borrower to:

• Be 62 or older with no existing federal debt, such as taxes or student loans.

• Use the property as a primary residence with a paid-off loan or low mortgage balance.

• Complete a government-approved reverse mortgage consultation and be approved by a lender.

• Have the financial ability to maintain the home, taxes, and insurance.

Reverse mortgage fees

Reverse mortgage fees can be paid out of pocket as closing costs — or taken from the loan proceeds, which will reduce the sum you'll have access to.

Reverse mortgage fees include:

• Mortgage insurance premiums. Like all FHA-backed loans, HECMs (the most common type of reverse mortgage) require the payment of an up-front and ongoing mortgage insurance premium. The up-front MIP will equal 2% of the loan proceeds, while the monthly MIP will be 0.5% of the loan balance.

• Third-party fees. Like regular mortgages, there are charges assessed by outside vendors that perform services such as an appraisal, property survey, inspection, credit check, and title search. You may also pay for title insurance, recording fees, and other closing costs.

• Lender origination fee. A reverse mortgage lender may charge an origination fee of up to $6,000. It is calculated as 2% of the first $200,000 of the home's appraised value, or $2,500 (whichever is greater), plus 1% of the amount over $200,000.

• Loan servicing fee. The loan servicer may charge a monthly fee of no more than $30 (if the rate is fixed or adjusts annually) to $35 (if the rate adjusts monthly).

The fees listed above are for HECM reverse mortgages. Single-purpose and proprietary reverse mortgages fees will vary.

How do recording fees work, and how much do they cost?

Reverse mortgage pros and cons

Like any loan product, reverse mortgages have their pros and cons. Here are the main ones to consider:

Pros

• Being able to remain in your house while accessing some of the home equity

• Receiving a lump sum of cash or stream of income

• No monthly payments

• Funds received are tax-free and shouldn't impact retirement benefits

• Reverse mortgages are usually non-recourse loans; if the balance due exceeds the home's value at maturity, the borrowers or their heirs are not held financially accountable

Cons

• Fees and interest can be much higher than other equity-tapping options, such as a home equity line of credit (HELOC)

• You are accumulating debt and draining equity from your home

• You may lose your house to foreclosure if you don't maintain the home and stay current on property taxes and homeowners insurance

• The loan will come due if you stop using the house as a primary residence

• Will likely reduce inheritance assets for heirs

Reverse mortgage alternatives

For homeowners seeking options other than a reverse mortgage, there are debt and non-debt alternatives, including:

• A home equity loan or line of credit. You will still borrow your equity from a lender, but the interest rates and fees can be dramatically lower. And you'll make a monthly payment.

• Selling and downsizing. Selling your home and moving to a smaller house may put some equity cash in your pocket and still allow you to live in your own place.

• Refinancing. A cash-out refinance or traditional refi might be an option if you are willing to take on the debt and monthly payments.

 How to choose between a reverse mortgage vs. home equity loan vs. HELOC.

Is a reverse mortgage a good idea?

To know if a reverse mortgage is a good idea for you will take an honest conversation with someone who knows your financial situation. That can be your accountant, a Certified Financial Planner, or a government-approved housing counselor. Since you are required to talk to a housing counselor anyway, they can be a trusted second opinion after you speak to a financial advisor.

Best reverse mortgage company FAQs

What is the biggest problem with a reverse mortgage?

A reverse mortgage can lock you into a long-term commitment that leaves you little room for future housing options. You may deplete most or all of the value in your home. Then, if you want to move for any reason, you'll have no equity to use to relocate. You will also pay significant fees and interest to access your home's equity compared to other home equity options.

How do you pick a reverse mortgage lender?

First, decide which type of reverse mortgage you want. You can choose between a Home Equity Conversion Mortgage (the most common type backed by the FHA), a propriety reverse mortgage (for higher-value homes), or a single-purpose reverse mortgage (for lower-income households). Think about what's important to you in a reverse mortgage lender. For example, maybe you want one known for fast closings or one that offers loans to people under age 62. Once you've narrowed down your criteria, compare fees and customer service reviews among your top choices.

Can you cancel a reverse mortgage agreement?

You can, but the window is short. Most reverse mortgage agreements can be canceled within three business days (including Saturdays) following closing. This is known as the "right of rescission." That's also why you might not get the cash until three business days have passed after signing the loan.

What would disqualify me from a reverse mortgage?

You may be disqualified for a reverse mortgage if you are delinquent on federal debt, such as student loans, unless you are able to pay off the debt with the proceeds of the reverse mortgage. In most cases, you will also not be eligible for a reverse mortgage if you are under the age of 62 or have not met with a government-approved housing counselor.

What credit score is needed for a reverse mortgage?

While there is no minimum credit score required to qualify for a reverse mortgage, lenders will review your credit history and financial situation to determine whether you will have the income or assets required to pay homeowners insurance and property taxes while maintaining the home.

What types of homes do not qualify for a reverse mortgage?

If the house is not your principal residence, you will not qualify to use it for a reverse mortgage. It also must meet property standards, meaning if major repairs are needed, they must be done prior to getting a reverse mortgage. A home will not qualify if there is a substantial remaining mortgage loan balance. Finally, multifamily residences with more than four units, mobile homes, and co-ops do not qualify.

What is the first step in getting a reverse mortgage?

After doing some research on your own and before completing an application for a HECM reverse mortgage, you must talk to a HUD-approved housing counselor. It's required. The counselor may charge a fee — usually around $125 — but you will get beneficial insight into reverse mortgages and alternatives. Use this tool to find a government-approved housing counselor near you, or call 1-800-569-4287.

Who is the best person to talk to about reverse mortgages?

You'll most likely need to talk to a HUD-approved housing counselor to get a reverse mortgage. If you're getting a HECM reverse mortgage (the most common type), then talking to a counselor is required. They can help you decide if this type of home loan is right for you.

Methodology:

Yahoo Finance reviews and scores reverse mortgage companies based on: 1) Available products, 2) Reverse mortgage sales volume, 3) Closing times, 4) Customer satisfaction, and 5) Online resources.

Advertisers or sponsorships do not influence ratings.

Editorial disclosure for mortgages:

The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.

Laura Grace Tarpley edited this article.

Read More

Is a reverse mortgage a good idea?

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How and when do you pay back a reverse mortgage?

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