Introduction

As the population ages, reverse mortgages are becoming increasingly popular among seniors who want to utilize their home equity to supplement their retirement income. With so many reverse mortgage companies out there, it can be challenging to find the best one for your needs. In this article, we’ll go through some of the top reverse mortgage companies in the market and what makes them stand out.

1. American Advisors Group (AAG)

American Advisors Group is a leading reverse mortgage lender in the United States. AAG has been in business since 2004 and offers a variety of reverse mortgage products, including Home Equity Conversion Mortgages (HECMs), jumbo reverse mortgages, and refinancing options. With an easy-to-use online interface and a dedicated team of experts on hand to provide guidance and support, AAG stands out for its customer-focused approach.

2. Finance of America Reverse (FAR)

Finance of America Reverse is another top-rated reverse mortgage lender that specializes in helping seniors enhance their financial security. FAR offers HECM loans as well as proprietary reverse mortgages called HomeSafe® for homeowners with higher home values. Recognized for its commitment to innovation and customer satisfaction, FAR also provides educational resources and personalized support.

3. Longbridge Financial

Longbridge Financial is a reputable reverse mortgage company known for its strong commitment to ethics, consumer education, and transparency. They offer both HECM loans and jumbo reverse mortgages known as Platinum loans. Longbridge Financial has a unique concierge approach to customer service that helps ensure borrowers understand all aspects of the process.

4. Reverse Mortgage Funding (RMF)

Reverse Mortgage Funding is a national lender specializing exclusively in reverse mortgage products. RMF offers various options including HECMs, HECM refinancing, and their proprietary Equity Elite® product designed for homeowners with higher home values. They provide educational materials, personalized assistance, and competitive interest rates for a comprehensive reverse mortgage solution.

5. One Reverse Mortgage

Owned by Quicken Loans, One Reverse Mortgage (ORM) is another well-regarded reverse mortgage company that focuses exclusively on providing HECM loans. ORM stands out for its user-friendly online platform and commitment to transparent communication with borrowers. They also offer a unique “HECM For Purchase” program, enabling seniors to purchase a new primary residence with a reverse mortgage.

Conclusion

Choosing the best reverse mortgage company is essential to ensure that you accurately understand the complexities of the product and enjoy a smooth application process. The companies listed above are known for their expertise, customer service, and variety of loan products tailored for different needs. Remember to do your research, compare rates, and speak with multiple lenders before making your decision. And always consult a Certified Reverse Mortgage Professional (CRMP) or financial advisor to determine if a reverse mortgage is the right choice for you.