Most reverse mortgages in the United States are Home Equity Conversion Mortgages (HECMs). These loans follow rules and guidelines set by the US Department of Housing and Urban Development and are insured by the Federal Housing Administration. In other words, the product is highly standardized. This means that there are many lenders out there who can help you, and in general you would do well to shop around, compare offers, and find someone with whom you’re comfortable working before making a decision.
One important thing to note is that major banks like Bank of America and Wells Fargo do not offer reverse mortgages. Both did in the past but exited the business around 2011. Instead, you will find smaller companies that focus largely or exclusively on HECM loans. Leverage this expertise to make sure that the product is a good fit for your needs.
Top Lenders in 2014
We’ve put together this list of the top HECM lenders in 2014, sorted by total loans. This list was put together using data published by HUD.
- AMERICAN ADVISORS GROUP
- ONE REVERSE MORTGAGE LLC
- REVERSE MORTGAGE SOLUTIONS INC
- LIBERTY HOME EQUITY SOLUTIONS INC
- PROFICIO MORTGAGE VENTURES LLC
- URBAN FINANCIAL OF AMERICA LLC
- GENERATION MORTGAGE COMPANY
- NET EQUITY FINANCIAL INC
- HIGH TECH LENDING INC
- CHERRY CREEK MORTGAGE CO INC
- MAVERICK FUNDING CORP.
- IREVERSE HOME LOANS, LLC
- ASSOCIATED MORTGAGE BANKERS, INC.
- OPEN MORTGAGE LLC