Best Reverse Mortgage Lenders

American Advisors Group offers a variety of reverse mortgages to help meet customers where they are. The company provides a number of payout options, including a line of credit that can grow over time.

To make sure loan officers are fully equipped to help borrowers, the company has its own training department. It requires loan officers to take six weeks of comprehensive training before they can help customers. After the initial six weeks, training is ongoing. AAG loan officers only specialize in reverse mortgage loans rather than a wide range of complex mortgage products.

Full loan requirements are not available online; you’ll need to contact the company or start an application to get those. However, the company does state you’ll need to participate in reverse mortgage counseling and complete a financial assessment.

• Refinancing options
• Multiple payout options
• Loans up to $4 million

• Limited physical branch locations
• Not available in New York and Nevada
• High fees

Many chose American Advisors Group because it was easy to work with and had reasonable rates. “[The loan officer] was an excellent teacher and easy to speak with. Listened when I spoke, promptly gave me back the information I was looking for, and was pleasant,“ said a reviewer from Illinois. Others agree that the loan officers are quick to answer questions and make them feel comfortable through the process.

A couple of complaints are directed toward the slow speed of the underwriting department.

Finance of America Reverse (FAR) offers both government-backed and private reverse mortgages, which can help borrowers access more equity than the current HECM limits. Its website is more user-friendly than other reverse mortgage lenders and packed with helpful resources like videos and calculators.

Its HomeSafe program offers second-lien reverse mortgages for borrowers who want to keep their low rate but tap into more equity. Additionally, FAR offers EquityAvail, a home equity product for homeowners 62 who do not qualify for a reverse mortgage but need lower monthly payments. Both of these products are available in a limited number of states.

To get more information about its reverse mortgage options, you can complete a questionnaire on the website or call to speak with a representative. Reverse mortgage amounts are available up to $4 million, and there are loan options with no origination fees.

• High dollar amounts
• No origination fees
• Reverse mortgage options available to those younger than 62

• HomeSafe program not available nationwide
• Requirements vary by state

Customers were pleased with how thoroughly FAR’s company’s representatives answered all their questions and thought the overall process and rates were better than those of other lenders. “Finance of America went out of their way to make me feel comfortable with the process. They explained my options and showed me everything in writing. It was very clear,” said one customer from New York.

Some customers expressed frustration with paying excess fees for multiple appraisals and maintenance insurance.

Liberty Reverse Mortgage is a direct lender and specializes in reverse mortgages. It has helped more than 75,000 borrowers since 2004. Homeowners can see if they qualify for a reverse mortgage within seconds without inputting sensitive financial information.

Liberty does not force you to pay any lender fees upfront; you can finance them into the loan. Additionally, The Liberty Iron Clad Guarantee is a price match and closing date guarantee. If it cannot close your loan 60 days after receiving your application, you will receive $500 toward your closing costs.

As with other lenders, you will be required to attend reverse mortgage counseling and live in your home as your primary residence. Additionally, you will be required to have a home appraisal and you will need to pay the initial mortgage insurance premium both at closing and annually over the life of the loan.

• Price match and closing date guarantee
• Free personalized loan assessment
• Available in 48 states

• Only HECMs
• High fees
• Fewer loan options than some competitors

Customers liked that the company’s representatives took the time to answer all questions throughout the application and underwriting processes, which is especially helpful, since refinancing reverse mortgages can be a tricky process.

While reviewers were happy with the reverse mortgage process, many felt it took too long. One customer from California said, “I refinanced and the application and the underwriting process took just a few weeks. It took quite awhile overall, though. I started in August (2021), and it ended Jan. 1 of this year (2022).”