Best Reverse Mortgage Companies 2023

As Americans tire of paying higher prices at the pump, grocery stores and elsewhere, many are looking for additional ways to make ends meet. An option for senior homeowners is a Reverse mortgage.

A Reverse mortgage A unique type of mortgage loan for older borrowers, typically 62 or older. These loans enable you to convert a portion of your home equity into cash. Taking out a reverse mortgage can provide a lifeline for anyone on a fixed income who wants to continue living in their home but needs extra cash for living expenses.

Reverse mortgages can provide you with funding in a variety of ways, including a lump sum of cash, an open line of credit or fixed monthly payments. The most popular reverse mortgage is the home equity conversion mortgage (HECM), a government-backed reverse mortgage with a borrowing limit of up to $1,089,300. You will eventually have to settle the debt when you move out of the house. Typically, the borrower or their heirs repay the reverse mortgage from the proceeds of the sale of the home.

To help you explore your options, we’ve broken down the best reverse mortgage companies into a few categories.

Explore your reverse mortgage options here to see how much you qualify for

Best Reverse Mortgage Companies 2023

Here are our picks for the best reverse mortgage companies today.

Best Overall: Fairway Independent Mortgage

Fairway Independent Mortgage is our pick for Best Reverse Mortgage Lender of 2023. Although the company is smaller than many of its competitors, they have hundreds of local offices thanks to personal support, strong customer reviews, an A+ Better Business Bureau (BBB) ​​rating. ratings, and competitive interest rates.

The company offers up to six options for receiving your income, including a lump sum payment, fixed monthly payments or a line of credit. At least if there is 50% equity in your homeyou can Qualify for a reverse mortgage. Check to learn more about Fairway’s eligibility and go through your options.

Best for low interest rates: Longbridge

As with other types of loans, interest rates vary by lender. Longbridge Financial consistently offers some of the lowest rates available in the reverse mortgage industry. According to its website, reverse mortgage rates typically fall just below fixed-rate mortgages.

Longbridge lowers the age requirement to 55 for its Jumbo Longbridge Platinum mortgage. If you’re thinking about downsizing, Longbridge offers HECM for Purchase Reverse Mortgages to help you purchase a new primary residence and reduce your out-of-pocket expenses. The company provides extensive information and resources on its website, including a Reverse mortgage calculator and an FAQ page.

Learn more here.

Best for Customer Service: America’s Money

Finance of America Reverse is one of the nation’s largest reverse mortgage lenders. But while many large corporations struggle to provide excellent customer service, that is not the case with Finance of America Rivers. A pair of lenders A+ BBB rating With a 4.2 TrustPilot rating.

A little-recognized element of customer service is providing resources so borrowers don’t have to call for service. Along these lines, the Finance of America reverse website offers an informative blog, a mortgage calculator, and an extensive FAQ page that answers questions relevant to each of its products.

Best Review: American Advisor Group (AAG)

American Advisors Group (AAG) is another top reverse loan originator and for good reason. They deliver to their customers, who love to share their experiences. The company boasts over 7,000 combined reviews on TrustPilot and the Better Business Bureau with a 4.6 rating on both platforms.

AAG allows you to receive your funds in a number of ways, including a lump sum payment or line of credit. You can use the money to pay off your mortgage—need a loan—or for home care, home improvement or to help make ends meet.

Learn more here.

Best for owners who need cash now: Fairway Independent Mortgage

Generally, the reverse mortgage application process takes between 30 and 45 days. Remember, the Department of Housing and Urban Development (HUD) requires you to complete reverse mortgage counseling before applying. You may have to be patient to receive your money.

Fairway Independent Mortgage is working to speed up its funding times and lenders can close some loans in as little as 17 days. So if you need cash soon, the company may be worth considering. Still, it’s always wise to shop around and compare multiple loan offers to identify the loan with the best balance rate, flexible funding and repayment terms, fees and other considerations. Use the table below to explore some of your best options in one place

Bottom line

Getting a reverse mortgage You can help access the cash you need, but It is not without risk. If you don’t live in your home as your primary residence, fail to maintain it or fall behind on required expenses like property taxes or HOA insurance, the lender can foreclose on your home.

If you want to know more, you can talk to your current bank or credit union or get quotes from the lenders above. Comparing several reverse mortgage loan options can help you identify which one best addresses your short-term and long-term needs.