Best reverse mortgage lenders of 2024

A reverse mortgage can help retirees access cash while living on a fixed income.

Reverse mortgages allow you to borrow against your home’s value without the monthly payments that traditional mortgages or home equity loans require. The loan must only be repaid when you no longer use that home as your primary residence. The loan still accrues interest.

This type of loan typically doesn’t require applicants to have a minimum credit score. Instead, it focuses on how much equity you have in your home, depending on your age.

To help you choose the best reverse mortgage, CNBC Select rounded up the six best reverse mortgage lenders. To create this list, we considered dozens of lenders’ customer service, ease of applications, perks, affordability and details about their reverse mortgage options. (See our methodology for more on how we chose the best reverse mortgage lenders.)

Who’s this for? Finance of America Reverse (FAR) is for someone who wants options from their lender. FAR provides HECM loans and three loans unique to the lender: HomeSafe Standard, HomeSafe Second, and EquityAvail, designed to help homeowners find the best type of loan for them.

Standout benefits: FAR offers several loan options, tailored customer service for each loan type and a customer concierge service. Borrowers can call or email for support at any time. FAR’s website also provides educational resources and a reverse mortgage calculator.

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Who’s this for? Mutual of Omaha is for borrowers who want a big name backing their reverse mortgage and prefer to have in-person conversations with their lenders. Mutual of Omaha is a Fortune 500 company with dozens of retail locations nationwide.

Standout benefits: Mutual of Omaha doesn’t charge service fees when you take out one of their HECM options. It offers an online application and 24-hour customer service every day.

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Who’s this for? Guild Mortgage is for those who want to learn about the reverse mortgage process and apply in one place because Guild’s reverse mortgage website is easy to use and filled with information about reverse mortgages, along with an interactive step-by-step guide to applying.

Standout benefits: Guild has a range of options, including HECM for Purchase, which allows borrowers to buy a home in retirement without the monthly mortgage costs, and reverse refinance options for those looking to get more cash or more favorable terms.

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Who’s this for? Longbridge is for those who retire early and may want to supplement their fixed income with a reverse mortgage. It offers options for people in their 50s, younger than the typical 62 needed to score a reverse mortgage.

Standout benefits: The Longbridge Platinum, a jumbo loan, accepts applicants as young as 55. It will provide homeowners with up to $4 million and guarantees that the borrowers will never owe more than the home is worth when sold.

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Who’s this for? Fairway Reverse Mortgage is for retired borrowers who need cash now. The lender boasts a speedy closing time — as little as 17 days in some cases, per Fairway’s website. That’s much quicker than the typical one- to two-month wait reverse mortgage closings typically take.

Standout benefits: Fairway‘s website is brimming with educational and informational tools and articles to help borrowers find the best reverse mortgage option. Customers can also fill out a form on the website to speak with a reverse mortgage planner.

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Who’s this for? American Advisors Group is for those who value customer satisfaction above all else. It’s BBB-accredited with an A+ rating and receives high marks from its customers, with an overall customer rating of 4.75 out of 5 stars on BBB’s website, a very high score relative to its competitors.

Standout benefits: Aside from its stellar ratings, AAG offers various resources to help retirees learn about their reverse mortgage options, including a magazine called Seniority, which publishes stories about wellness financial planning in retirement and home equity.

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Mutual of Omaha is a Fortune 500 insurance and financial company, and one of the biggest reverse mortgage lenders in the country. It boasts a wide range of reverse mortgage options and robust customer service. It is BBB-accredited and has an A+ rating. Its website is easy to navigate and offers a reverse mortgage guide.

Loan types offered

HECM Reverse Mortgage, HECM for purchase, HomeSafe, Refinance 

Minimum home equity required

Generally, 50% but varied based on age.

Minimum age

For HECM products, 62. For HomeSafe, 55.

Max loan amount

$4 million

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Guild Mortgage provides a wide array of mortgage options, including reverse mortgages. Known for its customer service, it consistently ranks among the top lenders for customer satisfaction in J.D. Power surveys and has a BBB accreditation with an A+ rating.

Loan types offered

HECM, Refinance, Jumbo, Reverse for purchase

Minimum home equity required

No minimum equity. The total equity required in each case is based on the borrower’s age and the loan’s rate.

Minimum age

62 in most cases. 55 for some products in some states.

Max loan amount

$4 million

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Fairway Independent Mortgage Corporation is a lender with solid customer satisfaction reviews, several reverse mortgage options, and notably speedy closing times. The lender says it can close on its Home Equity Conversion Mortgage for Purchase (H4P) loan in 17 days, much shorter than the typical one to two months that it usually takes.

Loan types offered

HECM, H4P, Jumbo reverse

Minimum home equity required

Not specified, but says 50% is a “good rule of thumb.”

Minimum age

62

Max loan amount

$4 million

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Longbridge Financial is a mortgage lender that provides a diverse array of reverse mortgage options for retirees. It offers HECM loans, HECM for purchase, and a proprietary Platinum reverse mortgage that allows people as young as 55 to apply for a reverse mortgage. Longbridge is among the largest providers of reverse mortgages and has an accreditation and A+ rating from the BBB.

Loan types offered

HECM, HECM for Purchase, Longbridge Platinum

Minimum home equity required

Exact limit is not specified but considers 50% a good “rule of thumb”

Minimum age

55 for Longbridge Platinum, 62 for other types of reverse mortgages

Max loan amount

$4 million

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American Advisors Group is one of the biggest names in reverse mortgage lending. It is consistently rated well by customers and has an A+ rating from the BBB. In addition to lending, it publishes a magazine for retirees with stories about wellness, financial health, and home equity. AAG was bought by Finance of America Reverse — the largest reverse loan provider in the country —  in 2023 and is now run as a division of that company.

Loan types offered

HECM, HECM for purchase

Minimum home equity required

Depends on age, but around 50% on average

Minimum age

In most cases, 62. For some products in some states, 55.

Max loan amount

$4 million

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The most common type of reverse mortgage — a home equity conversion mortgage (HECM) — is federally insured by the Federal Housing Administration and reserved for those 62 and older. While most reverse mortgage providers offer HECMs, these lenders typically offer also other types, from jumbo reverse mortgages to reverse mortgages for those as young as 55.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best reverse mortgage lenders.

To determine which reverse mortgage lenders are best, CNBC Select analyzed dozens of U.S. mortgages offered by both online and brick-and-mortar banks, including large credit unions, that come with flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best mortgages, we focused on the following features:

• Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender is able to cater to a wider range of applicant needs. We also looked for lenders that offer loan and refinancing options that could work well for seniors, such as various types of reverse mortgages and cash-out refinancing loans.
• Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender.
• Flexible minimum and maximum loan amounts/terms: Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The mortgage lenders on our list do not charge borrowers for paying off the loan early. 
• Streamlined application process: We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches. 
• Customer support: Every mortgage lender on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Minimum down payment: Although minimum down payment amounts depend on the type of loan a borrower applies for, we noted lenders that offer additional specialty loans that come with a lower minimum down payment amount. 

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

Note that the rates and fee structures advertised for mortgages are subject to fluctuation in accordance with the Fed rate. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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