Where to Apply for a Reverse Mortgage? 

Where to Apply for a Reverse Mortgage? 

You’ve done your research, you’ve considered all your options, and you’ve finally decided that a reverse mortgage is the best option for you to access the equity you’ve built up in your home.  

Now, the next question: Where do you apply for a reverse mortgage? 

This is an important decision. You don’t want to just pick the first company that comes along.  

In this article, we will go over important criteria to look for in a good reverse mortgage lender, and we will also give you some of our top recommendations.  

What to Look for in a Reverse Mortgage Company? 

Here are some criteria to consider before choosing a reverse mortgage lender:  

• Experience/Time in Business. The first factor to consider is how much experience the lender has with reverse mortgages and how long the company has been in business. You want to be sure the company has an established history and is going to continue to be around to assist you throughout the life of your loan. 
• Excellent customer service. Nothing can ruin your experience with a company like bad customer service. The reverse mortgage process is a unique experience. You want to be sure that you will be taken care of throughout the entire process.  
• Superior borrower reviews. One way to know more about the lender’s customer service is to read borrower reviews. You can find some such reviews on our lender review pages, where we also compile the customer review ratings from all major third-party websites such as Trustpilot, Consumer Affairs, Experience.com, and others. 
• Loan options. The Federal Housing Administration puts a limit on how much borrowers may receive as part of a Home Equity Conversion Mortgage (HECM), which is the most common type of reverse mortgage used. If you own a home with equity that is more than that limit, you may want to borrow more than the FHA limit. Several reverse mortgage lenders offer these loans, which are typically known as jumbo loans. If you think you may fall under this category, you will want to look for a lender who also offers jumbo loans. 

• Other factors. Other factors to consider are the states where the lender operates. Not all lenders originate loans in all 50 states. You’ll want to be sure that the lenders you are considering do business in your state. On this page of recommended lenders, we include a state drop-down menu. When you select your state, you will be given a list of reverse mortgage lenders who originate HECM reverse mortgages where you live.  

Mutual of Omaha Mortgage 

One of the reasons we love Mutual of Omaha Mortgage is because it’s part of a brand that’s been around for more than 100 years. It’s also a brand that you or someone you know has very likely already worked with.  

Mutual of Omaha originates reverse mortgages in 48 states and the District of Columbia. The only states where it is not available are New York and West Virginia.  

It has high ratings on third party review websites and is consistently praised for its customer service.  

Mutual of Omaha offers traditional reverse mortgages, reverse mortgage for purchase, and reverse mortgage jumbo loans up to $4 million. 

Other perks of Mutual of Omaha are its copious reverse mortgage calculators and its user-friendly mobile app.  

Read our full Mutual of Omaha Mortgage review.  

Premier Reverse Mortgage 

We like Premier for the personal service its customers get from CEO and founder Matt Neumeyer. The only downside is that you have to live in one of the nine states where Premier operates.  

Premier offers traditional reverse mortgages, reverse mortgage for purchase, and condo reverse mortgages.  

It is highly rated by its customers on third-party review websites, but due to its limited availability, it has a lot fewer reviews when compared to other reverse mortgage lenders.  

Premier offers a lot of helpful information on its websites including several guides including a guide for adult children.  

Read our full Premier Reverse Mortgage review.  

American Advisors Group (AAG)

We like AAG for its extensive experience in the reverse mortgage industry. It currently originates more than 1,000 loans per month.  

AAG offers traditional reverse mortgages, HECM for purchase, refinance loans, and jumbo reverse mortgages.  

It was founded in 2004, and it is available to offer loans to customers in 49 states and the District of Columbia. Massachusetts is the only state where it is unable to offer reverse mortgage loans. 

It has high customer service ratings on third party review platforms and has an A+ rating from the Better Business Bureau. 

AAG offers extensive information on its website as well as free calculators for customers to get an estimate of what they might be able to receive from a reverse mortgage.  

The reason for not giving AAG a higher ranking is due to allegations from the Consumer Financial Protection Bureau (CFPB) that it engaged in deceptive marketing practices. 

Read our full AAG review.