That matters more than ever. The 2026 Social Security cost-of-living adjustment is just 2.8%, adding roughly $56 a month to the average check, according to Forbes Advisor. For many retirees, that increase doesn't come close to covering rising property taxes, insurance, or healthcare costs.
This guide compares the top reverse mortgage lenders, breaks down how we evaluated them, and walks through what to check before signing anything.
TL;DR
- Reverse mortgages convert home equity into cash for homeowners 62+, with no required monthly payments
- Top lenders are judged on product variety, rates, fees, state coverage, and regulatory history
- Excel Mortgage Services, Finance of America, and Longbridge each fit different borrower needs
- Get quotes from at least two or three lenders and finish HUD counseling before committing
- Compare reverse mortgages against HELOCs and home equity loans before deciding
Overview of Reverse Mortgages in the U.S. Mortgage Market
A reverse mortgage lets homeowners age 62 or older borrow against their home's equity. Unlike a traditional mortgage, you don't make monthly payments. The loan comes due when you sell, move out permanently, or pass away.
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), insured by the FHA. HUD set the 2026 HECM maximum claim amount at $1,249,125. That figure is the ceiling for federally insured loans. Proprietary or "jumbo" reverse mortgages can go higher, but they do not carry federal insurance backing.
Below, we rank the lenders worth considering, including a regional option built around one-on-one guidance and several national names with wider footprints.
Best Reverse Mortgage Companies and Reviews
Rankings below weigh loan product variety, rates and fees, state coverage, customer reviews, and regulatory track record.
Excel Mortgage Services
Mortgage Loan Officer Chris Bonnema at Excel Mortgage Services works with homeowners across California, Arizona, Texas, Oregon, and Florida on reverse mortgages, refinancing, and home purchases. Based in Templeton, California, with an additional office in Georgetown, Texas, Chris built his practice around one-on-one guidance rather than call-center scale. That personal approach matters for reverse mortgages. The process involves mandatory HUD counseling, detailed paperwork, and decisions that affect your retirement and your heirs. Working with someone who answers the phone directly, rather than routing you through a queue, can make the process less stressful. Chris also helps clients pursue low rates and closing costs and work through roadblocks as they arise.
| Service Area | Specialty | Contact |
|---|---|---|
| California, Arizona, Texas, Oregon, Florida | Reverse mortgages, refinancing, home purchase loans | (805) 975-8584 / chris@myreloans.com |
Finance of America
Finance of America is one of the larger names in reverse mortgages, offering HECM, HomeSafe, and HomeSafe Second products. Certain HomeSafe proprietary loans advertise proceeds up to $4 million, well above the FHA's HECM ceiling. Finance of America Reverse LLC says it's licensed nationwide, though it notes it doesn't operate under that brand name in California, New Mexico, New York, and Oklahoma. HomeSafe products are also only available in select states. A note on history: the Department of Justice reported in 2020 that Finance of America Reverse agreed to pay $1.97 million to resolve False Claims Act allegations, plus $500,000 to HUD. No newer regulatory action has surfaced since.
| Minimum Age | Maximum Loan | States Served |
|---|---|---|
| 62 (standard HECM); some proprietary products allow younger borrowers | Up to $4M on certain HomeSafe products | Nationwide, with brand and product exclusions in some states |
Longbridge Financial
Longbridge stands out for its Platinum Preserve feature, which lets borrowers reserve 10% to 40% of their home equity for future needs, such as healthcare costs or leaving something for heirs. That's a meaningful differentiator if legacy planning is part of your decision. The company offers HECM, HECM for Purchase, and the proprietary Platinum product. Longbridge states its HECM origination is licensed in all 50 states, with servicing available nationwide plus D.C. Platinum is limited to select states and allows borrowers as young as 55, so it's not a strictly 62-and-up product.
| Product Types | Availability | Notable Feature |
|---|---|---|
| HECM, HECM for Purchase, proprietary/jumbo (Platinum) | All 50 states for HECM | Equity-preservation option reserving 10%-40% for heirs |
Guild Mortgage
Guild has been in business since 1960 and offers its Flex Payment suite, which includes HECM, Flex Jumbo (up to $4M with no mortgage insurance or federal lending limits), and HomeSafe Second (up to $500,000, fixed-rate, single payout). Guild reported branches in 49 states plus D.C. as of mid-2026. That's corporate footprint, not confirmation that every reverse product is sold in every one of those states. Customer reviews are a mixed signal. Guild's BBB profile shows 1.27 out of 5 stars from 33 reviews. Trustpilot shows 2.5 out of 5 from just 11 reviews, and Trustpilot itself flags that the sample may not be representative. Treat these as company-wide scores, not reverse-mortgage-specific feedback.
| Product Types | States Served | Customer Ratings |
|---|---|---|
| HECM purchase/refinance, Flex Jumbo, HomeSafe Second | 49 states + D.C. (corporate footprint) | 1.27/5 BBB (33 reviews); 2.5/5 Trustpilot (11 reviews) |
Fairway Independent Mortgage
Fairway offers HECM, Reverse for Purchase, jumbo reverse mortgages, and HomeSafe Second. Its standout feature is a hybrid eClosing option, launched in 2025, that lets borrowers review and e-sign most closing documents remotely. Some wet signatures are still required where law demands it. This matters most for people using a reverse mortgage to buy a new home. Coordinating a home purchase and a reverse mortgage closing at the same time is complicated enough without extra paperwork friction. Fairway says it's licensed in all 50 states, but it also warns that specific reverse mortgage rates, fees, and terms aren't available everywhere. Licensing and actual product availability aren't the same thing.
| Product Types | Availability | Best For |
|---|---|---|
| HECM, HECM for Purchase, proprietary | All 50 states (licensing); terms vary by state | Homebuyers using a reverse mortgage for purchase |
How We Chose the Best Reverse Mortgage Companies
The most common mistake borrowers make? Fixating on an advertised rate while ignoring fees, state restrictions, or a lender's regulatory history. A low headline rate paired with high closing costs can cost more over time than a slightly higher rate with lower fees.
We evaluated lenders on:
- Product variety: HECM, proprietary/jumbo, and purpose-built features like equity preservation
- Interest rates and fees: origination, closing costs, and mortgage insurance premiums
- State availability: actual licensing and product availability, not just corporate presence
- Customer reviews: BBB and Trustpilot scores, with attention to sample size and recency
- Regulatory and lawsuit history: checked against DOJ, CFPB, and HUD records
Together, these checks surface total cost, real availability in your state, and whether a lender’s record supports a decision this large in retirement.
Who Should Consider a Reverse Mortgage
A reverse mortgage can fit if you meet most of these conditions:
- Age 62 or older with substantial home equity
- Plan to stay in the home long-term
- Need supplemental cash flow in retirement
- Are comfortable reducing the equity left to heirs
It is usually a weaker fit if you expect to move within a few years, have thin equity, or want the home passed on debt-free.
Even when you look like a strong candidate, treat the product with care:
- AARP — flags real downsides, including foreclosure risk if you fall behind on taxes or insurance, and notes “there's always a risk when borrowing against your home equity”
- Dave Ramsey — publicly criticizes reverse mortgages as risky tools that convert home equity to cash without a sale
- Broad advisor consensus — treat them as a supplemental or last-resort income option, not a first move
Before you proceed, talk with family and complete a session with a HUD-approved counselor. Counseling is required for HECM loans and is one of the stronger consumer protections in the process.
Understanding Reverse Mortgage Costs and Fees
Reverse mortgages aren't free money. Upfront and ongoing costs eat into your equity over time.
Upfront costs:
- HUD-approved counseling fee (varies by agency; can be waived if unaffordable)
- Origination fee, generally $6,000 or less per CFPB guidance
- Closing costs, roughly 2%-6% of home value depending on the lender
- Upfront mortgage insurance premium, typically 2% of the maximum claim amount
Ongoing costs:
- Annual mortgage insurance premium, around 0.5% of the outstanding balance
- Monthly loan servicing fees
- Interest that accrues and compounds on the growing loan balance
Those fees and interest reduce both your net proceeds and the equity left in your home. How much you can borrow still depends on your age, home value, and current rates. Older borrowers with more equity typically qualify for larger payouts.
Most lenders provide a reverse mortgage calculator, but treat those numbers as estimates until you get a formal quote.
Conclusion
Choosing the right reverse mortgage lender comes down to comparing rates, fees, and reputation, not just picking the most recognizable name. A national brand with a $4 million jumbo product might be wrong for you if you only need a modest amount and want someone local who'll walk you through every form.
Before you sign, lock in these steps:
- Get quotes from multiple lenders
- Complete your HUD counseling session
- Talk through the decision with your family
If you'd like personalized guidance, Chris Bonnema at Excel Mortgage Services works directly with homeowners across California, Arizona, Texas, Oregon, and Florida. Reach him at (805) 975-8584 or chris@myreloans.com.
Frequently Asked Questions
Who is a good candidate for a reverse mortgage, and at what age is it most beneficial?
Homeowners 62+ with substantial equity who plan to stay in their home long-term benefit most. Waiting past 62 generally increases the payout you can access, since proceeds scale with age.
What do experts and organizations say about reverse mortgages?
Most experts, including AARP and Dave Ramsey, urge caution. They generally recommend reverse mortgages as a last-resort option rather than a primary retirement income strategy.
Who are the most reputable reverse mortgage lenders?
Reputable lenders carry strong BBB and Trustpilot ratings, have no major regulatory actions, and are HUD-approved. Longbridge and Fairway show cleaner regulatory records among the national names covered above.
What fees will I pay, and how much money can I get from a reverse mortgage?
Expect origination fees, closing costs, and mortgage insurance premiums. Borrowing power depends on your age, home value, and the FHA's $1,249,125 lending limit for 2026.
Can I lose my home with a reverse mortgage?
Yes. Failing to pay property taxes or homeowners insurance, or letting the home fall into disrepair, can trigger foreclosure even without missed loan payments.
What happens to a reverse mortgage when the borrower dies?
The loan becomes due and payable. Heirs can repay the balance, refinance, or sell the home to satisfy what's owed, usually within six months, with possible extensions.
