A reverse mortgage is a loan option designed for homeowners aged 62 and older. Instead of making monthly mortgage payments, eligible homeowners can receive funds—either as a lump sum, monthly disbursements, or a line of credit—while continuing to live in and own their home. The loan is repaid when the homeowner sells the property, moves out permanently, or passes away.
With interest rates remaining high and the real estate market still finding its footing, more seniors are turning to reverse mortgages as a strategic way to stay in their homes while unlocking the value of their equity. But not all lenders are created equal. Choosing the best reverse mortgage company can significantly impact how seamless—and rewarding—your experience will be.
To help you make an informed choice, we reviewed the most endorsed reverse mortgage lenders of 2024. Our rankings are based on the number of verified endorsements each company received this year—a strong indicator of trust and customer satisfaction. Leading the list is our top-ranked provider, recognized for earning the highest number of endorsements in 2024.
Five Most In-Demand Lenders by Number of FHA Endorsements
| Rank | Lender | Endorsements (2024) | Market Share (2024) | Years in Business |
|---|---|---|---|---|
| 1 | Mutual of Omaha Mortgage | 6,149 | 22.91% | 116 |
| 2 | Finance of America Reverse | 5,946 | 22.16% | 12 |
| 3 | Longbridge Financial | 3,299 | 12.29% | 12 |
| 4 | Liberty Reverse Mortgage | 1,125 | 4.19% | 2 |
| 5 | Fairway Independent Mortgage | 1,069 | 3.98% | 29 |
Reverse Mortgage 101
What is a Reverse Mortgage?
A reverse mortgage is a loan that allows older homeowners to borrow money using their home as collateral—without having to sell it or move out. Instead of making monthly payments to a lender, the homeowner receives money, which can be used for anything from medical bills to home repairs or everyday expenses.
The loan is repaid when the homeowner sells the house, moves out permanently, or passes away. It’s a way for seniors to turn part of their home’s value into cash while continuing to live there.
Who Qualifies ?
To be eligible for a reverse mortgage, a homeowner must be at least 62 years old, live in the home as their primary residence, and have built up significant equity. The amount they can borrow depends on their age, the home’s value, current interest rates, and federal lending limits.
Payout Options
The homeowner can choose how to receive the remaining funds. Common options include:
- Lump sum
A one-time payment, often used for large expenses or debt payoff.
- Monthly payments
A steady stream of income for a set period or for as long as the homeowner lives in the home.
- Line of credit
Funds that can be drawn as needed, offering flexibility and control.
- Combination
A mix of the above options, tailored to the homeowner’s financial goals.
These choices allow homeowners to use their home equity in a way that best supports their lifestyle and long-term needs.
Pros & Cons of Reverse Mortgages
Before choosing a reverse mortgage, it’s essential to understand both the benefits and potential drawbacks—so you can determine if it aligns with your financial goals. Use this guide to help you navigate the reverse mortgage landscape with clarity and confidence. With expert insights and support, finding the best reverse mortgage company for you will help you make a well-informed decision that aligns with your financial goals.
Reverse Mortgage Pros
- Stay in your home
You retain ownership and can continue living in your home for as long as you meet the loan requirements, such as paying property taxes, insurance, and maintenance.
- No monthly mortgage payments
A reverse mortgage pays off your existing mortgage (if you have one), eliminating monthly payments and freeing up your budget.
- Tax-free cash
The money you receive isn’t considered taxable income, so it won’t affect your Social Security or Medicare benefits. You can use the funds for anything—daily expenses, medical bills, home improvements, or travel.
- Flexible payout options
Choose how you receive your funds: a lump sum, monthly payments, a line of credit, or a combination that fits your needs.
- Non-recourse loan protection
You or your heirs will never owe more than the home is worth when the loan is repaid, even if the housing market declines.
- Support for loved ones
Some borrowers use reverse mortgage proceeds to help family members with education, housing, or other financial needs.
- Simple application process
When working with a top reverse mortgage company, the process is typically straightforward, with guidance available every step of the way.
- Helpful tools available
Many lenders offer free online calculators to estimate how much you may qualify for based on your age, home value, and other factors
Reverse Mortgage Cons
- High Upfront Costs
Reverse mortgages often come with higher fees and closing costs compared to traditional loans.
- Impact on Inheritance
Heirs may receive less or no equity from the home, as the loan must be repaid when the borrower passes away or moves out.
- Home Must Be Maintained
Borrowers are responsible for property taxes, insurance, and maintenance. Failure to meet these obligations can lead to foreclosure.
- Loan Becomes Due Upon Leaving Home
If the borrower moves out for more than 12 months (e.g., into assisted living), the loan becomes due, which may force a home sale.
Frequently Asked Questions
Q: How do I choose a reverse mortgage lender?
A: Look for lenders approved by the Federal Housing Administration (FHA). Compare interest rates, fees, and customer reviews. It’s also wise to consult a HUD-approved housing counselor to help you evaluate your options.
Q: How long does it take to get a reverse mortgage?
A: The process typically takes 30 to 60 days from application to funding. Timelines can vary depending on how quickly you complete counseling, the home appraisal, and required paperwork.
Q: What is the maximum principal amount on a reverse mortgage?
A: In 2025, the FHA’s lending limit for a reverse mortgage (HECM) is $1,209,750. This is the maximum home value that can be considered when calculating how much you can borrow.
Q: Does your credit score affect reverse mortgage?
A: Your credit score doesn’t determine eligibility, but lenders will review your credit history to assess your ability to meet ongoing obligations like property taxes and insurance. A poor credit history may require setting aside funds to cover these costs.
Q: How do you pay back a reverse mortgage?
A: The loan is typically repaid when you sell the home, move out permanently, or pass away. The home is usually sold, and the proceeds are used to repay the loan. You or your heirs will never owe more than the home’s value.
The Most In-Demand Reverse Mortgage Lender for 2025 – Mutual of Omaha Mortgage
Company History
Mutual of Omaha Reverse Mortgage is the nation’s leading reverse mortgage provider. As a division of Mutual of Omaha, Fortune 300 company with more than 115 years of experience—this trusted organization brings financial strength, stability, and a legacy of customer-first values to every interaction. With a focus on personalized service, Mutual of Omaha Reverse Mortgage offers more than just a loan—it offers peace of mind.
Loan Options
HECM Reverse Mortgage
A Home Equity Conversion Mortgage (HECM) commonly known as a reverse mortgage, is a federally backed loan that allows homeowners 62 years or older to convert a portion of their home equity into cash without having to sell their homes.
HECM for Purchase
A HECM for Purchase is a type of reverse mortgage insured by the Federal Housing Administration (FHA) that allows seniors aged 62 or older to purchase a new primary residence using a reverse mortgage loan without having to make monthly payments.
SecureEquity+
SecureEquity+ is a proprietary reverse mortgage loan offered by Mutual of Omaha Mortgage, designed specifically for homeowners aged 55 and older with high-value properties. This specialized financial solution allows eligible borrowers to access up to $4 million of their home equity—providing greater flexibility, earlier access, and tailored support beyond what traditional reverse mortgages typically offer.
Refinance Loan
If you already have a reverse mortgage, refinancing could help you access more equity, secure better loan terms, or lower your interest rate. Mutual of Omaha Mortgage is here to guide you through the process and ensure your new loan aligns with your financial goals.
Application Process
- Consultation & Loan Review
Speak with a reverse mortgage specialist to evaluate your current loan and explore refinancing options. - Home Appraisal
An updated appraisal will determine your home’s current value and how much additional equity you may qualify for. - Loan Application & Financial Assessment
Apply and undergo a financial review to ensure you meet FHA guidelines. - Choose Your Loan Terms
Select from available interest rates and loan options that best fit your needs. - Close on Your New Loan
Finalize your refinance and access any newly available funds while maintaining the benefits of your reverse mortgage.
Choosing the Best Reverse Mortgage Company for Your Needs
As the reverse mortgage landscape continues to evolve in 2025, choosing the top reverse mortgage company for your specific needs is more important than ever. Whether you’re looking for flexibility, personalized service, or a lender with a long-standing reputation for trust and integrity, the companies highlighted in this guide offer a range of solutions to meet your financial goals.
Among them, Mutual of Omaha Mortgage stands out as a top choice—combining over a century of experience with a customer-first approach and innovative loan options like SecureEquity+. Their commitment to transparency, education, and exceptional service makes them a leading name in the industry.
If you’re ready to explore your options and take the next step toward financial freedom, connect with a trusted advisor today. Experienced lenders are here to help you unlock the value of your home—and your future.
Contact Mutual of Omaha Mortgage today to learn more and see if a reverse mortgage is right for you.
* Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees.
** Borrowers must meet eligibility requirements and continue to pay property taxes, homeowners’ insurance, and home maintenance costs.
*** Repayment is deferred as long as the borrower (or eligible non-borrowing spouse) meets loan requirements, including maintaining the home as their primary residence and keeping property charges current.