High Reverse Mortgage Lenders – The Reality About Mortgage

In case you’re a senior, you is perhaps questioning who the highest reverse mortgage lenders within the nation are.

In contrast to the normal dwelling mortgage market, the reverse mortgage trade is dominated by a small handful of firms.

Sometimes, these lenders focus on reverse mortgage lending, versus merely providing the loans alongside different choices.

As a fast refresher, a reverse mortgage mortgage permits householders 62 and older (55 in some instances) to entry money of their property with out month-to-month funds.

In 2021, reverse lenders originated 59,000 loans, a 36% enhance from the 43,000 the yr prior. Learn on to see who made the top-10 record final yr.

High Reverse Mortgage Lenders

Rating Firm Title 2021 Mortgage Rely
1. AAG 18,407 (31.3% share)
2. FOA Reverse 10,575 (18% share)
3. Reverse Mortgage Funding 6,177 (10.5% share)
4. PHH Mortgage 4,319 (7.3% share)
5. Mutual of Omaha 4,101 (7% share)
6. Longbridge Monetary 3,636 (6.2% share)
7. Cornerstone First 3,296 (5.6% share)
8. Open Mortgage 2,444 (4.2% share)
9. HighTechLending 1,144 (1.9% share)
10. Nationwide Equities 705 (1.2% share)

Final yr, the highest reverse mortgage lender within the nation was American Advisors Group, or AAG for brief.

The corporate originated greater than 18,000 reverse mortgages in 2021, per HMDA knowledge from the Shopper Monetary Safety Bureau (CFPB).

Whereas which may not sound like quite a lot of loans, it represented a staggering 31.3% market share.

So one firm grabbed practically a 3rd of your complete reverse mortgage market. And sure, actor Tom Selleck of Magnum P.I. fame has been their spokesperson for some time now.

For perspective, the nation’s #1 mortgage lender (for ahead mortgages), Rocket Mortgage, held an 8.8% market share in 2021.

AAG was additionally primary in 2020 with a barely greater 35% market share.

In second place was Finance of America Reverse, the reverse mortgage division of FOA.

The corporate funded greater than 10,500 reverse mortgages throughout the yr, giving them an additionally spectacular 18% market share. They ranked second in 2020 additionally with a 20.2% share.

Coming in third was Reverse Mortgage Funding LLC, which originated greater than 6,000 loans for a ten.5% market share. They have been third a yr earlier as properly with a really comparable share.

In fourth was PHH Mortgage, which additionally provides ahead mortgages to clients. The corporate managed to originate greater than 4,300 reverse loans for a 7.3% market share.

Rounding out the highest 5 was Mutual of Omaha Mortgage with about 4,100 loans funded for a 7% share of the market.

Collectively, the highest 5 reverse mortgage lenders held about 75% of the general market.

In sixth was Longbridge Monetary with 3,600 loans funded and a 6.2% market share.

Seventh place went to Cornerstone First Monetary with practically 3,300 reverse loans funded for a 5.6% market share.

Behind them was Open Mortgage with practically 2,500 reverse mortgages originated for a 4.2% share of the market.

HighTechLending Inc. (dba American Senior) took ninth with about 1,150 loans funded and a 1.9% market share, adopted by Nationwide Equities Corp. with 705 loans and a 1.2% share.

Altogether, the highest 10 reverse mortgage lenders held a few 93% share of the general market.

Who Are the High Rated Reverse Mortgage Firms?

We all know who the largest reverse mortgage lenders within the nation are, however what about greatest?

That’s a distinct story, and one that may be tough to quantify because of the many scores web sites on the market.

Nevertheless, I did some digging to discover a good pattern dimension of opinions for every firm listed to see what clients consider them. We’ll additionally try their Higher Enterprise Bureau (BBB) score.

Beginning with AAG, they’ve an “wonderful” 4.5/5 rating on Trustpilot from practically 5,000 buyer opinions. Their BBB score is at present a ‘B+.’

Finance of America Reverse has a “nice” 4/5 rating on Trustpilot from about 500 opinions and an ‘A+’ BBB score.

Reverse Mortgage Funding LLC has a wonderful 4.6/5 rating on Trustpilot from practically 600 opinions and an ‘A+’ BBB score.

PHH Mortgage has a 3.9/5 on Shopper Affairs from about 600 opinions and a ‘B+’ BBB score. Different overview websites didn’t have a big sufficient pattern dimension.

Mutual of Omaha Reverse has a 3.9/5 rating on Trustpilot from over 100 opinions and an ‘A+’ BBB score.

Longbridge Monetary has a 4.8/5 rating on Trustpilot from practically 800 opinions and an ‘A+’ BBB score.

Cornerstone First Monetary has a 4.9 score from about 250 Google opinions and an ‘A+’ BBB score.

Open Mortgage has a 4.91/5 on Zillow from about 25 opinions (most I might discover) and an ‘A+’ BBB score.

HighTechLending Inc. (dba American Senior) has a 4.95/5 on Zillow from about 110 opinions and an ‘A+’ BBB score.

Lastly, Nationwide Equities Corp. has a 4.98/5 on Zillow from roughly 110 opinions and an ‘A’ BBB score.

Keep in mind to look past simply the highest names and likewise think about mortgage brokers, native credit score unions, and extra for in your seek for a reverse mortgage.