Introduction
Choosing a reverse mortgage provider is one of the biggest financial decisions many homeowners aged 62 and older will make. A poor match can mean higher closing fees, fewer loan options, or weak support long after funding.
A reverse mortgage converts home equity into cash without monthly principal and interest payments. That is not free money. You still cover property taxes, homeowners insurance, maintenance, and HOA dues where they apply—or the loan can become due.
This guide compares five reverse mortgage brokers and lenders serving U.S. borrowers. Rankings weigh verified licensing, product availability, borrower support, and fee transparency, not brand recognition. Confirm current terms with each company before you apply.
Key Takeaways
- Compare HECM and proprietary options on payouts, costs, eligibility, counseling, and servicing.
- Residential One Lending offers reverse mortgages in Georgia, Florida, New Jersey, California, and Pennsylvania—confirm availability in your state.
- Choose a provider that fits your age, home value, equity, property type, and plans for heirs.
- Complete HUD approved counseling and compare offers side by side before you sign.
Overview of Reverse Mortgage Brokers in the U.S. Market
Before comparing specific companies, know what you're shopping for. Not every company in this space plays the same role, and not every reverse mortgage works the same way.
Broker, Lender, or Servicer?
Per the Consumer Financial Protection Bureau, roles break down like this:
- Broker – Arranges the loan but does not fund it
- Direct lender – Funds the loan itself
- Servicer – Handles billing and paperwork after closing
Some companies handle more than one role. Ask who funds the loan and who services it after closing.
Three Product Categories
- HECMs – FHA insured and the most common type, available to eligible homeowners age 62 and older
- Proprietary reverse mortgages – private, non-FHA insured products, sometimes available starting at age 55 or 60 depending on the lender and state
- Single-purpose reverse mortgages – narrower programs through some state, local, or nonprofit agencies for specific costs like repairs or property taxes
What Determines Suitability
- Age of the youngest borrower on title
- Home equity, value, and property type (primary residence only)
- Existing mortgage balance that must be paid off at closing
- Financial assessment results and ability to cover ongoing property charges
- Completion of HUD approved counseling
- Interest rate structure and repayment triggers
Use the same checklist against every company below.
Top 5 Reverse Mortgage Brokers Compared
Here's a research based comparison of five providers serving U.S. borrowers, ranked using verified reverse mortgage availability, licensing, product range, borrower education, and fee clarity.
| Provider | Role | Reverse Mortgage Products | Best Suited For |
|---|---|---|---|
| Residential One Lending | Mortgage broker | HECM, listed among loan programs | Comparing reverse mortgages against other financing options |
| Longbridge Financial | Direct lender & servicer | HECM, Longbridge Platinum (proprietary) | Higher value homes, in-house servicing |
| Finance of America Reverse | Lender | HECM, HomeSafe, HomeSafe Second (proprietary) | Jumbo loans up to $4 million |
| Mutual of Omaha Mortgage | Lender | HECM | Borrowers wanting a familiar national brand |
| Open Mortgage | Unclear, verify directly | Unconfirmed | Only after confirming current reverse mortgage activity |
1. Residential One Lending
Residential One Lending is a full service mortgage brokerage headquartered in Atlanta, Georgia, that lists reverse mortgage loans among its residential loan programs. Rather than specializing only in reverse mortgages, it lets borrowers weigh a HECM against alternatives, such as a cash out refinance or HELOC, in one conversation.
The company holds NMLS #1271616, plus state licenses in California (#60DBO82448), Florida (#MBR1698), Georgia (GRMA#50048), and Pennsylvania (#113139).
Its reverse mortgage program is listed as available in California, Florida, Georgia, New Jersey, and Pennsylvania. Confirm current state availability before applying, since product offerings can change.
Who it may fit: Borrowers who want guidance from first contact through closing, and prefer weighing a reverse mortgage against other options instead of a single product path.
- Reverse mortgage offering: Lists HECM style loans; ask which specific lenders and programs it currently arranges.
- Coverage: Reverse mortgage program listed in five states; the company's general lending footprint reaches much further.
- Eligibility basics: At least one borrower on title must be 62 or older; the property must be a primary residence.
- Costs and fit: Request a current, written fee breakdown covering origination, third party closing costs, and servicing.
2. Longbridge Financial
Longbridge Financial, LLC (NMLS #957935) operates as both an originator and a servicer, placing loans it funds directly into its own servicing system once they close.
- Products: FHA insured HECM plus Longbridge Platinum, a proprietary jumbo reverse mortgage.
- Platinum parameters: In select states, qualified borrowers as young as 55; loan amounts up to $4 million.
- Payout options: Lump sum, monthly payments, line of credit, or a combination. Confirm which structures apply to your product and state.
- Counseling: Independent HUD approved counseling by phone or in person; sessions typically run 60 to 90 minutes.
- Servicing: In house servicing rather than outsourcing, so you may keep one contact for the life of the loan.
- Before you apply: Verify current NMLS status and state authorization on NMLS Consumer Access.
Who it may fit: Homeowners with higher value homes who may need Platinum’s higher limits more than a standard HECM.
3. Finance of America Reverse
Finance of America Reverse LLC (NMLS #2285) is the reverse mortgage brand under Finance of America Companies Inc.
In November 2025, the company announced plans to acquire reverse mortgage servicing assets from a PHH Mortgage subsidiary. The deal was expected to close in early 2026, subject to regulatory approval—confirm it has actually closed before treating it as final.
- Products: HECM, plus proprietary HomeSafe and HomeSafe Second programs, neither affiliated with FHA insurance.
- Age minimums: Some HomeSafe products start at 55. MA, NY, and WA require 60; NC and TX require 62.
- Loan size and costs: HomeSafe advertises loans up to $4 million with no ongoing mortgage insurance premiums, unlike HECM.
- Availability: Licensed nationwide, but not every product is offered in every state.
Who it may fit: Owners of higher value homes who want a jumbo alternative to HECM or hope to skip HECM's mortgage insurance premium.
4. Mutual of Omaha Mortgage
Mutual of Omaha Mortgage, Inc., doing business as Mutual of Omaha Reverse Mortgage (NMLS #1025894), states it's licensed in 49 states.
- Products: Offers the FHA insured HECM for homeowners 62 and older; requires HUD approved counseling for every applicant.
- Proprietary options: Not confirmed in current official materials. Ask directly whether a jumbo or proprietary product is currently offered in your state.
- Servicing: Whether loans are serviced in-house or handed off isn't documented publicly. Ask before closing who handles your account long term.
- Suitability: Marketed toward retirees looking to supplement income, pay off an existing mortgage, or fund home improvements.
Who it may fit: Borrowers who want a recognizable national brand and are comfortable asking direct follow-up questions about servicing.
5. Open Mortgage
Open Mortgage's site has referenced a "Reverse Division" and past leadership appointments in reverse mortgage sales. A November 2023 HousingWire report stated the company had closed its reverse mortgage origination division.
Given that conflict, don't assume Open Mortgage currently originates reverse mortgages without confirming directly.
- Confirm before proceeding: Call the company and ask point blank whether it currently originates HECM or proprietary reverse mortgages in your state.
- Check NMLS Consumer Access: Verify licensing status and any recent regulatory activity tied to reverse mortgage business.
- Ask for current disclosures: If it does offer reverse products, request written fee and rate disclosures before treating it as an active option.
Who it may fit: Given the uncertainty, this option suits borrowers already working with an Open Mortgage representative who can confirm current reverse mortgage availability in writing.
How We Chose the Best Reverse Mortgage Brokers
"Best" isn't universal here. The right match should line up with a provider's verified product availability and service strengths, not advertising or an unverified online ranking.
Our Evaluation Criteria
- Regulatory standing: Checked NMLS Consumer Access, state regulator records, and official disclosures for licensing status and complaint or enforcement history.
- Product suitability: Compared HECM against proprietary options, payout methods, fixed versus adjustable rates, and primary residence requirements.
- Total cost and long term impact: Reviewed origination fees, mortgage insurance, closing costs, interest structure, and effects on home equity and heirs.
- Service quality and transparency: Checked whether each company explains alternatives clearly, provides written estimates, and identifies who funds and services the loan.
A Checklist for Your Own Conversations
- Ask who funds the loan and who services it after closing.
- Request a written, itemized fee breakdown before signing anything.
- Compare at least two offers side by side.
- Confirm your state is currently covered for the specific reverse mortgage product you want.
- Walk away from any provider that pressures you toward unrelated financial products, like annuities.
Conclusion
The right reverse mortgage match depends on your age, home equity, property type, financial obligations, plans to stay in the home, and priorities for your heirs. Brand familiarity alone is not enough.
Before signing anything, take these steps:
- Complete independent HUD approved counseling
- Compare written offers side by side
- Verify each company's current licensing
- Review every ongoing obligation tied to the loan
If you're weighing a reverse mortgage against other ways to use your home equity, Residential One Lending can walk you through personalized options in California, Florida, Georgia, New Jersey, Pennsylvania, and its other licensed states. Availability, eligibility, and terms depend on your circumstances and current program requirements. Call 866-320-3265 to start the conversation.
Frequently Asked Questions
How much can a 70 year old borrow on a reverse mortgage?
It depends on the youngest borrower's age, home value, existing mortgage balance, current interest rate, and which reverse mortgage program you choose. Get a personalized estimate rather than relying on age alone.
Who is the best person to talk to about reverse mortgages?
Start with a HUD approved housing counselor for independent education, then talk to a licensed reverse mortgage lender or broker about product specific terms. Loop in a trusted financial, tax, or legal advisor if those issues apply.
Can you provide me with advice on reverse mortgages?
This article offers general education, not personalized financial advice. HUD approved counseling and qualified professionals can review your income, assets, debts, benefits, taxes, and estate goals in detail.
What's the key benefit of reverse mortgage loans for senior citizens?
A reverse mortgage can let an eligible homeowner access equity while staying in their primary residence. Weigh that against the loan balance, interest, fees, and effects on your heirs.
Which banks do reverse mortgages?
Reverse mortgages usually come from specialized mortgage lenders and brokers rather than traditional retail banks. Verify current licensing, fees, counseling requirements, and servicing arrangements before applying with any company.
