Craig Smith
Primary Editor
Today’s Top Reverse Mortgages Companies - July 2026
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Research and compare today’s top featured reverse mortgage providers serving your area saving time and money. Apply online with flexible terms and award-winning customer service.
Loan Purpose
Credit Score
Loan Amount
Closing Timeline
Retirement Funding Solutions
Retirement Funding Solutions (RFS), which has rebranded as Mutual of Omaha Mortgage, is a major player in the reverse mortgage industry. Here’s an in-depth look at what RFS offers, based on various reliable sources.
Offers personalized consultation and guidance
Specializes in reverse mortgage lending solutions
Focuses on helping seniors access home equity
Provides free educational resources and tools
Mutual of Omaha
Mutual of Omaha has built a reputable presence in the reverse mortgage market, offering a variety of products to help seniors leverage their home equity. Here’s a detailed look at what they offer, along with the benefits and potential drawbacks.
Offers Home Equity Conversion Mortgages (HECM)
Provides flexible options for retirees and homeowners
Backed by a trusted financial services brand
Focuses on straightforward, transparent reverse mortgage process
Finance of America
Finance of America Reverse (FAR) is a prominent reverse mortgage lender known for its diverse range of products and strong customer service. Founded in 2003, FAR has grown to become one of the top reverse mortgage providers in the United States, offering solutions to help seniors unlock their home equity and achieve financial stability in retirement. This review provides an in-depth look at what FAR offers, the advantages, and potential drawbacks, to help you make an informed decision.
Offers both HECM and proprietary reverse mortgages
Specializes in reverse mortgage loan products
Provides personalized reverse mortgage counseling
Focuses on senior homeowners seeking financial freedom
AAG
American Advisors Group (AAG) is a prominent name in the reverse mortgage industry, offering a variety of reverse mortgage products to help seniors leverage their home equity for financial stability in retirement. Here’s a detailed look at what AAG offers, including its strengths and areas to consider.
Leading provider of reverse mortgage solutions
Offers free consultations and educational resources
Specializes in helping seniors age in place
Provides tailored reverse mortgage options for homeowners
8,700+ Consumers
Have researched these providers in the past 30 days
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2026’s top choice for Reverse Mortgages
Offers Home Equity Conversion Mortgages (HECM)
Provides flexible options for retirees and homeowners
Backed by a trusted financial services brand
Focuses on straightforward, transparent reverse mortgage process
9.7
Exceptional
Most Popular & Top Rated
2024’s top choice for debt consolidation
- A+ Rating with BBB and 10K+ five-star reviews
- Lower monthly payments by 30% or more
- Over 300K clients served and $3B Paid Off
- Personalized payoff terms of 24 to 60 months
FAQs
1. What is a reverse mortgage?
A reverse mortgage is a type of loan available to homeowners aged 62 or older that allows them to convert part of their home equity into cash. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.
2. How does a reverse mortgage differ from a traditional mortgage?
Unlike a traditional mortgage where you make payments to the lender, in a reverse mortgage, the lender makes payments to you. You can receive funds as a lump sum, monthly payments, or a line of credit.
3. What are the eligibility requirements for a reverse mortgage?
To qualify, you must be at least 62 years old, own your home outright or have significant equity, and live in the home as your primary residence.
4. Are there any fees or costs associated with a reverse mortgage?
Yes, reverse mortgages come with fees such as origination fees, closing costs, and mortgage insurance premiums. These costs are typically added to the loan balance.
5. How does a reverse mortgage affect my heirs?
When the homeowner passes away or moves out, the loan must be repaid. Heirs can either sell the home to pay off the loan or refinance it
How It Works
The reverse mortgage process consists of several key steps, each designed to ensure that homeowners understand the terms of the loan and are fully prepared for the responsibilities that come with it. Here’s how it works:
Eligibility and Initial Consultation:
To begin, you must meet the basic eligibility requirements: being at least 62 years old, owning a significant portion of equity in your home, and using the home as your primary residence. Many reverse mortgage lenders require an initial consultation with a counselor approved by the Department of Housing and Urban Development (HUD). During this session, the counselor will explain the reverse mortgage process, its costs, and its impact on your estate. This step ensures that you fully understand the loan’s implications before moving forward.
Application:
After completing the counseling session, you can formally apply for a reverse mortgage with a lender. The application process requires you to provide personal and financial information, including proof of homeownership, income, and any existing loans on the property. You’ll also need to undergo a financial assessment to ensure you can afford to maintain the home, including property taxes, homeowners insurance, and any necessary upkeep.
Home Appraisal:
Once your application is submitted, the lender will order an appraisal to determine the current market value of your home. The amount you can borrow depends on the appraised value of your home, your age, and current interest rates. The more equity you have and the older you are, the more money you may be able to access.
Loan Approval and Terms:
After the appraisal and financial assessment, the lender will determine the terms of the loan. This includes the amount of money you’ll receive, interest rates, and how you want to receive the funds (lump sum, monthly payments, or line of credit). The interest on the loan will be added to the balance, and the loan will increase over time as you receive payments and interest accrues.
Closing and Disbursement of Funds:
Once the loan is approved and you agree to the terms, the reverse mortgage will close. You’ll sign all necessary documents, and any fees associated with the loan, such as closing costs and origination fees, will be added to your loan balance. After closing, you’ll begin receiving your payments, either as a lump sum, monthly installments, or through a line of credit, depending on what you chose.
Ongoing Obligations:
As the homeowner, you are still responsible for maintaining the property, paying property taxes, and keeping homeowners insurance up to date. Failure to meet these obligations can lead to foreclosure.
Loan Repayment:
A reverse mortgage doesn’t need to be repaid until you sell the home, move out permanently, or pass away. At that point, the loan balance (including the principal and accrued interest) must be repaid. Heirs can either sell the home to pay off the loan or refinance the mortgage if they wish to keep the property. If the home sells for less than the loan amount, the Federal Housing Administration (FHA) mortgage insurance covers the difference, protecting the homeowner and their heirs.
What Is Covered
A reverse mortgage allows homeowners, typically aged 62 or older, to convert a portion of their home’s equity into cash. The loan is repaid when the homeowner sells the home, moves out, or passes away. Here’s what is generally covered by a reverse mortgage:
Home Equity Conversion
The core of a reverse mortgage is converting home equity into a loan that provides cash to the homeowner. Depending on the value of the home, the amount of equity available, the age of the borrower, and current interest rates, you can access a percentage of the home’s equity.
Loan Disbursement Options
A reverse mortgage gives you several options for receiving the loan proceeds:
Lump sum: A one-time payment that provides the full loan amount upfront.
Monthly payments: Either a set payment for a specific period or payments for as long as you live in the home.
Line of credit: You can draw from the available funds as needed, giving you flexibility in how and when you use the money.
Combination: Some lenders allow a mix of the options above, providing a balance between steady income and available funds when needed.
Home Retention
One of the main benefits of a reverse mortgage is that you can remain in your home. You do not have to make monthly mortgage payments, and the loan does not need to be repaid as long as you continue to live in the house, meet your financial obligations, and keep the property in good condition.
FHA Insurance Coverage
Most reverse mortgages are insured by the Federal Housing Administration (FHA) under the Home Equity Conversion Mortgage (HECM) program. This insurance protects both the borrower and the lender. It ensures that:
Non-recourse loan: You or your heirs will never owe more than the home’s market value when the loan is repaid. Even if the loan balance exceeds the value of the home when it’s sold, FHA insurance covers the difference.
Guaranteed payments: FHA insurance ensures that even if the lender faces financial difficulties, the homeowner will continue receiving scheduled payments or access to the line of credit.
Protection for Heirs
A reverse mortgage includes protections for heirs. After the borrower passes away or moves out, heirs have the option to repay the loan and keep the home or sell the home to pay off the loan. If the loan balance exceeds the home’s value, heirs are not personally liable for the difference, thanks to the FHA insurance.
Ongoing Living Expenses
While reverse mortgage proceeds are often used to cover general living expenses, such as healthcare, home repairs, and daily costs, they can be used for any purpose. The money can also help seniors manage long-term care costs or pay off existing debts.
Closing Costs and Fees
A reverse mortgage covers most associated closing costs, which are typically financed into the loan rather than paid upfront. These include:
- Origination fees: Charged by the lender for processing the loan.
- Mortgage insurance premiums: Required for HECM loans and protect both the borrower and the lender.
- Appraisal and inspection fees: Necessary to determine the home’s value.
- Title insurance and other standard closing fees: Similar to those in traditional mortgages.
Taxes and Home Maintenance
While a reverse mortgage covers the loan and disbursement aspects, the homeowner is still responsible for:
Property taxes: Even though no monthly mortgage payments are required, property taxes must be kept up to date.
Homeowners insurance: You must maintain insurance to cover any potential damage to the home.
Home maintenance: The homeowner is responsible for keeping the property in good condition, which includes repairs and regular upkeep.
Loan Interest
A reverse mortgage covers the accrual of interest on the loan, which is added to the loan balance over time. Since there are no monthly mortgage payments, the interest compounds and grows the loan balance. The interest is typically paid back when the home is sold or the loan is otherwise repaid.
