If you're a senior, you may be wondering that the leading reverse mortgage lenders in the nation are. Unlike the standard home mortgage market, the reverse mortgage sector is controlled by a small handful of firms. Typically, these loan providers focus on reverse home loan loaning, as opposed to merely offering the fundings along with various other alternatives. As a quick refresher, a reverse mortgage permits homeowners 62 and also older (55 in some situations) to accessibility money in their residential or commercial property without monthly payments.
In 2021, reverse lending institutions originated 59,000 lendings, a 36% boost from the 43,000 the year prior. Continue reading to see that made the top-10 listing in 2015.
Leading Reverse Home Mortgage Lenders
Last year, the leading reverse home mortgage lending institution in the country was American Advisors Group, or AAG for short.
The firm came from greater than 18,000 reverse mortgages in 2021, per HMDA information from the Customer Financial Security Bureau (CFPB).
While that may not sound like a great deal of financings, it stood for an astonishing 31.3% market share.
So one company got almost a third of the whole reverse home loan market. And also of course, star Tom Selleck of Magnum P.I. fame has been their agent for some time currently.
For point of view, the nation's # 1 home mortgage lender (for forward home mortgages), Rocket Home mortgage, held an 8.8% market share in 2021.
AAG was likewise number one in 2020 with a somewhat higher 35% market share.
In second location was Finance of America Opposite, the reverse mortgage department of FOA.
The business funded greater than 10,500 reverse mortgages throughout the year, giving them an additionally remarkable 18% market share. They rated second in 2020 also with a 20.2% share.
Can be found in third was Reverse Mortgage Funding LLC, which came from more than 6,000 financings for a 10.5% market share. They were 3rd a year previously also with an extremely similar share.
In 4th was PHH Mortgage, which also offers ahead home mortgages to customers. The company managed to come from greater than 4,300 reverse car loans for a 7.3% market share.
Rounding out the top 5 was Mutual of Omaha Home Loan with around 4,100 car loans moneyed for a 7% share of the market.
Collectively, the leading five reverse home loan lending institutions held concerning 75% of the total market.
In sixth was Longbridge Financial with 3,600 fundings moneyed and also a 6.2% market share.
Seventh location mosted likely to Foundation First Financial with virtually 3,300 reverse fundings funded for a 5.6% market share.
Behind them was Open Home mortgage with almost 2,500 reverse home loans came from for a 4.2% share of the market.
HighTechLending Inc. (dba American Senior) took nine with regarding 1,150 financings funded as well as a 1.9% market share, followed by Nationwide Equities Corp. with 705 fundings and a 1.2% share.
Entirely, the leading 10 reverse home mortgage loan providers held about a 93% share of the total market.
Who Are the Leading Rated Reverse Mortgage Business?
We understand who the most significant reverse mortgage loan providers in the nation are, but what concerning best?
That's a various tale, and also one that can be difficult to quantify due to the lots of rankings sites around.
However, I did some excavating to locate a great sample size of testimonials for each company listed to see what customers assume of them. We'll also look into their Better Company Bureau (BBB) rating.
Starting with AAG, they have an "outstanding" 4.5/ 5 rating on Trustpilot from virtually 5,000 client testimonials. Their BBB ranking is currently a 'B+.'.
Money of America Reverse has a "wonderful" 4/5 score on Trustpilot from concerning 500 reviews and an 'A+' BBB rating.
Reverse Mortgage Funding LLC has a superb 4.6/ 5 score on Trustpilot from virtually 600 evaluations as well as an 'A+' BBB score.
PHH Home loan has a 3.9/ 5 on Customer Affairs from about 600 reviews as well as a 'B+' BBB ranking. Various other testimonial websites really did not have a big adequate example size.
Mutual of Omaha Reverse has a 3.9/ 5 rating on Trustpilot from over 100 testimonials and also an 'A+' BBB score.
Longbridge Financial has a 4.8/ 5 score on Trustpilot from virtually 800 testimonials and also an 'A+' BBB rating.
Foundation First Financial has a 4.9 rating from about 250 Google testimonials as well as an 'A+' BBB ranking.
Open Mortgage has a 4.91/ 5 on Zillow from about 25 testimonials (most I might find) as well as an 'A+' BBB ranking.
HighTechLending Inc. (dba American Elder) has a 4.95/ 5 on Zillow from about 110 reviews and also an 'A+' BBB rating.
Finally, Nationwide Equities Corp. has a 4.98/ 5 on Zillow from roughly 110 reviews as well as an 'A' BBB score.
Bear in mind to look beyond just the leading names as well as additionally take into consideration mortgage brokers, regional lending institution, and also much more for in your search for a reverse mortgage.
This article was contributed on Oct 07 2022