Top Reverse Mortgage Lenders – The Truth About Mortgage

If you’re a senior, you might be wondering who the top reverse mortgage lenders in the nation are.

Unlike the traditional home loan market, the reverse mortgage industry is dominated by a small handful of companies.

Typically, these lenders specialize in reverse mortgage lending, as opposed to simply offering the loans alongside other options.

As a quick refresher, a reverse mortgage loan allows homeowners 62 and older (55 in some cases) to access cash in their property without monthly payments.

In 2021, reverse lenders originated 59,000 loans, a 36% increase from the 43,000 the year prior. Read on to see who made the top-10 list last year.

Top Reverse Mortgage Lenders

Ranking Company Name 2021 Loan Count
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 Financial 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)

Last year, the top reverse mortgage lender in the country was American Advisors Group, or AAG for short.

The company originated more than 18,000 reverse mortgages in 2021, per HMDA data from the Consumer Financial Protection Bureau (CFPB).

While that might not sound like a lot of loans, it represented a staggering 31.3% market share.

So one company grabbed nearly a third of the entire reverse mortgage market. And yes, actor Tom Selleck of Magnum P.I. fame has been their spokesperson for a while now.

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

AAG was also number one in 2020 with a slightly higher 35% market share.

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

The company funded more than 10,500 reverse mortgages during the year, giving them an also impressive 18% market share. They ranked second in 2020 also with a 20.2% share.

Coming in third was Reverse Mortgage Funding LLC, which originated more than 6,000 loans for a 10.5% market share. They were third a year earlier as well with a very similar share.

In fourth was PHH Mortgage, which also offers forward mortgages to customers. The company managed to originate more…

Leave a Reply

Your email address will not be published.