Best reverse mortgage lenders of June 2026

With a reverse mortgage, people aged 55 and older can tap their home equity for cash. In most cases, a reverse mortgage is used to improve liquidity during retirement when people are on a fixed income.

Unlike home equity loans or HELOCs, there's usually no credit score requirement and payments are not due until you sell the house, stop using it as your primary residence or die. That makes reverse mortgages an especially appealing prospect to homeowners with limited cash flow or bad credit. With the most common type of reverse mortgage, a home equity conversion mortgage (HECMs), people must be 62 years or older and own at least 50% of their home outright.

Reverse mortgages also have unique risks: The loan is due all at once, or you or your heirs will face foreclosure. And it may come due if you don't stay current on insurance, property taxes or maintenance.

CNBC Select picked the best lenders for reverse mortgages for lower rates, customer service and several other categories. (See our methodology for more on how we made our selections.)

Who's this for? If you're looking for a low rate, consider Longbridge Financial. It has lower rates than many competitors and doesn't charge a service fee, which can be as much as $35 a month with other lenders.

Standout benefits: If you're an active duty service member or veteran, you could earn a $500 discount on closing costs with Longbridge.

Who's this for? If you need an uncommon type of reverse mortgage, check out Finance of America. In addition to FHA-backed HECMs, Finance of America offers HomeSafe Standard, a jumbo reverse mortgage for up to $4 million, available to borrowers age 55 and older. There's also HomeSafe Second, a second-lien mortgage for up to $1 million that leaves your primary mortgage intact.

Standout benefits: HomeSafe Standard doesn't require mortgage insurance premiums or origination fees on reverse mortgages.

Who's this for? Keen on dealing with your financing face-to-face? Consider Mutual of Omaha, which has dozens of branches nationwide and offers reverse mortgages in all states except New York and West Virginia.

Standout benefits: Mutual of Omaha doesn't charge service fees on HECMs.

Who's this for? If you want stellar customer service, Guild is a great option. It's one of the top-ranked mortgage lenders for customer satisfaction on J.D. Power's 2025 mortgage servicing survey. It's also earned an A+ from the Better Business Bureau.

Standout benefits: In addition to HECMs and jumbo reverse mortgages, Guild offers reverse mortgage refinancing.

Who's this for? If your priority is getting your cash ASAP, look into Fairway. It claims it can close on a reverse mortgage in as little as 17 days, compared to one or two months with most lenders.

Standout benefits: Fairway also offers a HECM for Purchase, a reverse mortgage used to buy a new principal residence.

A reverse mortgage is a home loan that allows homeowners to borrow against their home equity. In many ways, it operates like a cash-out refinance: Your lender covers the outstanding balance on your mortgage and gives you the additional money — as a lump sum, fixed monthly payments or a line of credit. 

Unlike a refinance, however, you don't make monthly payments. Instead, the principal and interest are due when the last surviving borrower or their eligible spouse sells, moves or dies. Typically, homeowners must have at least 50% home equity to qualify for a reverse mortgage, and the property must be their primary residence.

The most common type of reverse mortgage, the home equity conversion mortgage (HECM), is backed by the FHA. It's limited to homeowners 62 and older and, in 2026, financing is capped at $1,249,125.

Private lenders also offer proprietary reverse mortgages that bypass the FHA's age and loan limits. These jumbo reverse mortgages are often available to borrowers aged 55 and older and may be for as much as $4 million.

Regardless of who backs the loan, you must continue to pay property taxes and insurance and keep the home in good physical condition — otherwise, you risk the loan coming due early.

What reverse mortgage lender is right for me?

Most reverse mortgage lenders offer a HECM product and a jumbo loan product that typically goes up to $4 million.

If you need a more uncommon type of mortgage — like a reverse mortgage HELOC — be sure that the lenders you're considering offer those products. Here are the other things you should look for in a lender:

1. Customer service record: If your priority is customer service, be sure to do your due diligence and look at a lender's record before applying. You'll want to consider how they are rated by reputable third-party organizations like the Better Business Bureau and customer review sites like Trustpilot. You'll also want to review the customer service hours and retail locations if they have any.
2. Rates and fees: If affordability is vital, look for lenders with lower-than-average rates and fees.
3. Time to close: If you need the cash ASAP, look for lenders with fast closing rates or closing-timeline guarantees.

1. Home equity conversion mortgage (HECM)

The most common reverse mortgage, a home equity conversion mortgage (HECM), is insured by the Federal Housing Administration (FHA) and reserved for homeowners 62 and older. In 2026, HECMs are limited to $1,249,125.

While HECMs are often used to cover living expenses, some lenders offer a HECM for purchase, which can be used to buy a new primary residence.

You'll need a down payment and the home must be your principal residence within 60 days of closing. You will face increased closing costs with a HECM for purchase. Additionally, the difference between the loan proceeds, sale price and closing costs must be paid in cash — not with a bridge loan or other short-term financing.

2. Proprietary (jumbo) reverse mortgages

Proprietary reverse mortgages are backed by private lenders, like banks or mortgage originators, not the FHA. Because of this, they're often available to borrowers aged 55 and older and can be for as much as $4 million, depending on the lender and product.

Proprietary reverse mortgages include jumbo reverse mortgages, reverse mortgage refinancing and other specialized products.

Typically, you'll need more equity to qualify for a proprietary reverse mortgage and the interest rates and fees will be higher.

3. Single-purpose reverse mortgages

Local government agencies and nonprofits can also back reverse mortgages, but the funds must be for a specific purpose, like paying off property taxes or a home repair project. Single-purpose reverse mortgages typically have lower interest rates but are harder to come by.

Interest rates on reverse mortgages tend to be higher than those on cash-out refinancings or home equity loans. And interest on these loans compounds over time.

Reverse mortgages are non-recourse loans, though, so borrowers can never owe more than the value of the home and lenders can't go after other assets. 

Like other home loans, reverse mortgages come with fees. Some are paid upfront but others accrue over the life of the loan.

• Origination fee: capped at $6,000 for HECMs
• Other third-party fees: Credit report, appraisal, escrow fees and title insurance
• Initial mortgage insurance premium: Typically 2%, paid at closing
• Session with HUD-approved reverse mortgage counselor: $125 to $200
• Monthly servicing fee: Up to $35, due when the loan is paid
• Annual MIP: 0.5% of the mortgage balance each year, due when the loan is repaid

All loans that use your home as collateral come with the risk of foreclosure. But because reverse mortgages don't require monthly loan payments, some older people mistakenly believe there's no risk involved.

If you don't stay in the house for at least six months out of the year, or have to move to an assisted living facility, the house is no longer considered your primary residence. At that point, the loan must be paid back or any non-borrower living with you might have to move out. Failure to keep up with home insurance payments, property taxes or the general maintenance of the house can cause the loan to be due early or the lender to take ownership.

Even if you follow those guidelines, your heirs will have to settle the loan after you die — by buying the house, selling it or giving the lender a deed in lieu of foreclosure.

There are other ways to access cash using the value of your home.

Home equity loan

With a home equity loan, a lender provides a lump sum loan equal to a percentage of the value of the home. The loan is usually paid back over five to 30 years, and borrowers typically need at least a 620 credit score, a debt-to-income ratio of no more than 43% and 20% home equity.

HELOC

A home equity line of credit (HELOC) has a draw period, usually 10 years, during which you only need to make interest payments and can make multiple withdrawals. After that, borrowers must begin repayment on the principal and interest, usually over a term of 20 to 30 years. You usually need at least a 620 credit score, a debt-to-income ratio of 43% and at least 20% home equity.

Home equity sharing

In a home equity sharing agreement, an investor provides a homeowner with cash in exchange for a portion of their home's future value. Repayment and a portion of the home's accrued value are due after a set term or when the home is sold. You can qualify with a credit score as low as 500, but you'll need at least 25% equity.

Cash-out refinancing

With a cash-out refinance mortgage, a lender gives you a new mortgage for more than the balance of your current one. After the mortgage is paid off, the remaining funds go to the borrower, who repays the new loan over a 10- to 30-year term. Most lenders want to see a 620 credit score, a DTI of 43% or less and at least 20% home equity, though some have more flexible requirements.

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviewed more than two dozen reverse mortgage lenders to find the best options, focusing on:

• Loan type: We looked for lenders with a variety of reverse mortgage options, including HECM, HECM for purchase, proprietary, single-purpose reverse mortgages and reverse mortgage refinancing.
• Availability: Not all lenders offer all reverse mortgage products in every state. We considered both lender and product availability.
• Fees: Common fees associated with reverse mortgages include origination fees, closing costs, mortgage insurance and monthly servicing charges. We evaluated these fees when reviewing each lender.
• Customer service: We reviewed each lender on the availability and quality of customer service, the average time to closing and whether there was a digital application process. When possible, customer satisfaction rankings from J.D. Power and the Better Business Bureau were incorporated.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

Based on this criteria, our picks for best reverse mortgage lenders are:

• Best for lower rates: Longbridge Financial
• Best for loan variety: Finance of America
• Best in-person experience: Mutual of Omaha
• Best for customer service: Guild Mortgage
• Best for speedy closing: Fairway Independent Mortgage Corporation

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Correction: A previous version of this article referred to Finance of America's Equity Avail hybrid mortgage, which is no longer available.