Reverse Mortgage Lenders

There are three major reverse mortgage lenders, each offering different types of reverse mortgages. FHA(HECM) and Fannie Mae reverse mortgages are available in all 50 states.

FHA offers home equity conversion mortgages (HECM). More than 90 percent of reverse mortgages are HECMs. Their adjustable interest rate is tied to the one-year U.S. Treasury bill index, plus a margin. But the major drawback is the low limits, which range between $160,176 in low-cost counties up to $290,319 in high-cost areas, with higher limits for Alaska, Guam, Hawaii and the U.S. Virgin Islands.

Fannie Mae's "Home Keeper" reverse mortgages are similar but tied to the one-month secondary market CD adjustable index. However, the higher $333,700 loan limit is more attractive to homeowners of more expensive homes.

Financial Freedom Plan reverse mortgages have no maximum limits. Generally, they appeal to homeowners with residences worth $500,000 or more. But these loans are not available in all states.

Visit our online free reverse mortgage analysis, we can provide your payout amount for all lenders.