Best reverse mortgage brokers (What are the top companies to talk to when comparing reverse mortgage rates and fees?)

You built equity in your home over decades. A reverse mortgage loan lets you convert that into usable cash without selling or taking on monthly payments. The loan is repaid when you sell, move out, or pass away. The product is well-established. Choosing the right lender is less straightforward. Reverse mortgage companies differ significantly in product range, fees, and service quality.

Mortgage brokers like Truss Financial Group work with borrowers across this process daily, and the difference between a good outcome and a costly one almost always comes down to who you work with, not just which product you choose. This article covers how reverse mortgages work, what they cost, and which lenders are worth your time.

What Is a Reverse Mortgage?

A reverse mortgage loan allows older homeowners to borrow against the equity in their principal residence without making monthly payments. Instead of paying the lender each month, interest accrues on the loan balance over time. The loan becomes due when the borrower sells the home, moves out permanently, or passes away.

Reverse mortgages are non-recourse loans, meaning borrowers and their heirs cannot owe more than the appraised value of the home at the time of repayment, even if the loan balance has grown beyond that amount. This protection is backed by the federal government through the FHA insurance program on HECM loans.

The most common type is the HECM reverse mortgage, insured by the Federal Housing Administration and overseen by the Department of Housing and Urban Development. Proprietary and jumbo reverse mortgage options exist for borrowers who fall outside the HECM parameters.

What Are The Types of Reverse Mortgages?

Choosing the right reverse mortgage type comes before choosing a lender. The product determines your eligibility, cost structure, and how much money you can access.

Most borrowers will land on a HECM or a proprietary reverse mortgage. The HECM reverse mortgage is the right fit for the majority. It is a reverse mortgage insured by the FHA through an approved lender, broadly available, and flexible on how you receive funds. A proprietary reverse mortgage makes sense if your home value is high, you are under 62, or you need a larger loan than the HECM program allows.

Single-purpose reverse mortgages are worth noting for lower-income homeowners. They are the least expensive option, but the use of the funds is restricted by the lender or issuing agency.

How to Choose the Best Reverse Mortgage Company?

The right reverse mortgage company depends on your home value, your age, your state, and what you need the funds for. There is no universal answer, but there are five criteria that consistently separate the best reverse mortgage lenders from the rest.

One more factor worth considering is loan volume. A lender with consistent, high origination numbers has operational depth and product experience that a newer or smaller shop may not. That matters when questions come up mid-process. When you first speak with a loan officer, ask directly about their reverse mortgage products and how many they have closed in the past 12 months.

Best Reverse Mortgage Lenders

• Truss Financial Group

Truss Financial Group works with borrowers evaluating HECM, proprietary, and jumbo reverse mortgage options across a range of home values and financial situations. The focus is on matching borrowers to the right product, not the fastest close, with full fee transparency from the first conversation.

Features

• Full product access across HECM, proprietary, and jumbo reverse mortgage options
• Fee transparency from the first conversation, no surprises at closing
• Borrower-first approach that prioritizes the right fit over loan volume
• Guided support through the HUD counseling requirement from start to finish

Best for homeowners 62+ (or 55+ for proprietary products) who want a lender that takes the time to explain every option before making a recommendation.

CrossCountry Mortgage

CrossCountry Mortgage is among the highest-volume reverse mortgage lenders in the country by origination, which reflects broad operational experience across HECM and proprietary reverse mortgage products. A loan officer can walk borrowers through standard HECM options as well as proprietary programs for borrowers starting at age 55.

Features

• High origination volume with demonstrated HECM experience
• Proprietary reverse mortgage products available to borrowers 55+
• Jumbo reverse mortgage options for higher-value properties
• HECM for purchase is available for borrowers buying a new principal residence

Best for borrowers who want to work with a high-volume, nationally recognized lender with a full range of reverse mortgage products.

Finance of America

Finance of America is well-known for its proprietary reverse mortgage programs, which lower the eligible borrowing age to 55 and allow loan amounts up to $4 million for qualifying properties. Their second-lien proprietary product does not require the existing mortgage to be paid off first, which opens the door for borrowers who still carry a meaningful mortgage balance.

Features

• Proprietary programs available to borrowers as young as 55
• High loan limits, up to $4 million for qualifying properties
• Second-lien product available for borrowers with an existing mortgage balance
• A reverse mortgage calculator that provides an estimate in a few steps

Best for borrowers with high-value homes or those aged 55 to 61 who do not yet qualify for a HECM.

Longbridge Financial

Longbridge Financial offers a proprietary product line with larger lump sums, flexible payout structures, and eligibility starting at age 55. They provide a $500 closing cost credit for active military members and veterans, along with mobile app access for account management.

Features

• $500 closing cost credit for active military and veterans
• Proprietary jumbo product with flexible payout options for borrowers 55+
• Mobile app for account access and statements
• Flexible disbursement options, including lump sum and line of credit

Best for veteran borrowers and those seeking a jumbo reverse mortgage with flexible disbursement options.

Reverse Mortgage Costs and Fees: The Full Breakdown

Reverse mortgage costs go well beyond the interest rate. The lender with the lowest rate is not always the least expensive option over the life of the loan.

Most of these costs can be rolled into the loan balance rather than paid out of pocket, but doing so increases the outstanding balance and accelerates equity depletion over time. Always ask every lender for their TALC disclosure. It is the only apples-to-apples comparison metric across different fee structures and rate types.

Reverse Mortgage vs. Your Other Options

A reverse mortgage is not the only way to access home equity in retirement. Before committing to a lender, it helps to understand where it wins and where it does not.

A home equity loan delivers a fixed lump sum with predictable monthly payments, which works well for a borrower with stable retirement income who needs a defined amount. A HELOC offers a revolving line of credit but requires monthly payments and a qualifying credit profile. For borrowers on a fixed income with no appetite for monthly obligations, the reverse mortgage from a mortgage broker like Truss Financial Group wins on cash flow, but costs significantly more over a long hold period.

Downsizing releases full equity and eliminates all mortgage debt, but involves relocation costs and lifestyle adjustment. The reverse mortgage preserves the home while accessing a portion of that equity. The trade-off is real and worth thinking through honestly before deciding.

Risks Every Borrower Should Understand

A reverse mortgage is a powerful tool for the right borrower. It also carries risks that deserve a direct conversation.

• Equity depletion: Interest compounds monthly on the loan balance. Over a long hold, borrowers may exhaust most or all of their home equity
• Foreclosure risk: Failure to pay property taxes, maintain homeowner's insurance, or keep the home in good condition can trigger default and foreclosure, even without a monthly mortgage payment
• Impact on heirs: When the loan matures, heirs must repay the outstanding balance or surrender the property. The reverse mortgage directly reduces inheritable assets
• Limited housing flexibility: Depleted equity leaves fewer options if the borrower later needs to relocate or transition to assisted living
• Variable rate exposure: Most reverse mortgages carry variable interest rates. The loan balance can grow faster than expected if rates rise
• Loan maturity triggers: The loan becomes due if the youngest borrower or eligible non-borrowing spouse moves out for more than 12 consecutive months, stops maintaining the home, or passes away

The Mandatory HUD Counseling Step

HECM applicants are required by federal law to complete a reverse mortgage counseling session with a HUD-approved housing counselor before submitting an application. This is not optional, and it is genuinely useful. The counselor has no stake in the transaction and is there to make sure you understand the full cost, your loan obligations, the impact on your estate, and any alternatives worth considering.

The counseling fee is typically around $125, can be paid from loan proceeds, and cannot be denied based on inability to pay. Borrowers who have outstanding federal debt, such as unpaid taxes or defaulted student loans, should raise this with their counselor early, as it can affect HECM eligibility.

How to Apply for a Reverse Mortgage?

1. Confirm eligibility. Age, principal residence status, equity position, and property type, before approaching any lender
2. Complete HUD counseling. Required for HECM; strongly recommended for proprietary products. Note that after closing, borrowers have three business days to cancel the loan under the right of rescission
3. Shortlist lenders. Evaluate by product range, fee transparency, and state availability, not rate alone. Ask to speak directly with a loan officer who specializes in reverse mortgage products
4. Request a written loan proposal. Origination fees, MIP, TALC, payout options, and interest rate structure in writing before you commit
5. Order an independent appraisal. Your home's appraised value determines your principal limit
6. Review all documents before closing. Confirm servicing fee structure, prepayment terms, and all loan maturity triggers in writing

Frequently Asked Questions

What makes one reverse mortgage company better than another?

Product range, fee transparency, customer service quality, and state availability are the factors that actually matter. A lender that offers only one product or buries fees until late in the process is not the right partner for a decision of this size. Ask any loan officer upfront for a full breakdown of reverse mortgage products and their associated TALC figures.

What is the difference between a HECM and a proprietary reverse mortgage?

A HECM reverse mortgage is insured by the FHA through an approved lender, available to borrowers 62+, and capped at HUD loan limits. A proprietary reverse mortgage is issued by private lenders, often available to borrowers as young as 55, and can accommodate higher home values and larger loan amounts. Proprietary products are not backed by the federal government and may carry higher interest rates.

What fees should I expect from a reverse mortgage lender?

The main costs are the origination fee (capped at $6,000 for HECMs), upfront mortgage insurance premium (2% of appraised value), annual MIP (0.5% of the outstanding balance), closing costs, and, in some cases, a monthly servicing fee. Always ask for the TALC. It reflects the true total cost across all fee types.

Can I get a reverse mortgage if I still have a mortgage balance on my home?

Yes, in most cases. The existing mortgage balance must typically be paid off at closing, often using money from the reverse mortgage proceeds itself. Some proprietary products allow a reverse mortgage to be structured as a second lien, which does not require the first mortgage to be paid off.

What happens to my reverse mortgage if I need to move to assisted living?

If the youngest borrower moves out of the principal residence for more than 12 consecutive months, the loan generally becomes due. Planning for this scenario before closing is important, particularly for borrowers without a spouse or co-borrower remaining in the home.

How does a reverse mortgage affect my heirs and my estate?

When the loan matures, your heirs must repay the outstanding loan balance, typically by selling the home or surrendering the property to the lender. Because reverse mortgages are non-recourse, heirs cannot owe more than the home's sales price at the time of repayment.

What is the Total Annual Loan Cost (TALC) and why does it matter?

TALC is the projected annual average cost of a reverse mortgage, incorporating all fees, interest, and insurance costs into a single comparable figure. It is the most reliable way to compare two reverse mortgage offers that have different rate structures or fee profiles.

Is a Reverse Mortgage the Right Move?

A reverse mortgage is the right tool for a specific borrower. One with significant equity, a plan to stay in their home, and a need for cash flow flexibility without monthly payment obligations. The product is sound. What determines the outcome is who structures it.

The best reverse mortgage companies are transparent on fees, offer a full product menu, and guide borrowers honestly through the counseling process. They do not rush the decision. They ask the right questions before recommending a product.

That is the approach specialized lenders like Truss Financial Group bring to every reverse mortgage conversation. Matching borrowers to the right structure based on their home value, their age, their cash flow needs, and their estate goals, and getting it right before anything goes to closing. If you are ready to explore your options, the first step is a conversation.

Get a quote today!