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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Home values are soaring, and that’s making more attractive to homeowners. The number of reverse mortgages issued nationwide rose to 58,810 in 2021, up 29 percent from 2020, Home Mortgage Disclosure Act data show. A reverse mortgage is a type of loan that allows homeowners ages 62 and older – who’ve typically paid off the mortgage – to borrow part of their home’s equity as tax-free income. Unlike a standard mortgage, which is structured so that the homeowner makes payments to the lender, with a reverse mortgage, the lender pays the homeowner. Despite the constant stream of ads on cable TV, reverse mortgages remain very much a niche product, and the industry is dominated by a few players. The 10 largest reverse mortgage lenders accounted for fully 49 percent of reverse mortgages originated in 2021. These rankings are based on a Bankrate analysis of preliminary Home Mortgage Disclosure Act data, with an assist from ComplianceTech’s LendingPatterns.com. The 10 biggest reverse mortgage lenders
The top 10 lenders by number of reverse mortgages originated last year: American Advisors Group (AAG). This company originated more than 18,000 reverse mortgages worth $3.3 billion in 2021, according to HMDA data. Finance of America Reverse. This company originated nearly 11,000 loans worth $4.3 billion. Reverse Mortgage Funding. This lender originated more than 6,000 loans worth $2.4 billion in 2021. PHH Mortgage. originated 4,300 loans worth $1.2 billion last year. Mutual of Omaha Mortgage. originated 4,100 loans worth $1.3 billion. Longbridge Financial. This lender originated 3,600 loans with a total value of $1.2 billion. Cornerstone First Mortgage. The company originated 3,300 reverse mortgages valued at $1.4 billion. Open Mortgage. This company originated 2,400 loans worth $723 million. HighTechLending. This lender did 1,100 mortgages worth $431 million. Nationwide Equities Corp. This lender knocked out 705 reverse mortgages with a total value of $538 million. SHARE: Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles