Quick Answer
In the United States, FHA-insured HECM reverse mortgages are available through FHA-approved lenders. HUD's lender directory has a reverse-mortgage filter. You can contact a lender directly or compare available lenders through a broker. Confirm current availability in your state and compare written costs and net proceeds. Private reverse mortgages are not FHA-insured.
National lenders Miguel is approved to broker with
Mutual of OmahaFinance of AmericaLongbridge FinancialLiberty Reverse MortgageNationwide EquitiesAmerican Senior Lending
Miguel Vazquez is an independent California broker (NMLS #401212), authorized to broker these lenders' products but not affiliated with, sponsored by, or endorsed by them. Lender approvals can change.
How can I check which lenders offer HECM loans?
Use HUD's Lender List Search and select the Reverse Mortgages filter. HUD describes this filter as limiting results to lenders that have completed a HECM within the past 12 months. A listing is a starting point, not a rate quote, endorsement or promise that a lender currently accepts your scenario. Contact the lender to confirm its service area and current products.
Search HUD's lender directory for HECM lenders
Does my bank offer the loan or only refer me?
Ask whether the bank or credit union originates the loan itself, introduces you to another company, or does not offer the program. Check current availability directly rather than relying on an old list of bank names. Ask who will take the application, fund the loan and answer servicing questions after closing. Availability can change by state and program.
Direct lender vs. broker: what should I compare?
A direct lender presents its available products; a broker can compare lenders with which it has an approved relationship. A broker does not represent every lender in the market. Neither channel guarantees the lowest price or approval.
Two ways to compare a reverse mortgage| Feature | Direct lender | Independent broker |
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| Options | That lender's available programs | Programs from its approved lender relationships |
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| Written pricing | Request fees, rates and available funds | Request the same details for each lender compared |
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| Compensation | Review disclosed charges and pricing | Ask how broker compensation is paid and disclosed |
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| HECM protections | FHA insurance and HUD counseling apply to HECMs | The same HECM rules apply through an approved lender |
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| Private programs | Availability and terms vary; not FHA-insured | Availability and terms vary; not FHA-insured |
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How do I compare written reverse mortgage offers?
Request quotes using the same ages, home value, mortgage payoff, date and payout plan. Then compare:
- 1Program and rate type: HECM or private, fixed or adjustable
- 2Interest rate, adjustable-rate index and margin, mortgage insurance and projected balance
- 3Origination and third-party costs, lender credits, and whether fees are financed or paid in cash
- 4Principal limit minus mortgage payoff, closing costs and any required reserves
- 5Funds available at closing versus later, including first-year withdrawal restrictions
- 6Taxes, insurance, upkeep, occupancy requirements and protections for a spouse or heirs
A higher rate can increase HECM credit-line growth but also increase borrowing costs. Credit-line growth is additional borrowing capacity, not investment earnings. Do not select an offer solely for faster credit-line growth.
Understand reverse mortgage closing costs
Why are net proceeds different from the loan amount?
For illustration, suppose the borrowing limit is $250,000, the existing mortgage payoff is $100,000, financed costs are $15,000 and required reserves are $20,000. That leaves $115,000: $250,000 − $100,000 − $15,000 − $20,000. First-year restrictions may further limit immediate access. The $15,000 is an assumed total, not an origination fee or quote; reserves are not the same as fees.
Estimate your reverse mortgage proceeds
Where does Reverse Mortgage Plus fit?
Home Central Financial (dba Reverse Mortgage Plus) is an independent California broker. Miguel A. Vazquez (NMLS #401212) explains available lender options in English or Spanish. Ask which lenders were compared and why a program may fit your plans. You can also seek quotes elsewhere; comparing does not obligate you to apply.
Get help comparing reverse mortgages in Spanish
What if I want to keep my existing first mortgage?
A standard first-lien HECM requires the existing mortgage to be paid off at closing. Certain private second-lien reverse mortgages may leave the first mortgage in place, but have separate eligibility, pricing and repayment rules. They are not FHA-insured, and the existing first-mortgage payment remains.
Learn about private second-lien reverse mortgages
