Which Banks Offer Reverse Mortgages? Why the Big Names Left — and Who Actually Does Them Now
Quick answer
Most major banks — including Chase, Bank of America, and Wells Fargo — do not offer reverse mortgages. Today, FHA-insured HECM reverse mortgages come from specialized national lenders such as Mutual of Omaha, Finance of America, and Longbridge Financial. You can apply through one lender directly, or through an independent broker who is approved with several of these lenders and compares their offers for you.
Many homeowners start this search the same way: they call the bank they've used for 30 years and ask about a reverse mortgage. The answer surprises them — most big banks don't offer one. Chase doesn't. Bank of America doesn't. Wells Fargo got out back in 2011. So who actually does reverse mortgages today? Specialized national lenders — and the independent brokers who shop several of them at once.
Why Your Bank Probably Doesn't Offer One
Wells Fargo and Bank of America were once the two largest reverse mortgage lenders in the country. Both exited the business in 2011, and the other household-name banks followed or never entered. It wasn't because the product failed — the FHA HECM program is still going strong and is federally insured. The big banks simply decided reverse mortgages were a specialty product that didn't fit their high-volume model: each loan requires HUD counseling, a financial assessment, and hands-on time with borrowers in their 60s, 70s, and 80s. That kind of personal work is exactly what specialty lenders and local brokers are built for.
Who Actually Offers Reverse Mortgages Today
The reverse mortgage market today is served by a group of specialized national lenders. These are large, established companies — some, like Mutual of Omaha, are names you already know from insurance — that focus on the FHA-insured HECM and, for higher-value homes, their own jumbo programs. You won't find their branches on every corner, because they work through two channels:
- Retail — you call the lender directly and work with their in-house loan officers, who can only offer that one company's products and pricing
- Wholesale — you work with an independent, state-licensed broker who is approved with several of these lenders and submits your loan to whichever one prices best for your situation
Either path ends at the same federally regulated loan. The difference is how many options get compared before you commit.
Bank vs. Broker: What the Difference Means for You
Because no single lender wins on pricing every week, the practical question isn't "which bank?" — it's "one offer, or several?" Here's the honest comparison:
How to Compare Offers the Smart Way
Whether you call a lender directly or sit down with a broker, compare the same things:
- The interest rate AND the margin — the margin drives how a line of credit grows
- Total closing costs, including origination fee and third-party charges
- Net proceeds — the number that actually reaches you after payoffs and fees
- Whether a jumbo program makes sense if your home's value is above the FHA limit ($1,249,125 in 2026)
- How the loan officer answers questions — rushed answers now mean rushed service later
A legitimate professional will happily put their offer in writing and encourage you to compare it. Anyone who pressures you to sign before you've compared is telling you something.
Where a Local Broker Fits In
Miguel Vazquez has spent over 20 years as an independent, DFPI-licensed California broker. He's approved with several of the national reverse mortgage lenders, which means one conversation — in English or Spanish — turns into multiple lenders competing for your loan. Same FHA-insured HECM, same HUD protections, same counseling requirement. The difference is that someone local, who you can call directly on his cell, is doing the comparison work for you instead of a call center reading from one rate sheet.
Key takeaways
- Major banks left the reverse mortgage business years ago — Wells Fargo and Bank of America both exited in 2011.
- Today's reverse mortgages come from specialized national lenders like Mutual of Omaha, Finance of America, and Longbridge Financial.
- An FHA-insured HECM carries the same federal protections no matter which approved lender funds it.
- An independent broker compares several lenders' pricing at no extra cost — a direct lender can only show you their own.
- Compare rate, margin, total costs, and net proceeds — and be wary of anyone who discourages comparison.
Frequently asked questions
Does Chase, Bank of America, or Wells Fargo offer reverse mortgages?
No. None of the big-name consumer banks currently offer reverse mortgages. Wells Fargo and Bank of America — once the two largest reverse mortgage lenders — both exited the business in 2011. Reverse mortgages today come from specialized national lenders and the independent brokers approved to work with them.
Is a reverse mortgage from a specialty lender as safe as one from a bank?
The safety comes from the loan, not the logo. An FHA-insured HECM carries the same federal insurance, the same HUD counseling requirement, and the same non-recourse protection no matter which approved lender funds it. Every lender and broker must be licensed and is regulated the same way.
Does using a broker cost more than going to a lender directly?
No — broker compensation is built into the loan pricing and disclosed on your loan estimate, just as a direct lender's loan officer compensation is built into theirs. The difference is that a broker can put several lenders' pricing side by side, which often works in your favor.
Can I get a reverse mortgage through a credit union?
A few credit unions offer them, usually through a partnership with one of the specialized national lenders rather than in-house. It's still worth comparing that single offer against what a multi-lender broker can find.