Reverse Mortgage Alert
The Top HECM Lenders of 2017
It s easy to find a review of Bank of America or Wells Fargo even your average citizen on the street is likely to have an opinion of some kind. It s even relatively easy to find information about smaller traditional originators, many of whom are reviewed online daily. However, you will find that it s far more difficult to locate objective information about many of the companies that we listed above.
Here are a few short profiles of some of the top lenders:
American Advisors Group (AAG)
AAG is the largest reverse mortgage lender in the United States and has been since 2012 when the big banks exited the industry. You can read our review of AAG or visit them directly .
Associated Mortgage Bankers (AMB)
Better known as AMB and headquartered in Garden City, NY. Founded over 22 years ago, the company specializes in the HECM product, and it has grown as large banks such as MetLife have exited the industry. AMB is licensed in the following states: Arizona, Utah, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Maryland, New Jersey, North Dakota, Oregon, Oklahoma, Pennsylvania, Tennessee, Vermont, Virginia, Washington, Wyoming, Texas, and the District of Columbia.
1st Reverse Mortgage USA
1st Reverse USA, a division of Cherry Creek Mortgage Company, is consistently one of the top HECM originators in the United States. Headquartered in Lakewood, Colorado, the company operates branches in 11 states and serves another 10 states. This includes Arizona, California, Colorado, Illinois, and Texas. Cherry Creek, the parent company of First Reverse, was founded in 1987. In addition to its core lending business, they also maintain the First Reverse Lender Network in which the company partners with community banks, credit unions, and FHA-approved mortgage banks.
In late 2014, Generation shut down its origination business. Prior to this decision, Generation was one of the few companies to offer a proprietary reverse loan as an alternative to the ubiquitous HECM product. It was an option for seniors with home values above the FHA s limit of $625,500.
State Specific Info
We ve also put together guides for specific states designed to give seniors relevant, localized information. You can check out these guides by following the relevant link below: