Senior Housing Resources for Maine

This page contains useful housing information for Maine seniors. You will find detailed statistics on HECM originations, locations and hours for local HUD offices, and much more.

Want to learn more? Click here to get free information about a reverse mortgage!

Top Reverse Mortgage Lenders in Maine

There is a lot of confusion about reverse mortgages. You need to be educated on the program so that you can make the best decision for your personal situation.

Basically, this is a loan that will allow you to use your home equity to have a monthly income coming in, or a large lump sum at once, or a credit line. You can get any combination of these things as well. If you have an existing loan, it must be paid off using the proceeds, so you will eliminate your monthly mortgage obligation. Although the government does not lend you the money, your reverse mortgage is guaranteed by the Federal Housing Administration (FHA), and you may remain living in the home. The debt that you or your estate owes can never be more than the value of your home.

Want to learn more? Click here to get free information about a reverse mortgage!

Here are four commonly repeated myths, along with the facts, to help you further understand reverse mortgages:

MYTH 1: The reverse mortgage lender owns your home.
FACT: You will continue to be the home’s owner and to hold its deed. You have simply taken a loan.

MYTH 2: Qualification is difficult.
FACT: Though there are other qualifications, for the most part you only need to be 62 years of age or older and have substantial equity in your home. There is also a financial assessment to make sure that you can pay for taxes and insurance.

MYTH 3: The fees associated with closing are much higher than they are for other loans.
FACT: This is more like a “half” myth, in that it doesn’t provide context. The fees are generally higher, but this is a unique loan that offers benefits that others do not. You are also required to undergo counseling before taking out a reverse mortgage, and this session will help you understand your options and how the fees compare.

MYTH 4: This will affect your taxes and social security in a negative way.
FACT: The earnings you obtain from your reverse mortgage will generally not become an issue with Social Security benefits or income tax. However, your counselor will go over this with you.

Our advice to you is simple: if you’re interested in a reverse mortgage loan, do your research and compare your options. The HECM program may not be right for you, or it may be just right for your situation. The only way you’ll know for sure is to do your due diligence.

All Time

Lender Loans Total Principal Limit
WELLS FARGO 1247 264229151
FINANCIAL FREEDOM SENIOR FUNDING CORP 437 85363400
METLIFE BANK NATIONAL ASSOCIATION 270 71003800
AMERICAN ADVISORS GROUP 233 44678700
ONE REVERSE MORTGAGE LLC 189 35714400
REVERSE MORTGAGE SOLUTIONS INC 156 37130000
BANK OF AMERICA 122 28517900
MAINE STATE HOUSING AUTHORITY 111 10076719
BIG HORIZON MORTGAGE CORPORATION 100 30560900
GENERATION MORTGAGE COMPANY 89 22012300
SYNERGY ONE LENDING INC. 84 22208500
UNITY MORTGAGE CORP 71 7867459
EVERBANK REVERSE MORTGAGE LLC 65 10782671
GORHAM SAVINGS BANK 60 13193825
SEACOAST FAMILY MORTGAGE LLC 55 19413100
DIRECT FINANCE CORP 55 10440500
FINANCE OF AMERICA REVERSE LLC 54 10033500
RESIDENTIAL MORTGAGE SVCS INC 51 14150970
COUNTRYWIDE BANK FSB 46 8966545
FINANCIAL FREEDOM ACQUISITION LLC 43 13824000

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 213 40685200
REVERSE MORTGAGE SOLUTIONS INC 152 35696500
ONE REVERSE MORTGAGE LLC 98 18984900
SYNERGY ONE LENDING INC. 84 22208500
BIG HORIZON MORTGAGE CORPORATION 73 22230900
FINANCE OF AMERICA REVERSE LLC 50 9553500
SEACOAST FAMILY MORTGAGE LLC 35 12075100
LIBERTY HOME EQUITY SOLUTIONS INC 32 6325500
SECURITY ONE LENDING 29 7296000
REVERSE MORTGAGE FUNDING LLC 27 7393000

Maine Reverse Mortgage Rates

Historical monthly averages calculated from data released by the US Department of Housing and Urban Development. NA means that no fixed rate HECMs were originated in month and thus no average could be calculated.

Date Fixed Rate Adjustable Rate
01/01/14 5.06% 2.45%
02/01/14 5.06% 2.53%
03/01/14 4.96% 2.52%
04/01/14 5.06% 2.79%
05/01/14 5.05% 2.74%
06/01/14 5.04% 2.73%
07/01/14 5.06% 2.68%
08/01/14 5.06% 2.58%
09/01/14 5.06% 2.85%
10/01/14 5.04% 2.62%
11/01/14 5.06% 2.77%
12/01/14 5.06% 2.85%
01/01/15 5.06% 2.78%
02/01/15 5.06% 2.78%
03/01/15 NA 2.87%
04/01/15 5.06% 3.21%
05/01/15 5.06% 3.13%
06/01/15 5.06% 3.06%
07/01/15 4.50% 3.09%
08/01/15 5.06% 3.20%
09/01/15 5.06% 3.15%
10/01/15 5.06% 3.16%
11/01/15 5.06% 3.32%
12/01/15 5.06% 3.39%
01/01/16 5.06% 3.43%
02/01/16 NA 3.53%
03/01/16 5.06% 3.74%
04/01/16 5.02% 3.90%
05/01/16 NA 3.95%
06/01/16 5.06% 4.07%
07/01/16 5.06% 4.19%
08/01/16 5.06% 4.23%
09/01/16 NA 4.25%
10/01/16 NA 4.37%
11/01/16 5.04% 4.53%
12/01/16 NA 4.60%
01/01/17 NA 4.58%
02/01/17 NA 4.70%

HECM Counselors

COASTAL ENTERPRISES, INCORPORATED
30 FEDERAL STREET SUITE 100
BRUNSWICK, ME 04011-1510
(207) 504-5900

Welcome to CEI, a national leader in rural business development.

Local HUD Offices

Bangor Field Office
202 Harlow Street, Suite D2000
Bangor, ME 04401-4901

Hours: 8am-4:30pm, Monday-Friday

Phone: (207) 945-0467
Email: Customer service

Jurisdiction: State of Maine