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 239 46006700
ONE REVERSE MORTGAGE LLC 193 36440400
REVERSE MORTGAGE SOLUTIONS INC 156 37130000
BANK OF AMERICA 122 28517900
MAINE STATE HOUSING AUTHORITY 111 10076719
BIG HORIZON MORTGAGE CORPORATION 103 31603900
SYNERGY ONE LENDING INC. 90 23905000
GENERATION MORTGAGE COMPANY 89 22012300
UNITY MORTGAGE CORP 71 7867459
EVERBANK REVERSE MORTGAGE LLC 65 10782671
GORHAM SAVINGS BANK 60 13193825
SEACOAST FAMILY MORTGAGE LLC 56 20013100
FINANCE OF AMERICA REVERSE LLC 56 10378500
DIRECT FINANCE CORP 55 10440500
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 219 42013200
REVERSE MORTGAGE SOLUTIONS INC 152 35696500
ONE REVERSE MORTGAGE LLC 102 19710900
SYNERGY ONE LENDING INC. 90 23905000
BIG HORIZON MORTGAGE CORPORATION 76 23273900
FINANCE OF AMERICA REVERSE LLC 52 9898500
SEACOAST FAMILY MORTGAGE LLC 36 12675100
LIBERTY HOME EQUITY SOLUTIONS INC 33 6459500
REVERSE MORTGAGE FUNDING LLC 31 8554000
SECURITY ONE LENDING 29 7296000

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%
03/01/17 NA 4.58%
04/01/17 5.06% 4.59%

ME Cities with the Most HECM Loans

Rank City Zip Total
1 PORTLAND 4103 216
2 SOUTH PORTLAND 4106 114
3 YORK 3909 99
4 WELLS 4090 90
5 BIDDEFORD 4005 86
6 KENNEBUNK 4043 81
7 SACO 4072 77
8 SCARBOROUGH 4074 74
9 LEWISTON 4240 73
10 BANGOR 4401 65
11 CAPE ELIZABETH 4107 61
12 WINDHAM 4062 57
13 BRUNSWICK 4011 57
14 SANFORD 4073 55
15 YARMOUTH 4096 48
16 GORHAM 4038 45
17 WESTBROOK 4092 45
18 OLD ORCHARD BEACH 4064 43
19 FALMOUTH 4105 43
20 AUGUSTA 4330 39

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