Maryland Senior Housing Resources

Maryland’s total population is nearly 6 million. There are over 1 million seniors in the state, making up over 18% of the population. By 2030, this number is expected to grow to over 25%. In 2010, there were nearly 95,000 who were 80-84, which is expected to grow to nearly 219,255. Over half of the seniors who live in Maryland reside in Baltimore and nearby counties.

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

Among seniors living in MD, there is a growing interest in the Department of Housing and Urban Development’s HECM program. This program, better known as a reverse mortgage, provides a way for individuals who are 62 or older to tap into their home equity while remaining in their houses. We put this page together to provide important information related to this market in Maryland, and we’ve included other relevant senior housing resources that we hope you will find useful:

  1. Reverse mortgage statistics
  2. MD housing counselors
  3. Other relevant resources

Top Maryland Reverse Mortgage Lenders

To date, 28627 of these loans have been originated in MD. Until recently, the top lenders were large banks such as Wells Fargo, as you can see from the table below.

All Time:

Lender Loans Total Principal Limit
WELLS FARGO 3919 1024326057
ACADEMY MORTGAGE LLC 1770 422059859
NET EQUITY FINANCIAL INC 1296 310453370
FINANCIAL FREEDOM SENIOR FUNDING CORP 1268 303558025
M AND T BANK 1158 282033829
BANK OF AMERICA 864 231589949
FIRST MARINER BANK 836 207981439
HARVARD HOME MORTGAGE INC 724 180434926
AMERICAN ADVISORS GROUP 680 170001670
COOPER AND SHEIN LLC 572 127478966
MAS ASSOCIATES 570 121753815
ONE REVERSE MORTGAGE LLC 565 142488895
1ST MARYLAND MORTGAGE CORPORATION 510 113863350
AMERICAN HOME LOAN INC 503 117321011
METLIFE BANK NATIONAL ASSOCIATION 494 148669804
FIDELIS MORTGAGE LLC 487 149813002
NFM INC 442 94452810
SEATTLE MORTGAGE COMPANY 431 112729649
SAVINGS FIRST MORTGAGE LLC 401 90685939
WORLD ALLIANCE FINANCIAL CORP. 395 97381058

However, these banks stopped offering HECM loans in 2011, and now Maryland’s reverse mortgage market is dominated by non-bank lenders. The same is true across America. You can see the shift in the table below.

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

Since 2012:

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 560 140756150
NET EQUITY FINANCIAL INC 393 106072670
ONE REVERSE MORTGAGE LLC 329 86197300
M AND T BANK 257 67346267
REVERSE MORTGAGE ANSWERS LLC 241 76579050
REVERSE MORTGAGE SOLUTIONS INC 183 58798132
LIBERTY HOME EQUITY SOLUTIONS INC 163 46101337
FRANK J. WEAVER INC. 150 46298930
MAS ASSOCIATES 131 31570025
MAVERICK FUNDING CORP. 124 29972000

Maryland Reverse Mortgage Rates

Here are average interest rates on HECM fixed and adjustable rate loans in MD since 2014. This table was compiled using data published monthly by HUD.

Date Fixed Rate Adjustable Rate
01/01/14 5.05% 2.60%
02/01/14 5.04% 2.58%
03/01/14 5.02% 2.73%
04/01/14 5.00% 2.70%
05/01/14 5.07% 2.73%
06/01/14 5.01% 2.64%
07/01/14 4.98% 2.68%
08/01/14 5.05% 2.77%
09/01/14 5.00% 2.68%
10/01/14 5.03% 2.71%
11/01/14 4.95% 2.75%
12/01/14 4.81% 2.79%
01/01/15 5.02% 2.80%
02/01/15 5.02% 2.88%
03/01/15 5.03% 2.96%
04/01/15 4.93% 3.06%
05/01/15 5.02% 3.10%
06/01/15 4.99% 3.13%
07/01/15 5.06% 3.21%
08/01/15 4.95% 3.26%
09/01/15 4.96% 3.22%
10/01/15 5.04% 3.34%
11/01/15 5.06% 3.25%
12/01/15 4.84% 3.43%
01/01/16 5.06% 3.58%
02/01/16 5.06% 3.70%
03/01/16 4.95% 3.77%
04/01/16 5.06% 3.87%
05/01/16 5.06% 4.02%
06/01/16 4.45% 4.09%
07/01/16 5.05% 4.21%
08/01/16 4.97% 4.29%
09/01/16 5.04% 4.56%
10/01/16 5.06% 4.58%
11/01/16 4.90% 4.58%
12/01/16 4.95% 4.57%
01/01/17 4.99% 4.66%
02/01/17 4.95% 4.61%
03/01/17 4.72% 4.56%
04/01/17 5.06% 4.55%
05/01/17 5.08% 4.38%

Leading MD Cities by Reverse Mortgage Origination

Rank City Zip Total
1 BALTIMORE 21209 8248
2 SILVER SPRING 20906 952
3 ANNAPOLIS 21403 635
4 GLEN BURNIE 21061 600
5 HYATTSVILLE 20784 508
6 CAPITOL HEIGHTS 20743 473
7 PASADENA 21122 471
8 UPPER MARLBORO 20772 451
9 ROCKVILLE 20851 407
10 HAGERSTOWN 21742 388
11 FREDERICK 21701 387
12 SALISBURY 21801 364
13 BOWIE 20716 346
14 FORT WASHINGTON 20744 341
15 COLUMBIA 21044 339
16 TEMPLE HILLS 20748 314
17 WESTMINSTER 21157 289
18 BEL AIR 21014 265
19 RANDALLSTOWN 21133 250
20 ELLICOTT CITY 21043 249
21 LANHAM 20706 236
22 BERLIN 21811 236
23 BETHESDA 20816 230
24 LAUREL 20707 223
25 CLINTON 20735 204
26 CUMBERLAND 21502 195
27 CATONSVILLE 21228 187
28 DUNDALK 21222 186
29 DISTRICT HEIGHTS 20747 184
30 GAITHERSBURG 20879 184

Maryland Housing Counselors

CCCS OF MARYLAND AND DELAWARE
757 FREDERICK RD FL 2
BALTIMORE,  MD  21228-4500
(410) 747-2050  
http://www.cccs-inc.org

CECIL COUNTY HOUSING AGENCY
200 CHESAPEAKE BLVD STE 1800
ELKTON,  MD  21921-6682
(410) 996-8215  
http://www.ccgov.org/dept_housing/index.cfm

CLEARPOINT CREDIT COUNSELING SOLUTIONS – LANHAN BRANCH
SUITE 236
10104 SENATE DR
LANHAM,  MD  20706-4392
(877) 877-1995  
http://www.clearpointccs.org

DRUID HEIGHTS COMMUNITY DEVELOPMENT CORP.
2140 MCCULLOH ST
BALTIMORE,  MD  21217-3529
(410) 523-1350  
http://www.druidheights.com

FREDERICK COMMUNITY ACTION AGENCY
100 S MARKET ST
FREDERICK,  MD  21701-5527
(301) 600-1506  
www.cityoffrederick.com/fcaa

HARFORD COUNTY HOUSING AGENCY
15 S MAIN ST STE 106
BEL AIR,  MD  21014-8723
(410) 638-3045  
http://www.harfordhousing.org

HOMEFREE – U S A
6200 BALTIMORE AVENUE
RIVERDALE,  MD  20737-1054
(301) 891-8400  
https://HomeFreeUSA.org

HOWARD COUNTY OFFICE ON AGING
6751 COLUMBIA GATEWAY DR
COLUMBIA,  MD  21046-2164
(410) 313-5980  

SOUTHEAST COMMUNITY DEVELOPMENT CORPORATION
3323 EASTERN AVE
BALTIMORE,  MD  21224-4109
(410) 342-3234  
http://www.southeastcdc.org

WASHINGTON COUNTY COMMUNITY ACTION COUNCIL
101 SUMMIT AVE
HAGERSTOWN,  MD  21740-5508
(301) 797-4161  
http://www.wccac.org

More Resources

Maryland Department on Aging
Foreclosure Assistance
Discrimination Complaints
Community Services Locator