The Top HECM Lenders of 2016

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Historically, the Home Equity Conversion Mortgage (HECM) program in the United States was dominated by large banks. In 2011, the largest providers were Wells Fargo, Bank of America, and MetLife Bank. Wells Fargo and Bank of America accounted for 43% of all originations, and MetLife originated about the same number of loans as 4th and 5th place combined.

However, today’s market looks nothing like the past. In 2011, Bank of America and Wells Fargo both left the business, citing concerns over falling home prices and the inability to make lending decisions based on the borrower’s financial standing. In 2012, MetLife exited the business as part of its decision to move away from retail banking. The market is now dominated by originators who do not serve the functions of traditional banks. The traditional big banks like Chase Bank have shown little to no interest in re-entering the market.

As of 2015, here are the top lenders of all time by total originations. We’ve also included total maximum claim amount for another point of reference:

Lender Loans Max Claim ($)
WELLS FARGO 161803 37495981864
FINANCIAL FREEDOM SENIOR FUNDING 48944 9640122474
ONE REVERSE MORTGAGE 28721 5354303946
AMERICAN ADVISORS GROUP 26958 5615667852
BANK OF AMERICA 25182 6851257730
METLIFE BANK 20509 5302703815
SEATTLE MTG CO 14481 3176596595
GENWORTH FINANCIAL HM EQUITY ACCESS 12241 3269414054
GENERATION 10197 2433023685
URBAN FINANCIAL GROUP 9975 1687735206
EVERBANK 9615 2345229091
WORLD ALLIANCE FINANCIAL 9063 2056768491
UNITY MTG CORP 8269 883572366
LIBERTY HOME EQUITY SOLUTIONS 7859 1870082644
REVERSE MORTGAGE SOLUTIONS 7715 2139731491
M AND T BANK 7035 1194431451
SECURITY ONE LENDING 7004 2015729368
AMERICAN REVERSE MTG CORP 6209 1059146246
COUNTRYWIDE BANK FSB 6151 1441756122
PROFICIO MORTGAGE VENTURES 5123 1224360743

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The Ten Best Reverse Mortgage Companies Today, in 2016 by Total Volume

In 2011, this list was headlined by large brand-name banks. Over time, the top originators began to change. In the first quarter of 2016, the top ten list, by combined wholesale and retail volume, looked quite a bit different:

  1. AMERICAN ADVISORS GROUP
  2. ONE REVERSE MORTGAGE LLC
  3. REVERSE MORTGAGE SOLUTIONS INC
  4. LIBERTY HOME EQUITY SOLUTIONS INC
  5. REVERSE MORTGAGE FUNDING LLC
  6. FINANCE OF AMERICA REVERSE LLC
  7. SYNERGY ONE LENDING, INC
  8. LIVE WELL FINANCIAL INC
  9. NATIONWIDE EQUITIES CORPORATION
  10. HIGH TECH LENDING INC

As you can see, the change is very pronounced, and many analysts estimate that around 50% of potential volume is lost after the exit of the big brands. Do consumers trust these smaller lenders, many of whom specialize in originating only HECM loans?

Top Lenders by Year

1989-1990

Year Lender Loans
1989-1990 BELFORD PARTNERS INC 40
1989-1990 JAMES B NUTTER AND COMPANY 31
1989-1990 EXECUTRON 27
1989-1990 ROCKWELL EQUITIES INC 25
1989-1990 CHITTENDEN TRUST COMPANY 16
1989-1990 SUNWEST BANK OF ALBUQUERQUE NA 16
1989-1990 RHODE ISLAND HSG MTGE FIN CORP 10
1989-1990 PEOPLES BANK AND TR CO-ROCKY MOUNT 10
1989-1990 ONBANK 9
1989-1990 CAPITAL ONE 8

1991

Year Lender Loans
1991 RHODE ISLAND HSG MTGE FIN CORP 73
1991 ROCKWELL EQUITIES INC 41
1991 EXECUTRON 38
1991 INTERCHANGE BANK 34
1991 WENDOVER FINANCIAL SERVICES CORP 33
1991 ARCS MTG INC 33
1991 CAPITAL ONE 23
1991 MAINE STATE HOUSING AUTHORITY 22
1991 JAMES B NUTTER AND COMPANY 17
1991 LANDMARK SAVINGS ASSOCIATION 15

1992

Year Lender Loans
1992 WELLS FARGO-NORWEST-DIRECTORS MTG LN 165
1992 ARCS MTG INC 137
1992 WENDOVER FINANCIAL SERVICES CORP 111
1992 INTERNATIONAL MTG CORP 69
1992 AMERIFIRST 54
1992 HOME MTG CORP 48
1992 UNITY MTG CORP 47
1992 CFE MTG CORPORATION 42
1992 BOULEVARD MORTGAGE COMPANY 41
1992 SGB CORPORATION 41

1993

Year Lender Loans
1993 UNITY MTG CORP 226
1993 WELLS FARGO-NORWEST-DIRECTORS MTG LN 159
1993 WENDOVER FINANCIAL SERVICES CORP 132
1993 RHODE ISLAND HSG MTGE FIN CORP 126
1993 SENIOR INCOME REVERSE MTG 96
1993 ARCS MTG INC 89
1993 INTERNATIONAL MTG CORP 88
1993 HOME MTG CORP 85
1993 AMERIFIRST 64
1993 BOULEVARD MORTGAGE COMPANY 57

1994

Year Lender Loans
1994 UNITY MTG CORP 619
1994 ARCS MTG INC 379
1994 WENDOVER FINANCIAL SERVICES CORP 259
1994 WELLS FARGO-NORWEST-DIRECTORS MTG LN 246
1994 HOME MTG CORP 229
1994 AMERIFIRST 148
1994 SENIOR INCOME REVERSE MTG 128
1994 RHODE ISLAND HSG MTGE FIN CORP 98
1994 HART MTG CORPORATION 86
1994 AIM MORTGAGE INC 82

1995

Year Lender Loans
1995 UNITY MTG CORP 805
1995 AMERIFIRST 440
1995 SENIOR INCOME REVERSE MTG 264
1995 WELLS FARGO-NORWEST-DIRECTORS MTG LN 228
1995 ARCS MTG INC 218
1995 HOME MTG CORP 118
1995 WENDOVER FINANCIAL SERVICES CORP 111
1995 SENIOR LOAN CENTER INC 94
1995 AIM MORTGAGE INC 82
1995 INTERCHANGE BANK 82

1996

Year Lender Loans
1996 UNITY MTG CORP 805
1996 AMERIFIRST 440
1996 SENIOR INCOME REVERSE MTG 264
1996 WELLS FARGO-NORWEST-DIRECTORS MTG LN 228
1996 ARCS MTG INC 218
1996 HOME MTG CORP 118
1996 UNITY MTG CORP 723
1996 WENDOVER FINANCIAL SERVICES CORP 294
1996 SENIOR LOAN CENTER INC 181
1996 AIM MORTGAGE INC 150

1997

Year Lender Loans
1997 UNITY MTG CORP 1025
1997 WELLS FARGO 526
1997 AMERIFIRST 397
1997 SENIOR INCOME REVERSE MTG 316
1997 SEATTLE MTG CO 278
1997 WENDOVER FINANCIAL SERVICES CORP 272
1997 SENIOR LOAN CENTER INC 224
1997 EVERBANK LLC 201
1997 SUN AMERICAN MORTGAGE CO 145
1997 PHOENIX MORTGAGE COMPANY 130

1998

Year Lender Loans
1998 UNITY MTG CORP 1149
1998 WELLS FARGO 1003
1998 SENIOR INCOME REVERSE MTG 561
1998 AMERIFIRST 421
1998 WENDOVER FINANCIAL SERVICES CORP 353
1998 HOME MTG CORP 348
1998 EVERBANK LLC 335
1998 SENIOR LOAN CENTER INC 249
1998 SEATTLE MTG CO 248
1998 GMAC 185

1999

Year Lender Loans
1999 UNITY MTG CORP 1275
1999 WELLS FARGO 948
1999 FINANCIAL FREEDOM SENIOR FUNDING CORP 848
1999 GMAC 531
1999 SENIOR INCOME REVERSE MTG 347
1999 EVERBANK LLC 324
1999 SEATTLE MTG CO 238
1999 SENIORS FIRST 177
1999 AMERICA'S SENIOR FIN'L SRVCS INC 150
1999 AMERIFIRST 122

2000

Year Lender Loans
2000 UNITY MTG CORP 1276
2000 WELLS FARGO 1091
2000 FINANCIAL FREEDOM SENIOR FUNDING CORP 753
2000 EVERBANK LLC 306
2000 SEATTLE MTG CO 206
2000 GMAC 178
2000 SENIORS FIRST 170
2000 SENIOR INCOME REVERSE MTG 130
2000 WEBSTER BANK 130
2000 AMERICA'S SENIOR FIN'L SRVCS INC 121

2001

Year Lender Loans
2001 FINANCIAL FREEDOM SENIOR FUNDING CORP 2285
2001 WELLS FARGO 1573
2001 EVERBANK LLC 546
2001 SEATTLE MTG CO 391
2001 UNITY MTG CORP 353
2001 SENIORS FIRST 143
2001 EVERHOME MORTGAGE COMPANY 139
2001 ALLIED HOME MORTGAGE CAPITAL CORPORATION 112
2001 RBC CENTURA BANK 96
2001 CAPITAL ONE NA 95

2002

Year Lender Loans
2002 WELLS FARGO 3846
2002 FINANCIAL FREEDOM SENIOR FUNDING CORP 3534
2002 SEATTLE MTG CO 1063
2002 EVERBANK LLC 593
2002 SENIORS FIRST 226
2002 ALLIED HOME MORTGAGE CAPITAL CORPORATION 225
2002 AMSTON MORTGAGE 181
2002 EVERHOME MORTGAGE COMPANY 146
2002 SENIORS EQUITY INCOME INC 132
2002 WEBSTER BANK 126

2003

Year Lender Loans
2003 WELLS FARGO 7099
2003 FINANCIAL FREEDOM SENIOR FUNDING CORP 3993
2003 SEATTLE MTG CO 1602
2003 EVERBANK LLC 944
2003 AMERICAN REVERSE MTG CORP 551
2003 AMSTON MORTGAGE 334
2003 ALLIED HOME MORTGAGE CAPITAL CORPORATION 289
2003 RBC CENTURA BANK 281
2003 SENIORS FIRST 213
2003 GENERATION 183

2004

Year Lender Loans
2004 WELLS FARGO 14206
2004 FINANCIAL FREEDOM SENIOR FUNDING CORP 5602
2004 SEATTLE MTG CO 2672
2004 EVERBANK LLC 1168
2004 AMERICAN REVERSE MTG CORP 877
2004 U.S. FINANCIAL MTG CORPORATION 721
2004 AMSTON MORTGAGE 434
2004 SENIORS FIRST 414
2004 GENERATION 409
2004 COACHELLA VALLEY MORTGAGE CTR 365

2005

Year Lender Loans
2005 WELLS FARGO 15352
2005 FINANCIAL FREEDOM SENIOR FUNDING CORP 5120
2005 SEATTLE MTG CO 2054
2005 EVERBANK LLC 1280
2005 GENWORTH FINANCIAL HM EQUITY ACCESS INC 1221
2005 U.S. FINANCIAL MTG CORPORATION 993
2005 PACIFIC REVERSE MORTGAGE INC 864
2005 LIBERTYSTREET FINANCIAL GROUP 684
2005 AMERICAN REVERSE MTG CORP 592
2005 GRIFFIN FINANCIAL MORTGAGE LLC 490

2006

Year Lender Loans
2006 WELLS FARGO 25315
2006 FINANCIAL FREEDOM SENIOR FUNDING CORP 8221
2006 SEATTLE MTG CO 3170
2006 GENWORTH FINANCIAL HM EQUITY ACCESS INC 2206
2006 EVERBANK LLC 1734
2006 AMERICAN REVERSE MTG CORP 1521
2006 ACADEMY MORTGAGE LLC 963
2006 HOME CENTER MORTGAGE 924
2006 LIBERTYSTREET FINANCIAL GROUP 908
2006 PACIFIC REVERSE MORTGAGE INC 845

2007

Year Lender Loans
2007 WELLS FARGO 21829
2007 FINANCIAL FREEDOM SENIOR FUNDING CORP 10906
2007 GENWORTH FINANCIAL HM EQUITY ACCESS INC 2553
2007 WORLD ALLIANCE FINANCIAL CORP. 2378
2007 SEATTLE MTG CO 2130
2007 AMERICAN REVERSE MTG CORP 1566
2007 OMNI HOME FINANCING INC 1410
2007 EVERBANK LLC 1304
2007 ACADEMY MORTGAGE LLC 1194
2007 COUNTRYWIDE BANK FSB 1114

2008

Year Lender Loans
2008 WELLS FARGO 18760
2008 FINANCIAL FREEDOM SENIOR FUNDING CORP 5814
2008 BANK OF AMERICA NA CHARLOTTE 4768
2008 COUNTRYWIDE BANK FSB 3907
2008 WORLD ALLIANCE FINANCIAL CORP. 3814
2008 URBAN FINANCIAL GROUP 1480
2008 GENWORTH FINANCIAL HM EQUITY ACCESS INC 1358
2008 OMNI HOME FINANCING INC 1255
2008 1ST AAA REVERSE MORTGAGE INC 1027
2008 GENERATION 989

2009

Year Lender Loans
2009 WELLS FARGO 19290
2009 BANK OF AMERICA NA CHARLOTTE 9035
2009 METLIFE BANK 3544
2009 ONE REVERSE MORTGAGE LLC 3025
2009 WORLD ALLIANCE FINANCIAL CORP. 2008
2009 FINANCIAL FREEDOM ACQUISITION LLC 1925
2009 FINANCIAL FREEDOM SENIOR FUNDING CORP 1755
2009 GENERATION 1668
2009 URBAN FINANCIAL GROUP 1164
2009 1ST AAA REVERSE MORTGAGE INC 1152

2010

Year Lender Loans
2010 WELLS FARGO 16213
2010 BANK OF AMERICA NA CHARLOTTE 7410
2010 METLIFE BANK 3879
2010 ONE REVERSE MORTGAGE LLC 3241
2010 URBAN FINANCIAL GROUP 1616
2010 GENERATION 1414
2010 GENWORTH FINANCIAL HM EQUITY ACCESS INC 1247
2010 1ST AA REVERSE MORTGAGE INC 1172
2010 FINANCIAL FREEDOM ACQUISITION LLC 1105
2010 SECURITY ONE LENDING 763

2011

Year Lender Loans
2011 WELLS FARGO 14667
2011 METLIFE BANK 7526
2011 ONE REVERSE MORTGAGE LLC 4619
2011 BANK OF AMERICA NA CHARLOTTE 3485
2011 AMERICAN ADVISORS GROUP 1815
2011 GENERATION 1479
2011 URBAN FINANCIAL GROUP 1176
2011 SECURITY ONE LENDING 983
2011 GENWORTH FINANCIAL HM EQUITY ACCESS INC 969
2011 NEW DAY FINANCIAL LLC 763

2012

Year Lender Loans
2012 WELLS FARGO 14667
2012 METLIFE BANK 7526
2012 ONE REVERSE MORTGAGE LLC 4619
2012 BANK OF AMERICA NA CHARLOTTE 3485
2012 AMERICAN ADVISORS GROUP 1815
2012 GENERATION 1479
2012 URBAN FINANCIAL GROUP 1176
2012 SECURITY ONE LENDING 983
2012 GENWORTH FINANCIAL HM EQUITY ACCESS INC 969
2012 NEW DAY FINANCIAL LLC 763

2013

Year Lender Loans
2013 AMERICAN ADVISORS GROUP 6659
2013 ONE REVERSE MORTGAGE LLC 5405
2013 LIBERTY HOME EQUITY SOLUTIONS INC 3878
2013 REVERSE MORTGAGE SOLUTIONS INC 2591
2013 PROFICIO 2546
2013 SECURITY ONE LENDING 1807
2013 REVERSE MORTGAGE USA INC 1565
2013 URBAN FINANCIAL GROUP 1314
2013 ASSOCIATED MORTGAGE BANKERS INC. 861
2013 GENERATION 801

2014

Year Lender Loans
2014 AMERICAN ADVISORS GROUP 9864
2014 ONE REVERSE MORTGAGE LLC 4951
2014 REVERSE MORTGAGE SOLUTIONS INC 3574
2014 LIBERTY HOME EQUITY SOLUTIONS INC 2688
2014 PROFICIO 1735
2014 URBAN FINANCIAL OF AMERICA LLC 1285
2014 GENERATION 659
2014 NET EQUITY FINANCIAL INC 609
2014 HIGH TECH LENDING INC 444
2014 CHERRY CREEK MORTGAGE CO INC 442

2015

Year Lender Loans
2015 AMERICAN ADVISORS GROUP 11842
2015 ONE REVERSE MORTGAGE LLC 5581
2015 REVERSE MORTGAGE SOLUTIONS INC 3708
2015 LIBERTY HOME EQUITY SOLUTIONS INC 2224
2015 URBAN FINANCIAL OF AMERICA LLC 1500
2015 REVERSE MORTGAGE FUNDING LLC 1347
2015 PROFICIO 1297
2015 LIVE WELL FINANCIAL INC 1000
2015 HIGH TECH LENDING INC 706
2015 OPEN MORTGAGE LLC 679

Reviews & Profiles

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:

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. Today, 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.

Generation Mortgage

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.

Reverse Mortgage USA

Headquartered in Austin, Texas, and founded in 2003. The company has grown steadily over the years, and today it has originated over 8,000 loans. As the industry has shifted away from big banks and toward smaller non-depository lenders, Reverse Mortgage USA has grown its market share and is now one of the larger lenders out there.

Rather than relying on celebrity spokespeople, this provider focuses more on educational material provided by its founder and president. This approach is a refreshing change of pace from the way most within the industry operate.

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: