Biggest Reverse Mortgage Lenders in Connecticut

A reverse mortgage is a unique product that allows Connecticut seniors to convert home equity into cash. Most older homeowners have substantial equity, the result of years of paying down a conventional forward home loan. The most popular version of the reverse mortgage is, by far, the home equity conversion mortgage, also known as the HECM. It is the only one of its kind insured by the United States government through the Federal Housing Administration (FHA).

We’ve put together this guide for CT seniors considering a reverse mortgage. We’ve also provided data on top lenders, average interest rates, and local counselors and HUD offices.

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

Find Out if You Qualify

Unlike the conventional mortgages you’re likely familiar with, there are not many qualifications for the HECM program. In short, as a Connecticut senior you must:

  • Be 62 years old or older
  • Either own your home or have a small mortgage balance that you can pay off using the proceeds of your HECM loan
  • Use the home as your primary residence

The FHA also requires that you undergo a basic financial assessment and receive counseling prior to taking out the loan. The financial assessment is to make sure that you are able to continue paying homeowner’s insurance, property taxes, and any applicable Homeowner’s Association (HOA) fees. This is to help minimize the risk of what is known as a T&I (taxes and insurance) foreclosure. The counseling is designed to make sure you understand the loan you’re about to take out and are aware of other, possibly more attractive options that are available to you.

Is a Reverse Mortgage Different than a Home Equity Loan?

Yes, these are different financial products. The biggest differences are that it is more difficult to qualify for a home equity loan or home equity line of credit (HELOC), and these loans require you to make monthly payments. The HECM program, on the other hand, does not have these stringent income requirements.

In general, home equity loans or HELOCs are better for short-term needs, while reverse mortgages are better suited to a longer time horizon.

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

Can I Lose My Home?

As long as you continue to maintain your obligations – pay your taxes and insurance, maintain the home – you are allowed to keep your home, so long as it continues to be used as your primary residence. However, it is important to note that if you move out of the house for 12 months the reverse mortgage becomes due. You should know this going in, as sometimes seniors are forced to move to unforeseen reasons, such as a need for around the clock care.

Can I Leave My House to my Heirs?

It depends. Your reverse mortgage is due when you move out of the home or pass away. At that point, you or your estate must settle the loan, either by repaying the balance or selling the house to repay the balance. You also have the option of repaying your HECM loan at any time.

How Much am I Eligible to Receive?

Your proceeds will vary based on your age (older CT residents receive more), interest rates (lower rates mean more borrowing power), and home value (higher value means more proceeds).

Who are the Biggest Lenders in CT?

Prior to 2012, large institutions such as Webster Bank, Wells Fargo, and MetLife originated most reverse mortgages in Connecticut. Today, however, these institutions have stepped away from the HECM program and the top lenders are companies such as American Advisors Group. Here is some data on the top lenders of the past and present:

All Time

Lender Loans Total Principal Limit
WEBSTER BANK 2,344 516,252,511
WELLS FARGO 1,722 463,070,448
AMSTON MORTGAGE 1,322 254,722,948
AMERICAN ADVISORS GROUP 799 232,831,890
FINANCIAL FREEDOM SENIOR FUNDING CORP 572 141,020,240
BANK OF AMERICA 479 140,308,340
METLIFE BANK NATIONAL ASSOCIATION 432 133,373,225
CAMPBELL FINANCIAL SERVICES 415 99,531,916
ONE REVERSE MORTGAGE LLC 369 98,406,800
EVERBANK REVERSE MORTGAGE LLC 363 77,781,199
BCI FINANCIAL MORTGAGE CORP 352 83,906,472
REVERSE MORTGAGE SOLUTIONS INC 351 106,493,146
TRAVIS MORTGAGE LLC 328 80,770,182
FAIRFIELD COUNTY BANK 296 98,408,175
LIBERTY BANK 289 76,541,625
SYNERGY ONE LENDING INC. 258 80,884,375
GENERATION MORTGAGE COMPANY 238 66,826,750
CONTINENTAL FUNDING CORP 227 53,418,081
THE GUILFORD SAVINGS BANK 221 69,718,835
NORWICH COMMERCIAL GROUP INC 217 53,935,945

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 741 214,308,350
REVERSE MORTGAGE SOLUTIONS INC 351 106,493,146
SYNERGY ONE LENDING INC. 258 80,884,375
ONE REVERSE MORTGAGE LLC 225 62,072,300
NORWICH COMMERCIAL GROUP INC 128 32,746,000
BCI FINANCIAL MORTGAGE CORPORATION 111 25,686,800
THE GUILFORD SAVINGS BANK 107 36,221,325
REVERSE MORTGAGE FUNDING LLC 105 34,371,100
FINANCE OF AMERICA REVERSE LLC 102 32,518,150
LIBERTY HOME EQUITY SOLUTIONS INC 91 23,518,000

Connecticut Reverse Mortgage Rates

Here are monthly averages for Connecticut calculated using data published by the US Department of Housing and Urban Development. NA, or non-applicable, is used when there were no fixed rate HECM loans originated in a given month.

Current Rates

Date Fixed Rate Adjustable Rate
01/01/19 4.40% 5.11%
02/01/19 4.56% 5.32%
03/01/19 NA 5.00%
04/01/19 4.75% 5.29%
05/01/19 NA 4.84%
06/01/19 NA 4.91%
07/01/19 NA 4.80%
08/01/19 NA 4.66%
09/01/19 NA 4.43%
10/01/19 NA 4.41%
11/01/19 NA 4.42%
12/01/19 NA 4.25%
01/01/20 NA 4.37%
02/01/20 NA 4.07%
03/01/20 NA 4.25%
04/01/20 NA 3.47%
05/01/20 3.97% 3.79%
06/01/20 NA 3.60%
07/01/20 NA 3.21%
08/01/20 3.18% 2.96%
09/01/20 NA 3.16%
10/01/20 3.06% 2.80%
11/01/20 NA 3.01%
12/01/20 NA 2.85%
01/01/21 NA 2.80%
02/01/21 3.31% 2.86%
03/01/21 3.31% 2.71%
04/01/21 NA 2.42%
05/01/21 NA 2.35%
06/01/21 NA 2.38%
07/01/21 NA 2.22%
08/01/21 NA 2.38%
09/01/21 NA 2.19%
10/01/21 NA 2.27%
11/01/21 3.18% 2.47%
12/01/21 NA 2.25%
01/01/22 NA 2.42%
02/01/22 NA 2.40%
03/01/22 NA 3.07%
04/01/22 3.43% 3.19%

Historic Rates

Date Fixed Rate Adjustable Rate
08/01/14 5.06% 2.59%
09/01/14 5.05% 2.60%
10/01/14 4.95% 2.57%
11/01/14 5.06% 2.64%
12/01/14 5.04% 2.78%
01/01/15 5.06% 2.65%
02/01/15 5.05% 2.79%
03/01/15 4.90% 2.80%
04/01/15 4.68% 3.14%
05/01/15 5.06% 3.02%
06/01/15 NA 3.12%
07/01/15 4.87% 3.27%
08/01/15 4.94% 3.15%
09/01/15 5.00% 3.31%
10/01/15 4.90% 3.22%
11/01/15 NA 3.38%
12/01/15 5.05% 3.38%
01/01/16 NA 3.59%
02/01/16 5.06% 3.69%
03/01/16 4.78% 3.66%
04/01/16 5.06% 3.80%
05/01/16 5.06% 3.86%
06/01/16 5.06% 3.96%
07/01/16 5.06% 3.97%
08/01/16 5.06% 4.09%
09/01/16 5.06% 4.22%
10/01/16 4.50% 4.42%
11/01/16 5.06% 4.48%
12/01/16 NA 4.21%
01/01/17 5.06% 4.61%
02/01/17 4.93% 4.53%
03/01/17 5.06% 4.36%
04/01/17 5.06% 4.40%
05/01/17 5.06% 4.37%
06/01/17 5.06% 4.41%
07/01/17 5.02% 4.37%
08/01/17 4.96% 4.41%
09/01/17 5.02% 4.38%
10/01/17 5.06% 4.43%
11/01/17 5.05% 4.57%
12/01/17 5.06% 4.68%
01/01/18 5.04% 4.71%
02/01/18 5.06% 4.77%
03/01/18 4.83% 4.85%
04/01/18 4.69% 5.05%
05/01/18 4.50% 5.20%
06/01/18 4.77% 4.99%
07/01/18 4.90% 5.05%
08/01/18 4.31% 4.85%
09/01/18 NA 4.81%
10/01/18 4.63% 5.14%
11/01/18 4.56% 5.14%
12/01/18 4.56% 5.31%

Reverse Mortgage Originations by City

Rank City Zip Total
1 NORWALK 6855 559
2 STAMFORD 6905 538
3 BRIDGEPORT 6604 472
4 FAIRFIELD 6432 455
5 STRATFORD 6497 447
6 MILFORD 6460 433
7 BRISTOL 6010 421
8 WATERBURY 6705 401
9 NEW HAVEN 6513 363
10 WEST HAVEN 6516 329
11 WEST HARTFORD 6110 285
12 HAMDEN 6514 285
13 DANBURY 6810 283
14 HARTFORD 6106 277
15 NEW BRITAIN 6053 273
16 ENFIELD 6082 271
17 EAST HARTFORD 6118 260
18 MANCHESTER 6040 256
19 MERIDEN 6450 252
20 WALLINGFORD 6492 224
21 TRUMBULL 6611 222
22 EAST HAVEN 6512 220
23 SOUTHINGTON 6489 215
24 NEWINGTON 6111 213
25 SOUTHBURY 6488 206
26 SHELTON 6484 205
27 BRANFORD 6405 200
28 TORRINGTON 6790 191
29 NORTH HAVEN 6473 183
30 WETHERSFIELD 6109 183

HECM Counselors

MONEY MANAGEMENT INTERNATIONAL EAST BERLIN
1224 MILL ST BLDG OFFICE12
EAST BERLIN, CT 06023-1159
(866) 232-9080
http://www.moneymanagement.org

NEIGHBORHOOD HOUSING SERVICES OF NEW HAVEN
333 SHERMAN AVE
NEW HAVEN, CT 06511-3107
(203) 562-0598
http://www.nhsofnewhaven.org

NEIGHBORHOOD HOUSING SERVICES OF WATERBURY, INC.
161 N MAIN ST
WATERBURY, CT 06702-1445
(203) 753-1896
http://www.nhswaterbury.org

HUD Offices

Hartford Field Office
One Corporate Center
20 Church Street, 10th Floor
Hartford, CT 06103-3220

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

Phone: (860) 240-4800
Email: [email protected]

Jurisdiction: State of Connecticut