The Home Equity Conversion Mortgage, or HECM, was launched in 1987. 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.
Many eligible homeowners in Maine are interested in learning more about this unique financial product. That said, 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.
Want to learn more? Click here to get free information about a reverse mortgage in ME!
This page contains useful information for Maine seniors considering a reverse mortgage. First, we’ll do our best to address a few common misconceptions about the loan. Next, you will find detailed statistics on HECM originations, locations and hours for local HUD offices, and much more:
Reverse Mortgage Fact & Fiction
Here are four commonly repeated myths, along with the facts, to help you further understand Maine 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.
Want to learn more? Click here to get free information about a reverse mortgage in Maine!
Top Reverse Mortgage Lenders in Maine
All Time
| Lender | Loans | Total Principal Limit |
| WELLS FARGO | 1,247 | 264,229,151 |
| AMERICAN ADVISORS GROUP | 507 | 124,428,170 |
| FINANCIAL FREEDOM SENIOR FUNDING CORP | 437 | 85,363,400 |
| METLIFE BANK NATIONAL ASSOCIATION | 270 | 71,003,800 |
| BIG HORIZON MORTGAGE CORPORATION | 249 | 92,282,525 |
| ONE REVERSE MORTGAGE LLC | 233 | 47,121,850 |
| REVERSE MORTGAGE SOLUTIONS INC | 156 | 37,130,000 |
| SYNERGY ONE LENDING INC. | 156 | 42,424,540 |
| FINANCE OF AMERICA REVERSE LLC | 128 | 33,266,325 |
| BANK OF AMERICA | 122 | 28,517,900 |
| MAINE STATE HOUSING AUTHORITY | 111 | 10,076,719 |
| MUTUAL OF OMAHA MORTGAGE INC. | 94 | 40,819,391 |
| GENERATION MORTGAGE COMPANY | 89 | 22,012,300 |
| UNITY MORTGAGE CORP | 71 | 7,867,459 |
| EVERBANK REVERSE MORTGAGE LLC | 65 | 10,782,671 |
| GORHAM SAVINGS BANK | 60 | 13,193,825 |
| REVERSE MORTGAGE FUNDING LLC | 59 | 22,064,600 |
| SEACOAST FAMILY MORTGAGE LLC | 58 | 21,089,100 |
| RESIDENTIAL MORTGAGE SVCS INC | 57 | 15,792,970 |
| LONGBRIDGE FINANCIAL LLC | 56 | 23,843,050 |
Since 2012
| Lender | Loans | Total Principal Limit |
| AMERICAN ADVISORS GROUP | 487 | 120,434,670 |
| BIG HORIZON MORTGAGE CORPORATION | 222 | 83,952,525 |
| SYNERGY ONE LENDING INC. | 156 | 42,424,540 |
| REVERSE MORTGAGE SOLUTIONS INC | 152 | 35,696,500 |
| ONE REVERSE MORTGAGE LLC | 142 | 30,392,350 |
| FINANCE OF AMERICA REVERSE LLC | 124 | 32,786,325 |
| MUTUAL OF OMAHA MORTGAGE INC. | 94 | 40,819,391 |
| REVERSE MORTGAGE FUNDING LLC | 59 | 22,064,600 |
| LONGBRIDGE FINANCIAL LLC | 56 | 23,843,050 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 45 | 15,343,300 |
Want to learn more? Click here to get free information about a reverse mortgage!
Maine Reverse Mortgage Rates
Historical monthly averages calculated from data released by the US Department of Housing and Urban Development (HUD). NA means that no fixed rate HECMs were originated in month and thus no average could be calculated. HUD releases data with a two month delay.
Current Rates
| Date | Fixed Rate | Adjustable Rate |
| 2019-01-01 | NA | 5.09% |
| 2019-02-01 | 4.81% | 5.05% |
| 2019-03-01 | NA | 4.97% |
| 2019-04-01 | NA | 4.96% |
| 2019-05-01 | NA | 4.98% |
| 2019-06-01 | NA | 4.69% |
| 2019-07-01 | NA | 4.15% |
| 2019-08-01 | NA | 4.41% |
| 2019-09-01 | NA | 4.11% |
| 2019-10-01 | NA | 4.53% |
| 2019-11-01 | NA | 4.57% |
| 2019-12-01 | NA | 4.22% |
| 2020-01-01 | NA | 4.65% |
| 2020-02-01 | NA | 4.10% |
| 2020-03-01 | NA | 3.45% |
| 2020-04-01 | NA | 3.46% |
| 2020-05-01 | NA | 3.58% |
| 2020-06-01 | NA | 3.29% |
| 2020-07-01 | NA | 3.10% |
| 2020-08-01 | 3.93% | 2.99% |
| 2020-09-01 | NA | 2.90% |
| 2020-10-01 | NA | 2.90% |
| 2020-11-01 | NA | 2.85% |
| 2020-12-01 | 3.68% | 2.91% |
| 2021-01-01 | NA | 2.31% |
| 2021-02-01 | NA | 2.83% |
| 2021-03-01 | 3.06% | 2.46% |
| 2021-04-01 | NA | 2.63% |
| 2021-05-01 | NA | 2.39% |
| 2021-06-01 | NA | 2.22% |
| 2021-07-01 | NA | 2.22% |
| 2021-08-01 | NA | 2.03% |
| 2021-09-01 | NA | 2.24% |
| 2021-10-01 | 3.99% | 2.34% |
| 2021-11-01 | NA | 2.60% |
| 2021-12-01 | NA | 2.23% |
| 2022-01-01 | NA | 2.44% |
| 2022-02-01 | 3.06% | 2.57% |
| 2022-03-01 | NA | 2.85% |
| 2022-05-01 | NA | 3.72% |
| 2022-04-01 | NA | 2.98% |
| 2022-06-01 | NA | 4.12% |
| 2022-07-01 | NA | 5.12% |
| 2022-08-01 | NA | 4.99% |
| 2022-09-01 | NA | 5.23% |
| 2022-10-01 | NA | 6.07% |
| 2022-11-01 | NA | 6.46% |
| 2022-12-01 | NA | 6.41% |
| 2023-01-01 | NA | 7.42% |
| 2023-02-01 | NA | 7.28% |
| 2023-03-01 | NA | 7.38% |
| 2023-04-01 | NA | 7.31% |
| 2023-05-01 | NA | 7.07% |
| 2023-06-01 | NA | 7.13% |
| 2023-07-01 | NA | 7.66% |
| 2023-08-01 | NA | 7.76% |
| 2023-09-01 | NA | 7.71% |
| 2023-10-01 | NA | 7.82% |
| 2023-11-01 | NA | 7.92% |
| 2023-12-01 | NA | 7.62% |
| 2024-01-01 | NA | 7.64% |
| 2024-02-01 | NA | 7.23% |
| 2024-03-01 | NA | 7.39% |
| 2024-04-01 | NA | 7.30% |
| 2024-05-01 | NA | 7.36% |
| 2024-06-01 | NA | 7.58% |
| 2024-07-01 | NA | 7.39% |
| 2024-08-01 | NA | 7.18% |
| 2024-09-01 | NA | 6.89% |
Historic Rates
| Date | Fixed Rate | Adjustable Rate |
| 2014-01-01 | 5.06% | 2.45% |
| 2014-02-01 | 5.06% | 2.53% |
| 2014-03-01 | 4.96% | 2.52% |
| 2014-04-01 | 5.06% | 2.79% |
| 2014-05-01 | 5.05% | 2.74% |
| 2014-06-01 | 5.04% | 2.73% |
| 2014-07-01 | 5.06% | 2.68% |
| 2014-08-01 | 5.06% | 2.58% |
| 2014-09-01 | 5.06% | 2.85% |
| 2014-10-01 | 5.04% | 2.62% |
| 2014-11-01 | 5.06% | 2.77% |
| 2014-12-01 | 5.06% | 2.85% |
| 2015-01-01 | 5.06% | 2.78% |
| 2015-02-01 | 5.06% | 2.78% |
| 2015-03-01 | NA | 2.87% |
| 2015-04-01 | 5.06% | 3.21% |
| 2015-05-01 | 5.06% | 3.13% |
| 2015-06-01 | 5.06% | 3.06% |
| 2015-07-01 | 4.50% | 3.09% |
| 2015-08-01 | 5.06% | 3.20% |
| 2015-09-01 | 5.06% | 3.15% |
| 2015-10-01 | 5.06% | 3.16% |
| 2015-11-01 | 5.06% | 3.32% |
| 2015-12-01 | 5.06% | 3.39% |
| 2016-01-01 | 5.06% | 3.43% |
| 2016-02-01 | NA | 3.53% |
| 2016-03-01 | 5.06% | 3.74% |
| 2016-04-01 | 5.02% | 3.90% |
| 2016-05-01 | NA | 3.95% |
| 2016-06-01 | 5.06% | 4.07% |
| 2016-07-01 | 5.06% | 4.19% |
| 2016-08-01 | 5.06% | 4.23% |
| 2016-09-01 | NA | 4.25% |
| 2016-10-01 | NA | 4.37% |
| 2016-11-01 | 5.04% | 4.53% |
| 2016-12-01 | NA | 4.60% |
| 2017-01-01 | NA | 4.58% |
| 2017-02-01 | NA | 4.70% |
| 2017-03-01 | NA | 4.58% |
| 2017-04-01 | 5.06% | 4.59% |
| 2017-05-01 | 5.02% | 4.41% |
| 2017-06-01 | NA | 4.41% |
| 2017-07-01 | 5.06% | 4.35% |
| 2017-08-01 | 5.06% | 4.44% |
| 2017-09-01 | NA | 4.36% |
| 2017-10-01 | 5.06% | 4.48% |
| 2017-11-01 | 5.06% | 4.56% |
| 2017-12-01 | 4.99% | 4.64% |
| 2018-01-01 | 4.90% | 4.66% |
| 2018-02-01 | 5.06% | 4.68% |
| 2018-03-01 | 5.06% | 4.66% |
| 2018-04-01 | NA | 4.59% |
| 2018-05-01 | 4.68% | 4.49% |
| 2018-06-01 | NA | 4.80% |
| 2018-07-01 | 4.74% | 4.71% |
| 2018-08-01 | 4.81% | 4.57% |
| 2018-09-01 | NA | 4.64% |
| 2018-10-01 | NA | 4.69% |
| 2018-11-01 | 4.68% | 4.68% |
| 2018-12-01 | NA | 5.10% |
ME Cities with the Most HECM Loans
| Rank | City | Zip | Total |
| 1 | PORTLAND | 4103 | 146 |
| 2 | SOUTH PORTLAND | 4106 | 141 |
| 3 | YORK | 3909 | 120 |
| 4 | BIDDEFORD | 4005 | 110 |
| 5 | WELLS | 4090 | 104 |
| 6 | KENNEBUNK | 4043 | 102 |
| 7 | SCARBOROUGH | 4074 | 95 |
| 8 | SACO | 4072 | 92 |
| 9 | PORTLAND | 4102 | 87 |
| 10 | LEWISTON | 4240 | 87 |
| 11 | BANGOR | 4401 | 79 |
| 12 | CAPE ELIZABETH | 4107 | 76 |
| 13 | SANFORD | 4073 | 71 |
| 14 | WINDHAM | 4062 | 70 |
| 15 | BRUNSWICK | 4011 | 69 |
| 16 | GORHAM | 4038 | 56 |
| 17 | WESTBROOK | 4092 | 56 |
| 18 | OLD ORCHARD BEACH | 4064 | 54 |
| 19 | FALMOUTH | 4105 | 53 |
| 20 | YARMOUTH | 4096 | 52 |
| 21 | BELFAST | 4915 | 48 |
| 22 | ROCKLAND | 4841 | 48 |
| 23 | AUBURN | 4210 | 46 |
| 24 | KENNEBUNKPORT | 4046 | 44 |
| 25 | ELIOT | 3903 | 44 |
| 26 | AUGUSTA | 4330 | 44 |
| 27 | STANDISH | 4084 | 42 |
| 28 | KITTERY | 3904 | 41 |
| 29 | BRIDGTON | 4009 | 40 |
| 30 | FREEPORT | 4032 | 39 |
Want to learn more? Click here to get free information about a reverse mortgage in Maine!
HECM Counselors
COASTAL ENTERPRISES, INCORPORATED
30 FEDERAL STREET SUITE 100
BRUNSWICK, ME 04011-1510
(207) 504-5900
http://www.ceimaine.org
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
