The Guide to HECM Loans in Maine

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:

  1. Largest Lenders
  2. Interest Rates
  3. Housing Counselors
  4. HUD Offices

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 473 110,066,800
FINANCIAL FREEDOM SENIOR FUNDING CORP 437 85,363,400
METLIFE BANK NATIONAL ASSOCIATION 270 71,003,800
ONE REVERSE MORTGAGE LLC 233 47,121,850
BIG HORIZON MORTGAGE CORPORATION 200 65,478,600
REVERSE MORTGAGE SOLUTIONS INC 156 37,130,000
SYNERGY ONE LENDING INC. 156 42,424,540
BANK OF AMERICA 122 28,517,900
MAINE STATE HOUSING AUTHORITY 111 10,076,719
FINANCE OF AMERICA REVERSE LLC 93 19,789,525
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
SEACOAST FAMILY MORTGAGE LLC 58 21,089,100
RESIDENTIAL MORTGAGE SVCS INC 57 15,792,970
REVERSE MORTGAGE FUNDING LLC 56 20,188,800
DIRECT FINANCE CORP 55 10,440,500
COUNTRYWIDE BANK FSB 46 8,966,545

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 453 106,073,300
BIG HORIZON MORTGAGE CORPORATION 173 57,148,600
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 89 19,309,525
REVERSE MORTGAGE FUNDING LLC 56 20,188,800
LIBERTY HOME EQUITY SOLUTIONS INC 39 7,721,750
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 38 11,935,300
SEACOAST FAMILY MORTGAGE LLC 38 13,751,100

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
01/01/19 NA 5.09%
02/01/19 4.81% 5.05%
03/01/19 NA 4.97%
04/01/19 NA 4.96%
05/01/19 NA 4.98%
06/01/19 NA 4.69%
07/01/19 NA 4.15%
08/01/19 NA 4.41%
09/01/19 NA 4.11%
10/01/19 NA 4.53%
11/01/19 NA 4.57%
12/01/19 NA 4.22%
01/01/20 NA 4.65%
02/01/20 NA 4.10%
03/01/20 NA 3.45%
04/01/20 NA 3.46%
05/01/20 NA 3.58%
06/01/20 NA 3.29%
07/01/20 NA 3.10%
08/01/20 3.93% 2.99%
09/01/20 NA 2.90%
10/01/20 NA 2.90%
11/01/20 NA 2.85%
12/01/20 3.68% 2.91%
01/01/21 NA 2.31%
02/01/21 NA 2.83%
03/01/21 3.06% 2.46%
04/01/21 NA 2.63%
05/01/21 NA 2.39%
06/01/21 NA 2.22%
07/01/21 NA 2.22%
08/01/21 NA 2.03%
09/01/21 NA 2.24%
10/01/21 3.99% 2.34%
11/01/21 NA 2.60%
12/01/21 NA 2.23%
01/01/22 NA 2.44%
02/01/22 3.06% 2.57%
03/01/22 NA 2.85%
05/01/22 NA 3.72%
04/01/22 NA 2.98%
06/01/22 NA 4.12%
07/01/22 NA 5.12%

Historic Rates

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%
05/01/17 5.02% 4.41%
06/01/17 NA 4.41%
07/01/17 5.06% 4.35%
08/01/17 5.06% 4.44%
09/01/17 NA 4.36%
10/01/17 5.06% 4.48%
11/01/17 5.06% 4.56%
12/01/17 4.99% 4.64%
01/01/18 4.90% 4.66%
02/01/18 5.06% 4.68%
03/01/18 5.06% 4.66%
04/01/18 NA 4.59%
05/01/18 4.68% 4.49%
06/01/18 NA 4.80%
07/01/18 4.74% 4.71%
08/01/18 4.81% 4.57%
09/01/18 NA 4.64%
10/01/18 NA 4.69%
11/01/18 4.68% 4.68%
12/01/18 NA 5.10%

ME Cities with the Most HECM Loans

Rank City Zip Total
1 PORTLAND 4103 244
2 SOUTH PORTLAND 4106 136
3 YORK 3909 124
4 BIDDEFORD 4005 104
5 WELLS 4090 98
6 KENNEBUNK 4043 94
7 SCARBOROUGH 4074 90
8 SACO 4072 89
9 LEWISTON 4240 83
10 BANGOR 4401 77
11 CAPE ELIZABETH 4107 73
12 SANFORD 4073 68
13 WINDHAM 4062 66
14 BRUNSWICK 4011 66
15 GORHAM 4038 54
16 OLD ORCHARD BEACH 4064 53
17 YARMOUTH 4096 51
18 WESTBROOK 4092 51
19 FALMOUTH 4105 50
20 ELIOT 3903 44
21 BELFAST 4915 43
22 AUGUSTA 4330 42
23 ROCKLAND 4841 42
24 KITTERY 3904 42
25 AUBURN 4210 41
26 STANDISH 4084 40
27 KENNEBUNKPORT 4046 39
28 BRIDGTON 4009 37
29 FREEPORT 4032 37
30 BREWER 4412 37

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