Senior Housing Resources for Maine

This page contains useful housing information for Maine seniors. You will find detailed statistics on HECM originations, locations and hours for local HUD offices, and much more.

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

Top Reverse Mortgage Lenders in Maine

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.

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.

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

Here are four commonly repeated myths, along with the facts, to help you further understand 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.

All Time

Lender Loans Total Principal Limit
WELLS FARGO 1247 264229151
FINANCIAL FREEDOM SENIOR FUNDING CORP 437 85363400
METLIFE BANK NATIONAL ASSOCIATION 270 71003800
AMERICAN ADVISORS GROUP 258 49395750
ONE REVERSE MORTGAGE LLC 203 39353900
REVERSE MORTGAGE SOLUTIONS INC 156 37130000
BANK OF AMERICA 122 28517900
BIG HORIZON MORTGAGE CORPORATION 113 34393050
MAINE STATE HOUSING AUTHORITY 111 10076719
SYNERGY ONE LENDING INC. 97 25607000
GENERATION MORTGAGE COMPANY 89 22012300
UNITY MORTGAGE CORP 71 7867459
EVERBANK REVERSE MORTGAGE LLC 65 10782671
FINANCE OF AMERICA REVERSE LLC 63 11504500
GORHAM SAVINGS BANK 60 13193825
SEACOAST FAMILY MORTGAGE LLC 57 20439100
DIRECT FINANCE CORP 55 10440500
RESIDENTIAL MORTGAGE SVCS INC 52 14465970
COUNTRYWIDE BANK FSB 46 8966545
FINANCIAL FREEDOM ACQUISITION LLC 43 13824000

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 238 45402250
REVERSE MORTGAGE SOLUTIONS INC 152 35696500
ONE REVERSE MORTGAGE LLC 112 22624400
SYNERGY ONE LENDING INC. 97 25607000
BIG HORIZON MORTGAGE CORPORATION 86 26063050
FINANCE OF AMERICA REVERSE LLC 59 11024500
SEACOAST FAMILY MORTGAGE LLC 37 13101100
LIBERTY HOME EQUITY SOLUTIONS INC 34 6674500
REVERSE MORTGAGE FUNDING LLC 34 9470150
SECURITY ONE LENDING 29 7296000

Maine Reverse Mortgage Rates

Historical monthly averages calculated from data released by the US Department of Housing and Urban Development. NA means that no fixed rate HECMs were originated in month and thus no average could be calculated.

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%

ME Cities with the Most HECM Loans

Rank City Zip Total
1 PORTLAND 4103 220
2 SOUTH PORTLAND 4106 116
3 YORK 3909 100
4 WELLS 4090 90
5 BIDDEFORD 4005 88
6 KENNEBUNK 4043 81
7 SACO 4072 79
8 SCARBOROUGH 4074 75
9 LEWISTON 4240 73
10 BANGOR 4401 65
11 CAPE ELIZABETH 4107 61
12 BRUNSWICK 4011 61
13 WINDHAM 4062 57
14 SANFORD 4073 55
15 YARMOUTH 4096 48
16 FALMOUTH 4105 46
17 GORHAM 4038 46
18 WESTBROOK 4092 46
19 OLD ORCHARD BEACH 4064 45
20 AUGUSTA 4330 39
21 ELIOT 3903 38
22 BREWER 4412 37
23 ROCKLAND 4841 37
24 BELFAST 4915 36
25 STANDISH 4084 36
26 BRIDGTON 4009 35
27 AUBURN 4210 34
28 KITTERY 3904 33
29 KENNEBUNKPORT 4046 32
30 BATH 4530 31

HECM Counselors

COASTAL ENTERPRISES, INCORPORATED
30 FEDERAL STREET SUITE 100
BRUNSWICK, ME 04011-1510
(207) 504-5900

Welcome to CEI, a national leader in rural business development.

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