HECM Loans in Maryland – How MD Reverse Mortgages Work

Maryland’s total population is nearly 6 million. There are over 1 million seniors in the state, making up over 18% of the population. By 2030, this number is expected to grow to over 25%. In 2010, there were nearly 95,000 who were 80-84, which is expected to grow to nearly 219,255. Over half of the seniors who live in Maryland reside in Baltimore and nearby counties.

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

Among seniors living in MD, there is a growing interest in the Department of Housing and Urban Development’s HECM program. This program, better known as a reverse mortgage, provides a way for individuals who are 62 or older to tap into their home equity while remaining in their houses. We put this page together to provide important information related to this market in Maryland, and we’ve included other relevant senior housing resources that we hope you will find useful:

  1. The biggest reverse mortgage companies in Maryland
  2. Recent and historic reverse interest rates
  3. HECM housing counselors near you in MD

Top Maryland Reverse Mortgage Lenders

To date, over 30,000 of these loans have been originated in MD. Until recently, the top lenders were large banks such as Wells Fargo, as you can see from the table below.

All Time:

Lender Loans Total Principal Limit
WELLS FARGO 3,919 1,024,326,057
ACADEMY MORTGAGE LLC 1,770 422,059,859
AMERICAN ADVISORS GROUP 1,546 461,566,182
NET EQUITY FINANCIAL INC 1,296 310,453,370
FINANCIAL FREEDOM SENIOR FUNDING CORP 1,268 303,558,025
M AND T BANK 1,257 312,348,404
BANK OF AMERICA 864 231,589,949
FIRST MARINER BANK 836 207,981,439
HARVARD HOME MORTGAGE INC 724 180,434,926
ONE REVERSE MORTGAGE LLC 666 173,556,753
MAS ASSOCIATES 574 122,653,815
COOPER AND SHEIN LLC 572 127,478,966
FIDELIS MORTGAGE LLC 524 162,494,009
1ST MARYLAND MORTGAGE CORPORATION 510 113,863,350
AMERICAN HOME LOAN INC 503 117,321,011
METLIFE BANK NATIONAL ASSOCIATION 494 148,669,804
NFM INC 443 94,997,810
SEATTLE MORTGAGE COMPANY 431 112,729,649
REVERSE MORTGAGE ANSWERS LLC 421 139,044,450
SAVINGS FIRST MORTGAGE LLC 401 90,685,939

However, these banks stopped offering HECM loans in 2011, and now Maryland's reverse mortgage market is dominated by non-bank lenders. The same is true across America. You can see the shift in the table below.

Since 2012:

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,426 432,320,662
ONE REVERSE MORTGAGE LLC 430 117,265,158
REVERSE MORTGAGE ANSWERS LLC 410 136,300,450
NET EQUITY FINANCIAL INC 393 106,072,670
M AND T BANK 356 97,660,842
REVERSE MORTGAGE FUNDING LLC 264 107,053,290
FINANCE OF AMERICA REVERSE LLC 201 63,859,750
LIBERTY HOME EQUITY SOLUTIONS INC 185 52,398,337
FRANK J. WEAVER INC. 183 58,414,580
REVERSE MORTGAGE SOLUTIONS INC 183 58,798,132

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

Maryland Reverse Mortgage Rates

Here are average interest rates on HECM fixed and adjustable rate loans in MD since 2014. This table was compiled using data published monthly by HUD, with a two month delay. It is useful for getting a feel for what kind of interest rates might be out there when you’re start shopping for a loan.

Current Rates

Date Fixed Rate Adjustable Rate
01/01/19 4.60% 5.19%
02/01/19 5.04% 4.95%
03/01/19 NA 4.91%
04/01/19 NA 4.72%
05/01/19 NA 4.70%
06/01/19 5.06% 4.64%
07/01/19 NA 4.49%
08/01/19 4.93% 4.37%
09/01/19 5.06% 4.02%
10/01/19 3.99% 4.25%
11/01/19 NA 4.13%
12/01/19 NA 4.13%
01/01/20 NA 4.09%
02/01/20 NA 4.02%
03/01/20 NA 3.94%
04/01/20 NA 3.54%
05/01/20 4.15% 3.43%
06/01/20 NA 3.09%
07/01/20 NA 3.17%
08/01/20 NA 3.08%
09/01/20 NA 3.06%
10/01/20 2.98% 2.91%
11/01/20 3.43% 3.12%
12/01/20 NA 2.97%
01/01/21 3.20% 2.73%
02/01/21 3.35% 2.78%
03/01/21 3.43% 2.58%
04/01/21 3.56% 2.55%
05/01/21 3.39% 2.47%
06/01/21 3.31% 2.23%
07/01/21 3.29% 2.18%
08/01/21 3.56% 2.26%
09/01/21 NA 2.30%
10/01/21 3.43% 2.12%
11/01/21 3.25% 2.34%
12/01/21 3.28% 2.15%
01/01/22 3.31% 2.41%
02/01/22 3.62% 2.52%
03/01/22 3.31% 2.92%
05/01/22 3.56% 3.79%
04/01/22 NA 3.14%
06/01/22 NA 4.05%
07/01/22 3.31% 4.58%
08/01/22 NA 5.18%
09/01/22 NA 5.42%

Historic Rates

Date Fixed Rate Adjustable Rate
01/01/14 5.05% 2.60%
02/01/14 5.04% 2.58%
03/01/14 5.02% 2.73%
04/01/14 5.00% 2.70%
05/01/14 5.07% 2.73%
06/01/14 5.01% 2.64%
07/01/14 4.98% 2.68%
08/01/14 5.05% 2.77%
09/01/14 5.00% 2.68%
10/01/14 5.03% 2.71%
11/01/14 4.95% 2.75%
12/01/14 4.81% 2.79%
01/01/15 5.02% 2.80%
02/01/15 5.02% 2.88%
03/01/15 5.03% 2.96%
04/01/15 4.93% 3.06%
05/01/15 5.02% 3.10%
06/01/15 4.99% 3.13%
07/01/15 5.06% 3.21%
08/01/15 4.95% 3.26%
09/01/15 4.96% 3.22%
10/01/15 5.04% 3.34%
11/01/15 5.06% 3.25%
12/01/15 4.84% 3.43%
01/01/16 5.06% 3.58%
02/01/16 5.06% 3.70%
03/01/16 4.95% 3.77%
04/01/16 5.06% 3.87%
05/01/16 5.06% 4.02%
06/01/16 4.45% 4.09%
07/01/16 5.05% 4.21%
08/01/16 4.97% 4.29%
09/01/16 5.04% 4.56%
10/01/16 5.06% 4.58%
11/01/16 4.90% 4.58%
12/01/16 4.95% 4.57%
01/01/17 4.99% 4.66%
02/01/17 4.95% 4.61%
03/01/17 4.72% 4.56%
04/01/17 5.06% 4.55%
05/01/17 5.08% 4.38%
06/01/17 4.96% 4.38%
07/01/17 5.05% 4.38%
08/01/17 4.98% 4.44%
09/01/17 4.99% 4.46%
10/01/17 5.05% 4.49%
11/01/17 4.91% 4.59%
12/01/17 4.97% 4.58%
01/01/18 4.97% 4.58%
02/01/18 4.96% 4.63%
03/01/18 4.75% 4.65%
04/01/18 4.96% 4.62%
05/01/18 4.65% 4.78%
06/01/18 4.67% 4.80%
07/01/18 4.39% 4.81%
08/01/18 4.77% 4.86%
09/01/18 4.62% 4.79%
10/01/18 4.25% 4.89%
11/01/18 4.76% 4.94%
12/01/18 4.65% 5.31%

Leading MD Cities by Reverse Mortgage Origination

Rank City Zip Total
1 BALTIMORE 21215 1,107
2 BALTIMORE 21229 740
3 BALTIMORE 21207 566
4 BALTIMORE 21216 541
5 PASADENA 21122 531
6 BALTIMORE 21218 521
7 CAPITOL HEIGHTS 20743 517
8 FORT WASHINGTON 20744 369
9 ANNAPOLIS 21401 362
10 BALTIMORE 21222 349
11 GLEN BURNIE 21061 348
12 BALTIMORE 21213 342
13 SILVER SPRING 20906 338
14 TEMPLE HILLS 20748 337
15 BALTIMORE 21212 332
16 BALTIMORE 21239 324
17 BALTIMORE 21206 319
18 BALTIMORE 21224 319
19 UPPER MARLBORO 20774 307
20 GLEN BURNIE 21060 306
21 BALTIMORE 21234 304
22 RANDALLSTOWN 21133 267
23 HAGERSTOWN 21740 266
24 BALTIMORE 21217 261
25 BERLIN 21811 258
26 LANHAM 20706 255
27 ANNAPOLIS 21403 247
28 CLINTON 20735 233
29 DISTRICT HEIGHTS 20747 217
30 CATONSVILLE 21228 213

Want to learn more? Click here to get free information about a reverse mortgage in Maryland and find out if it’s right for you.

Maryland Housing Counselors

If you’re serious about pursuing a reverse mortgage, you’ll eventually need to complete counseling mandated by the Federal Housing Administration. You can complete this with a counselor on the telephone, or you can find a convenient office near you and meet in person. You’ll find a directory of HECM counselors below, and you can also consult with your lender to see if there are additional options.

CCCS OF MARYLAND AND DELAWARE
757 FREDERICK RD FL 2
BALTIMORE,  MD  21228-4500
(410) 747-2050  
http://www.cccs-inc.org

CECIL COUNTY HOUSING AGENCY
200 CHESAPEAKE BLVD STE 1800
ELKTON,  MD  21921-6682
(410) 996-8215  
http://www.ccgov.org/dept_housing/index.cfm

CLEARPOINT CREDIT COUNSELING SOLUTIONS – LANHAN BRANCH
SUITE 236
10104 SENATE DR
LANHAM,  MD  20706-4392
(877) 877-1995  
http://www.clearpointccs.org

DRUID HEIGHTS COMMUNITY DEVELOPMENT CORP.
2140 MCCULLOH ST
BALTIMORE,  MD  21217-3529
(410) 523-1350  
http://www.druidheights.com

FREDERICK COMMUNITY ACTION AGENCY
100 S MARKET ST
FREDERICK,  MD  21701-5527
(301) 600-1506  
www.cityoffrederick.com/fcaa

HARFORD COUNTY HOUSING AGENCY
15 S MAIN ST STE 106
BEL AIR,  MD  21014-8723
(410) 638-3045  
http://www.harfordhousing.org

HOMEFREE – U S A
6200 BALTIMORE AVENUE
RIVERDALE,  MD  20737-1054
(301) 891-8400  
https://HomeFreeUSA.org

HOWARD COUNTY OFFICE ON AGING
6751 COLUMBIA GATEWAY DR
COLUMBIA,  MD  21046-2164
(410) 313-5980  

SOUTHEAST COMMUNITY DEVELOPMENT CORPORATION
3323 EASTERN AVE
BALTIMORE,  MD  21224-4109
(410) 342-3234  
http://www.southeastcdc.org

WASHINGTON COUNTY COMMUNITY ACTION COUNCIL
101 SUMMIT AVE
HAGERSTOWN,  MD  21740-5508
(301) 797-4161  
http://www.wccac.org

More Resources

Maryland Department on Aging
Foreclosure Assistance
Discrimination Complaints
Community Services Locator