Maryland Senior Housing Resources

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. Reverse mortgage statistics
  2. MD housing counselors
  3. Other relevant resources

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 3919 1024326057
ACADEMY MORTGAGE LLC 1770 422059859
NET EQUITY FINANCIAL INC 1296 310453370
FINANCIAL FREEDOM SENIOR FUNDING CORP 1268 303558025
M AND T BANK 1181 289317479
BANK OF AMERICA 864 231589949
FIRST MARINER BANK 836 207981439
AMERICAN ADVISORS GROUP 769 192792970
HARVARD HOME MORTGAGE INC 724 180434926
ONE REVERSE MORTGAGE LLC 594 151457045
COOPER AND SHEIN LLC 572 127478966
MAS ASSOCIATES 570 121753815
1ST MARYLAND MORTGAGE CORPORATION 510 113863350
AMERICAN HOME LOAN INC 503 117321011
FIDELIS MORTGAGE LLC 501 154318509
METLIFE BANK NATIONAL ASSOCIATION 494 148669804
NFM INC 442 94452810
SEATTLE MORTGAGE COMPANY 431 112729649
SAVINGS FIRST MORTGAGE LLC 401 90685939
WORLD ALLIANCE FINANCIAL CORP. 395 97381058

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 649 163547450
NET EQUITY FINANCIAL INC 393 106072670
ONE REVERSE MORTGAGE LLC 358 95165450
M AND T BANK 280 74629917
REVERSE MORTGAGE ANSWERS LLC 262 83415050
REVERSE MORTGAGE SOLUTIONS INC 183 58798132
LIBERTY HOME EQUITY SOLUTIONS INC 168 47762337
FRANK J. WEAVER INC. 163 51489080
FINANCE OF AMERICA REVERSE LLC 140 39878025
MAS ASSOCIATES 131 31570025

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.

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%

Leading MD Cities by Reverse Mortgage Origination

Rank City Zip Total
1 BALTIMORE 21209 8306
2 SILVER SPRING 20906 968
3 ANNAPOLIS 21403 645
4 GLEN BURNIE 21061 609
5 HYATTSVILLE 20784 515
6 CAPITOL HEIGHTS 20743 488
7 PASADENA 21122 477
8 UPPER MARLBORO 20772 456
9 ROCKVILLE 20851 415
10 FREDERICK 21701 392
11 HAGERSTOWN 21742 389
12 SALISBURY 21801 370
13 BOWIE 20716 353
14 COLUMBIA 21044 344
15 FORT WASHINGTON 20744 344
16 TEMPLE HILLS 20748 317
17 WESTMINSTER 21157 294
18 BEL AIR 21014 269
19 ELLICOTT CITY 21043 253
20 RANDALLSTOWN 21133 252
21 LANHAM 20706 244
22 BERLIN 21811 238
23 BETHESDA 20816 233
24 LAUREL 20707 230
25 CLINTON 20735 208
26 CUMBERLAND 21502 196
27 DISTRICT HEIGHTS 20747 191
28 CATONSVILLE 21228 190
29 DUNDALK 21222 190
30 GAITHERSBURG 20879 189

Maryland Housing Counselors

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