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 1,506 444,397,182
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 413 135,176,450
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 1,386 415,151,662
ONE REVERSE MORTGAGE LLC 430 117,265,158
REVERSE MORTGAGE ANSWERS LLC 402 132,432,450
NET EQUITY FINANCIAL INC 393 106,072,670
M AND T BANK 356 97,660,842
REVERSE MORTGAGE FUNDING LLC 260 105,534,290
FINANCE OF AMERICA REVERSE LLC 198 62,118,750
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%

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 21209 8,572
2 SILVER SPRING 20906 1,060
3 ANNAPOLIS 21403 701
4 GLEN BURNIE 21061 652
5 HYATTSVILLE 20784 551
6 PASADENA 21122 528
7 CAPITOL HEIGHTS 20743 516
8 UPPER MARLBORO 20772 499
9 ROCKVILLE 20851 450
10 HAGERSTOWN 21742 437
11 FREDERICK 21701 435
12 SALISBURY 21801 396
13 BOWIE 20716 396
14 COLUMBIA 21044 383
15 FORT WASHINGTON 20744 370
16 TEMPLE HILLS 20748 336
17 WESTMINSTER 21157 325
18 BEL AIR 21014 300
19 ELLICOTT CITY 21043 277
20 RANDALLSTOWN 21133 267
21 BETHESDA 20816 263
22 LAUREL 20707 258
23 BERLIN 21811 255
24 LANHAM 20706 253
25 CLINTON 20735 231
26 DISTRICT HEIGHTS 20747 215
27 WALDORF 20601 214
28 GAITHERSBURG 20879 212
29 CATONSVILLE 21228 212
30 CUMBERLAND 21502 206

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