Best Jumbo Reverse Mortgage Lenders

Latest update: August 31, 2020


Jumbo Reverse Mortgage Lenders Analyzed


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If your home value is appraised higher above the traditional HECM limit of $726,625 and looking into a reverse mortgage or refinance loan, check out our top pick of jumbo reverse mortgage lenders to see which option is a better solution for you.

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(844) 334-9215

Finance of America Reverse

Great Service |

  • Excellent Customer Reviews
  • Competitive Pricing

Finance of America Reverse is one of the top jumbo reverse mortgage wholesale lenders. They offer reverse mortgages, second mortgages as well as loan refinancing to eligible individuals.

(855) 523-4326

Longbridge Financial

Fast Communication |
  • Quote Calculator
  • Financial Advisor

Longbridge Financial, LLC is an innovative company committed to responsibly helping homeowners reshape their financial future by educating them on Home Equity Conversion Mortgages (HECM)—and helping them unlock the power of their homes.

(888) 608-5766

American Advisors Group (AAG)

A+ Accredited |

  • 98% customer satisfaction
  • Free Info Kit

If you’re like many Americans, your house is your greatest asset.  Learn about the tools available to help you tap into this important resource and create a sound financial plan that will help you retire more than just “good”.

Best Jumbo Reverse Mortgage Lenders

Taking out a reverse mortgage requires very careful consideration, particularly in relation to the lender that you would be using. It is very possible that the lender you choose out of all the jumbo reverse mortgage lenders available could be the reason why you end up with regrets.

This is why in the process of selecting a lender, you would need to scrutinize and analyze everything that each lender has to offer. Then when you eventually make your choice, it would be one that offers you the most benefits.

The following section carefully discusses the best jumbo reverse mortgage lenders in detail. 

Top Jumbo Reverse Mortgage Lenders

1. Liberty Reverse Mortgage

Most Updated |

Liberty Reverse Mortgages has both HECM and HECM for Purchase Loans. They are known for their fair and competitive prices. They offer impressive terms such as HECM for Purchase origination fees being capped at 2% on the initial $200,000 and 1% of anyamount exceeding $200,000 with a maximum set at $6,000.

They have physical offices in Arizona, Arkansas, California, Colorado, Florida, Massachusets, Nevada, NewJersey, NewYork, North Carolina, Ohio, Oregon, Pennsylvania, Texas, Vrginia, and Washington. 

  • Pros
  • Great customer service.
  • Guarantee on pricing
  • Cons
  • Doesn’t service all loans.

3.  American Advisors Group

Satisfied Customer |

American Advisors Group boasts of a pretty extensive list of various reverse mortgage loan products and services comprising a jumbo reverse or jumbo refinance with access to up to $4 million in loan proceeds on a high-value home.

Other loans include home equity conversion mortgages (HECM), HECM for Purchase, and refinancing loans. Borrowers may have the option of getting all the upfront fees and costs rolled into the principal which would of course be due when the remainder of the loan becomes due.

AAG is able to provide reverse mortgages in nearly all states since they have the license for that. However, their physical branches are only present in New York, California, Georgia, Hawaii, Texas, and Missouri.

  • Pros
  • Online calculator.
  • 30-day turnaround time.
  • Cons
  • Physical locations are few.

4.  Quontic Bank

Various Feature |

Quontic Bank formerly sited as a regional bank in the northeast has greatly expanded its digital footprint and conducts business in all 50 states. You would be required to meet all the standard requirements that qualify you for FHA’s program given that their reverse mortgage options are limited to HECM.

Quontic offers favorable terms for their jumbo loans and some of these terms might include cash out allowances that allow for both fixed and adjustable rates that would fit just great into the diverse lifestyles of borrowers.

A part of the process involves Quontic ascertaining that your assets are up to par to cater to the fees that the loan brings about including sufficient to maintain the home, annual insurance payments, and property taxes amongst others. Loan officers can be accessed easily and at any time.

  • Pros
  • Easy access to various loan tools.
  • Impressive digital footprints.
  • Cons
  • Limited number of bank branches.

5. Longbridge Financial LLC

Large Portfolio |

Longbridge Financial, LLC offers a jumbo reverse mortgage program referred to as the Longbridge Platinum jumbo reverse mortgage and it features loan amounts up to $4 million. They also offer the regular HECM for purchase loans as well as loan options for homes that have a significantly high value.

The for-purchase loan allows you to purchase a new home with only a down payment of about 50% of the purchase price and then cover closing costs as well. The HECM would provide the purchase price and release the remaining funds to you. However, you would be required to make monthly payments going forward in this case.

It easily stands out as a result of the availability of easy-to-use tools including a free quote calculator that can be used to calculate jumbo reverse mortgage interest rates.

  • Cons
  • They are not licensed in all states.
  • Pros
  • Promise of 45-day or less loan closure.
  • Access to a broad range of consumer tools and resources.

6.  Ally Bank

State-Wise-Branch |

Ally might be a good idea for a mortgage lender if your loan would be your first ever. They offer first time home buyers in most states round the clock online account access which can be very reassuring during your application process.

You can also get as much as $4 million in your jumbo loan for a first home and up to $3 million dollars if it is for a second home.

Ally offers these jumbo loans with a down payment as low as 10% alongside an extensive database of information to help guide you in your quest to determine the best loan for you.

  • Pros
  • Retail banking options available.
  • Interest rates are pretty competitive.
  • Cons
  • No provision for VA loans.

7.  Luxury Mortgage

Multiple Option |

Luxury mortgage plans are especially great for self-employed people as it offers individualized mortgage solutions. Luxury Mortgage’s flexible Asset Qualifier home loan takes into account nontraditional income sources and assets.

This makes it great for entrepreneurs who have a significant amount of cash lying in work-related assets. Luxury Mortgage offers borrowers up to $6 million dollars via an Asset Qualifier loan and credit score may be as low as 580 points.

  • Pros
  • Offers entrepreneurs a great loan deal.
  • Possible to get loan despite seemingly low credit score.
  • Cons
  • May not be well suited to other people outside of entrepreneurs.

8.  Quicken Loans

Expert Broker |

Quicken Loans is easily one of the largest mortgage providers in the US. Via its Rocket Mortgage® platform, you can apply for a jumbo loan speedily and with ease. Rocket Mortgage® by Quicken Loans® has made the entire process a pretty seamless one, reducing the entire process into a couple of simple steps. Within minutes, applicants can get feedback on their eligibility and may qualify for up to $3 million via the Quicken Loans jumbo loan program. Even with only 10% down, your chances of qualification are still pretty strong.

Most applicants will receive a decision in just a few minutes, and you may qualify for up to $3 million through the Quicken Loans jumbo loan program. You may even qualify with just 10% down.

Quicken Loans® also offers FHA, VA, USDA and conventional loans.

  • Pros
  • Customer satisfaction scores are impressive.
  • Lots of jumbo loan educational content.
  • Cons
  • No physical locations.

9.  Bank of America

Mega Portfolio |

If your preference is a long-established and reputable financial institution, then Bank of America is a highly-rated option. This national banking phenomenon is one of the four largest banks in the U.S and has branches all over the country. This implies that you can always make your way to a physical branch and tender your mortgage application if you want.

Bank of America has regular government loan options like FHA jumbo and VA loans. A noteworthy feature of this financial institution is the rate transparency. You can always check the present rates on the bank’s website. You can be certain that there wouldn’t be any bait and switch to get your contact info like some lenders do.

  • Pros
  • Established and reputable national bank with different branches.
  • Transparent rates and fees.
  • Cons
  • Relatively low customer satisfaction marks.

10. Sofi

Great Service |

SoFi offers jumbo, conventional as well as government-backed mortgages, all online. This online mortgage provider makes the entire mortgage application process a breeze and most borrowers can be done with the process in some minutes. 

They offer up to $1.5 million with 10% and no PMI.

  • Pros
  • Website is seamless and easy to navigate.
  • Requirement of 10% down payment on jumbo loans up to $3 million with no PMI.
  • Cons
  • Zero government loan options.
LenderSample Interest Rates Mortgage Types
Finance of America ReverseNot listedHECM reverse mortgage
HECM for purchase
Jumbo loans
HomeSafe® Standard
HomeSafe® Select
AAG2.264%–6.168%Lump-sum payout
Growing line of credit
Jumbo loan
Term or tenure
Reverse for purchase
Quontic Bank4.195%–4.815%HECM
Longbridge2.949%–4.333%HECM reverse mortgage
HECM for purchase reverse mortgage
Platinum mortgage
All Reverse Mortgage Inc3.31%–6.99%HECM reverse mortgage
HECM for purchase
Jumbo loans
Proprietary loans
Ally Bank3.21%Jumbo loans
Luxury Mortgage Not listedJumbo loans
Quicken 3.875%Jumbo loan
Bank of America2.375%-3.00%Jumbo loans
SoFi4.50%Jumbo loans

Factors To Note When Choosing a Jumbo Reverse Mortgage Lender

Here are some factors that would help you choose the right reverse mortgage lender:

1.   Ensure That The Lender is After Your Best Interests

More often than not, most people look out for just something specific in the loans and once they’ve got it, they feel like that’s all there is to it. This leads to them missing out on other factors that could have resulted in a difference in the overall cost or benefit of the loan.

For instance, some borrowers are especially wary of appraisal fees and go from lender to lender until they can get one that charges some hundred lower. In the meantime, this might have led to them missing out on a couple of thousands as a result of a higher rate or the loan coming with a higher rate that would lead to accumulation of greater interest all through the lifespan of the loan. Jumbo reverse mortgage interest rates can be pretty steep and the borrower would have to bear this consequence as a result.

To get the best, it is essential to consider all the details of the transaction instead of fixating on a particular little factor that may turn out to be a minor one.

2.   Compare All Loan Terms Comprehensively

Lending laws ensure that originators are unable to pad any of the closing costs. All of the various bills including title fees, appraisals, and credit amongst others can only be billed at the fee that the company typically charges. By law, originators cannot hike these fees.

When considering an adjustable-rate loan, most borrowers only consider the fees. However, it is essential that you also look at the margin. This is because a higher margin can lead to increased interest in the tune of thousands or tens of thousands of dollars all through the lifespan of the loan. It can as well be compared to having a higher interest rate on a fixed-rate loan.

In addition, a higher margin implies an increase in the effective rate which would lead to a reduction in the loan amount or principal limit receivable by the borrower. The effect of the higher margin would be felt all through the lifespan of the loan because, in addition to receiving less money in the loan, you would also have to pay a higher interest amount.

Therefore, ignoring the margin is not something that you want to do. Given that the UFMIP is calculated at 2.0% of the appraised amount of the home with a current maximum of $765,600, then the UFMIP can rise as high as

Since this is based on 2.0% of the appraised value of the home to a current maximum of $765,600, the can be up to $15,312.00. Therefore, a higher margin and a lower fee can result in your receiving less money eventually.

This makes comparing terms highly essential so you can determine which is the best option for

3.Steer Clear of Fake Reviews

In order to know exactly what you’re headed into, you should check out the online reviews that actual customers left. Don’t pay too much mind to online sites that aid companies in generating leads, such reviews may be bought and sold.

Instead, make use of honest ratings from third parties such as Google Ratings or BBB (Better Business Bureau) whose ratings cannot be influenced by the lender and are completely
generated from consumers.

If you start noticing a pattern of problems that are recurring and constant, then you might want to consider other originators. You need to pinpoint exactly what you want, the loan is yours after
all and not the lender’s.

What sums up as a successful reverse mortgage involves getting the right loan initially the right loan in this case refers to one that best caters to your situation.

This implies that while a particular loan arrangement could be great for one party, it could be a bad idea for another. This is why you need to stay informed and exactly why South River Mortgage ensures that you get one that is completely suited to you.

4.   Avoid Companies That Have Appraisal Interests

Appraisal Management Companies (AMCs) that are owned in totality or in part by a single lender may be a recipe for disaster. This is because lender-owned AMC’s do not exactly deal with any lender that doesn’t own them. Therefore, borrowers would typically be trapped if they get a better deal from another lender and then later want to transfer to the said lender or if the original lender ends up being unable to close the loan.

This leads to a conflict that would hinder borrowers from having the freedom to move the appraisal and certain banks are known to follow this process, thereby resulting in borrowed being locked into loans that they do not have the opportunity to change.

While this is a clear loophole in the intensional of the HUD, it is currently impossible to make the AMC work with a different lender if they take a stand that they only want to work with the lender who placed the order (and owns them as well).

In this sort of scenario, borrowed are left with one of two options. Either to place an order for a new appraisal that would cost extra or stick it out with their initial lender (there might even be a possibility that they have found another loan that offers lifetime costs that are valued thousands of dollars less, but they would be unable to explore this option.

The most effective solution therefore would be to avoid this problem altogether. To do this, you would need to do your digging, get all of the actual quotes, and do your comparison before you start the process.

You would then need to verify the credentials of the company and the originator as well. Once you do your homework properly, you would avoid regrets along the way that only required that you find accurate information before making a move. It can be pretty heartbreaking realizing that you never had great circumstances right from the start and then it is practically impossible for you to move your funds.

5.   Ensure That Your Lender Is HUD Approved

To confirm that your lender is HUD-approved, all you have to do is visit

Enter the name of your lender to start your search and before proceeding with the search, ensure that you check the mark “Reverse Mortgages through FHA’s Home Equity Conversion Mortgages (HECM)”.

The Bottomline

The best jumbo reverse mortgage lenders are not necessarily the ones that are the most popular, this is why you need to do your homework. Also, the terms of one reverse mortgage lender might favor you over another’s and at the same time be a disadvantage for some other borrower.

Needs differ so you would need to get one that is best suited to your needs. Therefore, the essence of proper research cannot be overemphasized. Furthermore, ensure that you consult extensively and once your background research is done, you can go ahead to get one armed with confidence from the information that you have gathered.