Top 20 Reverse Mortgage Lenders in Connecticut
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | BBB Review |
|---|---|---|---|---|---|---|
| Advisors Mortgage Group | A+ | 24 | 1.80/5 | 36.0% | 5 | Source |
| American Advisors Group (AAG) | A | 19 | 4.70/5 | 94.0% | 61 | Source |
| American Pacific Mortgage | F | 28 | 1.75/5 | 35.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 3 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.43/5 | 88.6% | 38 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 20 | 1.00/5 | 20.0% | 21 | Source |
| GoodLife Home Loans | A+ | 12 | 4.43/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 41 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 0 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 3 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.95/5 | 79.0% | 17 | Source |
| Mid America Mortgage Inc. | A+ | 65 | 3.00/5 | 60.0% | 0 | Source |
| Moneyhouse | NR | NA | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.80/5 | 95.6% | 111 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 4.72/5 | 94.4 | 52 | Source |
| Open Mortgage LLC | A+ | 21 | 2.60/5 | 52.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 23 | 2.29/5 | 45.8% | 18 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 2.43/5 | 48.6% | 15 | Source |
Connecticut Reverse Mortgage Facts
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Connecticut | Avg. Home Value |
|---|---|---|---|---|---|
| Connecticut | 194,889 | 956 | 43 | 112 | $359,995 |
HUD Approved Direct Lender
Connecticut Lending Limits
Connecticut is the southernmost state in the New England region, the 29th-most populous state in the Union and the 48th largest in land area. As of 2017, it had an estimated population of 3,588,184, with the most affluent and populated areas being on the state’s Western side. As of 2017, 625,498 residents were age 62 and older, and more than 76% of residents 65 and older were homeowners.
Beginning in 1614, the Dutch were the first Europeans in the area, but the English established the first major settlements in Connecticut in the 1630s. Founded as one of the original 13 colonies in 1662, Connecticut was the fifth state to enter the union in 1788. Because of its contributions in the Revolutionary War, it is sometimes known as the “Constitution State” or the “Provisions State.”
Once the state’s industrial center, the seaport town of Bridgeport is now the largest city in Connecticut, with an estimated population of 151,267. Showman P.T. Barnum housed his famous circus in Bridgeport during the winters of the nineteenth century. The city also claims the first Subway restaurant and is home to the Frisbee. The next largest city is New Haven, home to Yale University.
Because of its location on the coast, Connecticut’s climate varies. Most of the state has mild, humid summers and cold winters. Along the water, winters are milder, and summers are hotter and humid. Winters bring snow, and summers have thunderstorms, with the occasional—usually indirect—effects of hurricane season.
Following Bridgeport and New Haven, Stamford and Hartford are the next biggest cities. The main industries are insurance and finance, and the state boasts the highest per capita income in the nation. 19 Fortune 500 companies, including General Electric, Aetna, and Xerox, call Connecticut home.
With its picturesque New England charm and centuries-old history, tourism is a thriving industry in this state. In 2006, tourism, combined with art, film, and history, was said to have brought in $14 billion.
As of January 2023, the median home value in Connecticut is $359,995, which is up 10.8% from this time last year. With this as a median, many homes in the state fall under the federal maximum reverse mortgage lending limit of $1,149,825 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in Connecticut, All Reverse Mortgage, Inc. (ARLO™) is here to answer your questions.
Connecticut Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| BRIDGEPORT NEIGHBORHOOD TRUST | 80835 | 570 STATE ST BRIDGEPORT, CT 06604-4500 | (203) 290-4255 | https://www.bntweb.org |
Did you know? Connecticut state does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
Additional Resources:
Reversemortgage.org NRMLA Members in Connecticut: https://www.reversemortgage.org/Find-a-Lender/state/CT
HUD.GOV Approved Lenders Search: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
