Top 20 Reverse Mortgage Lenders in Connecticut
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | BBB Review |
|---|---|---|---|---|---|---|
| Advisors Mortgage Group | A+ | 25 | 2.00/5 | 40.0% | 5 | Source |
| American Advisors Group (AAG) | A | 19 | 4.69/5 | 93.8% | 56 | 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 | 4.41/5 | 88.2% | 37 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 21 | 1.00/5 | 20.0% | 22 | 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% | 39 | 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 | 3.94/5 | 78.8% | 18 | Source |
| Mid America Mortgage Inc. | A+ | 65 | 3.00/5 | 60.0% | 0 | Source |
| Moneyhouse | NR | 27 | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.80/5 | 95.6% | 109 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 4.61/5 | 92.2% | 45 | Source |
| Open Mortgage LLC | A+ | 21 | 2.60/5 | 52.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 23 | 2.38/5 | 47.6% | 17 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 2.62/5 | 52.4% | 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 |
Connecticut Reverse Mortgage Lending Limits
Connecticut, the southernmost state in New England, is the 29th most populous state in the U.S. As of 2024, the state has an estimated population of approximately 3.6 million residents, with the most affluent and populated areas in its western region. Around 625,000 residents are aged 62 and older, and more than 76% of those 65 and older are homeowners.
Connecticut’s Rich History and Economy
The Dutch were the first Europeans to explore the area in 1614, but the English established the first permanent settlements in the 1630s. Connecticut, one of the original 13 colonies, became the fifth state to join the Union in 1788. Due to its contributions during the Revolutionary War, the state is sometimes called the “Constitution State” or the “Provisions State.”
Bridgeport, Connecticut’s largest city, has a population of about 150,000 and was once the state’s industrial hub. It also served as the winter home for P.T. Barnum’s circus during the 19th century. Other significant cities include New Haven, home to Yale University, Stamford, and the capital, Hartford. The insurance and finance sectors dominate the state’s economy, and Connecticut boasts the highest per capita income in the nation. Nineteen Fortune 500 companies, including General Electric, Aetna, and Xerox, are headquartered here.
Climate and Lifestyle
Connecticut’s climate varies across the state. Most regions experience humid summers and cold winters, with coastal areas experiencing milder winters and hotter summers. Snow is common in winter, and summers occasionally bring thunderstorms and the indirect effects of hurricanes.
Reverse Mortgage Opportunities in Connecticut
As of January 2024, the median home value in Connecticut is $365,200, which represents a 10.8% increase over the previous year. Given this median value, many Connecticut homes fall under the federal reverse mortgage lending limit of $1,209,750, making them eligible for HECM (Home Equity Conversion Mortgage) loans. For homes valued above this limit, proprietary jumbo reverse mortgage programs are available for more borrowing power.
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
