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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLOâ„¢, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLOâ„¢. (License: NMLS# 14041) |
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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLOâ„¢, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLOâ„¢. (License: NMLS# 14041) |
Michael G. Branson
Cliff AuerswaldReverse Mortgages in Iowa: A Comprehensive Guide
If you’re an Iowa homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Iowa, including key facts, the latest statistics, top lenders, and essential protections.
Iowa Reverse Mortgage Lenders
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | Source |
|---|---|---|---|---|---|---|
| Advisors Mortgage Group | A+ | 25 | 1.00/5 | 20.0% | 6 | Source |
| Atlantic Avenue Mortgage LLC | B+ | 2 | 4.94/5 | 98.8% | 2 | Source |
| American Pacific Mortgage | F | 28 | 2.00/5 | 40.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 2 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.39/5 | 87.8% | 33 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 21 | 1.00/5 | 20.0% | 34 | Source |
| GoodLife Home Loans | A+ | 12 | 5.0/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 33 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 1 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 2 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.69/5 | 73.8% | 21 | Source |
| Mid America Mortgage Inc. | A+ | 66 | NA | NA | NA | Source |
| Moneyhouse | NR | 27 | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.81/5 | 96.2% | 107 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 1.48/5 | 29.6% | 46 | Source |
| Open Mortgage LLC | A+ | 22 | 3.0/5 | 60.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 24 | 2.69/5 | 53.8% | 13 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 3.49/5 | 69.8% | 13 | Source |
Latest Iowa Reverse Mortgage Statistics
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Lenders in Iowa | Avg. Home Value |
|---|---|---|---|---|
| Iowa | 448,800 | 85 | 12 | $215,153 |
Loan Type: HECM Standard Loans Originated in Iowa
Performance Period: Loans endorsed between January 1, 2024, and December 31, 2024
Note: Includes all HECM Standard cases within the specified endorsement period.
Iowa Reverse Mortgage Lending Limits
Iowa, known as the “Hawkeye State,” is the 30th most populous state in the U.S. and the 26th largest in land size. As of 2024, Iowa is home to approximately 3.2 million people, with over half of its residents living in urban areas. Around 530,000 Iowans are aged 65 and older, and about 70% of the population are homeowners, reflecting the state’s strong tradition of homeownership.
A Rich Agricultural History
Named after the Iowa Native American tribe, Iowa’s rich history dates back to its early European exploration. The French first explored the area, with the land later switching between French and Spanish control before being acquired by the U.S. as part of the Louisiana Purchase. Iowa became the 29th state in 1846 and quickly developed into a leading agricultural state, known today as the top producer of corn in the U.S. Agriculture remains a key part of Iowa’s economy, manufacturing, and services.
Key Cities: Des Moines, Cedar Rapids, and Davenport
Des Moines, the state capital and largest city, is home to about 218,000 residents as of 2024. The city is a major hub for insurance companies and financial services and is well-known for hosting the first presidential caucuses in the nation. Following Des Moines, Cedar Rapids and Davenport are the next largest cities in Iowa. The state ranks 12th on Forbes’ list of ‘Best Places to Do Business,’ with major companies such as Principal Financial Group, Casey’s General Stores, and Rockwell Collins headquartered here.
Climate and Lifestyle in Iowa
In the Midwest, Iowa experiences all four seasons with a humid continental climate. Winters are cold, with an average low in January around 15°F, while summers are hot and humid, with July highs averaging 86°F. Spring often brings severe weather, including thunderstorms and tornadoes, with the state averaging around 50 tornadoes annually.
Reverse Mortgage Opportunities in Iowa
As of January 2025, the average home value in Iowa is around $215,153, an increase from the previous year. Given this average, many homes in Iowa fall well below the federal reverse mortgage lending limit of $1,209,750, which applies to HECM (Home Equity Conversion Mortgage) loans. For homeowners whose properties exceed this limit, jumbo reverse mortgage programs are available to provide additional borrowing power.
Iowa Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| CCCS OF ROCHESTER-NORTHEASTERN IOWA | 80644 | 1003 W 4TH ST WATERLOO, IA 50702-2803 | (800) 714-4388 | N/A |
Did you know? Iowa State does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies, and you can conduct your required counseling from the comfort of your home.
Additional Resources:
Reversemortgage.org NRMLA Members in Iowa: https://www.reversemortgage.org/Find-a-Lender/state/IA
HUD.GOV Approved Lenders Search: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
