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Compare Iowa's Best Reverse Mortgages

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The minimum qualifying age for a reverse mortgage is 55. If you are within 6 months from your next birthday, I will automatically calculate you a year older.
Tip! Don’t forget to include your spouse’s age, even if they are not yet 55, as loan proceeds are always based on the age of the youngest spouse.
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 Iowa Reverse Mortgage Lenders

Lender Rating Experience Stars (0-5) Good Reviews Complaints BBB
American Advisors Group (AAG) A- 18 Yrs. 4.66 93% 98 Source
Cherry Creek Mortgage, LLC A+ 36 Yrs. 3.75 75% 6 Source
Fairway Independent Mortgage A+ 27 Yrs. 4.96 99% 51 Source
Finance of America Reverse LLC (FAR) A+ 19 Yrs. 1.67 33% 15 Source
Liberty Home Equity Solutions Inc. A+ 19 Yrs. 2.00 40% 2 Source
Longbridge Financial LLC A+ 10 Yrs. 3.94 78% 15 Source
Mutual of Omaha Mortgage A+ 10 Yrs. 4.85 97% 47 Source
Open Mortgage LLC A+ 20 Yrs. 2.44 48% 1 Source
Reverse Mortgage Funding LLC A+ 10 Yrs. 4.23 84% 25 Source
Reviews Updated: 5/30/2023
The BBB is one of the last review sites that does not accept monetary influence in their ratings or posted reviews.


Iowa Reverse Mortgage Facts

StateHomeowners Age 62+Reverse Mortgages Closed Last 12 MonthsPurchase Reverse Mortgages Closed Last 12 MonthsLenders in IowaAvg. Home Value


Iowa Lending Limits

Iowa is the 30th most populous state in the United States and the 26th largest in terms of land size. As of 2017, approximately 3,145,711 people lived in the state, with more than half of the population located around its urban areas. About 525,333 residents in the state are age 65 and older, and about 70% of people in the state are homeowners.

Named after the Iowa native tribe that lived in the area, the first European explorers in the area were French. During the coming centuries, the land changed hands between the French and Spanish until finally being purchased by the U.S. as part of the Louisiana Purchase. Soon after, farming and agriculture became mainstays for the state, continuing to this day as Iowa is the number one producer of corn in the country. Iowa became the 29th state in 1846.

Des Moines is the state capital and the most populous city in the state, with about 210,000 residents. The city is considered one of the best cities in the country for insurance companies and it is famous for being the site of the first caucuses during the presidential primary season. From 1942 until 2009, it was illegal to dance in the city between 2 a.m. and 6 a.m.

After Des Moines, Cedar Rapids and Davenport are the next largest cities in the state.
Iowa was ranked 12 on Forbes list of ‘Best Places to Do Business.’ Three of the largest companies based in the state are Casey’s General Stores, Rockwell Collins, Principal Financial Group.

Located in the Midwest, Iowa experiences four seasons. Classified as a humid continental climate, it has both very cold winters and hot and humid summers.
The average high in July is 86 degrees Fahrenheit and the average low in January is 14 degrees Fahrenheit. Severe weather is common starting in the springtime, and the state averages 50 days of thunderstorms and 47 tornadoes annually.

The average home value in the state is $206,000, below the federal maximum reverse mortgage lending limit of $1,089,300 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.


Iowa Approved Reverse Mortgage Counseling Agencies

Did you know? Iowa state does not mandate in-person counsleing. 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 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


Iowa Reverse Mortgages
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