Top 20 Reverse Mortgage Lenders in Louisiana
| 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 |
Louisiana Reverse Mortgage Facts
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Louisiana | Avg. Home Value |
|---|---|---|---|---|---|
| Louisiana | 26,451 | 279 | 28 | 52 | $246,200 |
Louisiana Lending Limits
Louisiana, rich in history and culture, is home to over 4.6 million people. As of 2010, nearly 700,000 residents were aged 62 and older, and many of them own their homes. In fact, 67% of Louisianans are homeowners, making reverse mortgages a popular option for those looking to access the equity in their homes.
The state’s largest city, New Orleans, is well-known for its vibrant culture, including the famous Mardi Gras festival. This city, founded in 1718, is a melting pot of French, African, and Spanish influences, and it plays a crucial role as a port city on the Gulf Coast. New Orleans and other major cities like Baton Rouge, Shreveport, and Lafayette offer residents a unique blend of history, culture, and modern amenities.
Louisiana enjoys a warm, semi-tropical climate, although it is prone to hurricanes, with residents still remembering the impact of Hurricanes Katrina and Rita in 2005. The state’s economy thrives on its gas and petroleum industries, and it’s also famous for being the world’s top producer of crawfish. The film industry has also found a home in Louisiana, with popular shows like True Blood and Duck Dynasty being filmed here.
For homeowners in Louisiana, the average home value is $246,200, which is below the federal maximum reverse mortgage lending limit of $1,149,825 for Home Equity Conversion Mortgages (HECM). This means that most Louisiana homeowners can benefit fully from a reverse mortgage. However, for those with higher-valued homes, jumbo reverse mortgage programs are available to access even more of their home’s equity.
Louisiana Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| MONEY MANAGEMENT INTERNATIONAL - NEW ORLEANS | 80513 | SUITE 1400 650 POYDRAS ST NEW ORLEANS, LA 70130-6101 | (866) 232-9080 | http://www.moneymanagement.org |
Did you know? Louisiana 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 Louisiana: https://www.reversemortgage.org/Find-a-Lender/state/LA
HUD.GOV Approved Lenders Search: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
