Compare Maine's Best Reverse Mortgages
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Top 10 Reverse Mortgage Lenders in Maine
|Lender Name||Years in Business||Rating||Stars (0-5.0)||Positive Reviews||Complaints||BBB Reviews|
|Longbridge Financial, LLC||6||A+||3.5||70%||2||Source|
|American Advisors Group (AAG)||14||A-||4.1||82%||53||Source|
|Reverse Mortgage Funding LLC||6||A+||3.0||50%||8||Source|
|One Reverse Mortgage, LLC (QUICKEN)
|Liberty Home Equity Solutions, Inc. (OCWEN)||15||A+||2.1||42%||2||Source|
|Retirement Funding Solutions (RFS)||9||A+||(N/A)||(N/A)||1||Source|
|Fairway Independent Mortgage||23||A+||2.1||42%||21||Source|
|HighTech Lending Inc.||13||A-||2.0||60%||2||Source|
|Finance of America Reverse LLC (FAR)||15||A+||1.0||20%||2||Source|
Maine Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in California||Avg. Home Value|
Maine Lending Limits
Maine is the 42nd most populous state in the United States and is the 39th largest in terms of area. As of 2017, approximately 1,335,907 people lived in the state, with more than half of the population residing around Portland. About 265,845 residents in the state are age 65 and older, and about 71% of people in the state are homeowners.
The largest state in the New England region, Maine’s first English colony was briefly established in the early 1600s. About 20 years later, the first sawmills were set up in the state, and lumber would continue to be an important of Maine’s economy long into the future. The French and English continued to fight over the land for many years until the American Revolution. Maine entered the United States as a free state in 1820. It was the 23rd state.
Portland is the largest city in Maine, with almost half of the state’s population residing in its metro area. Approximately 67,067 residents live in its city limits. Over the years, Portland has been rebuilt after fires and war destroyed its buildings and structures. Both poet Henry Wadsworth Longfellow and author Stephen King were born in Portland. It is also home to the first chewing gum factory.
After Portland, the next largest cities are Lewiston and Bangor. A few of Maine’s leading industries are healthcare, retail, and tourism. Maine was ranked 46 on Forbes’ list of ‘Best Places to Do Business’, and it’s largest companies in terms of number of employees are MaineHealth, Unum, and L.L. Bean
Characterized as having a humid continental climate, Maine’s location on the Atlantic Ocean means that temperatures inland are warmer in the summer and colder in the winter than along the coast. In the summer, the average high in July is 79 degrees Fahrenheit, and in the winter the average low in January is 11 degrees Fahrenheit. Inland receives more snow than coastal areas, but the state is subject to the occasional nor’easter.
The average home value in the state is $228,400 and prices are expected to rise an additional 9.1% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $765,600 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
Maine Approved Reverse Mortgage Counseling Agencies
|Agency Name||Phone||Agency ID||Address||Languages||Website|
|COASTAL ENTERPRISES, INCORPORATED||207-504-5900||80985||30 Federal Street|
BRUNSWICK, Maine 04011-1510
Did you know? Maine 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.