Maine's #1 Reverse Mortgage

Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040)

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 ARLO™. (License: NMLS# 14041)

By Michael G. Branson   Edited by Cliff Auerswald

Reverse Mortgages in Maine: A Comprehensive Guide

If you’re a Maine 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 Maine, including key facts, the latest statistics, top lenders, and essential protections.

Top Reverse Mortgage Lenders in Maine

Latest Maine Reverse Mortgage Statistics

Maine Reverse Mortgage Lending Limits

Maine, the 42nd most populous state in the United States, has a population of approximately 1.38 million as of 2024. Over half of the state’s residents live in and around Portland, its largest city. Roughly 280,000 of Maine’s population are aged 65 and older, with about 71% of Mainers owning their homes. This high homeownership rate makes reverse mortgages a viable option for many homeowners looking to access the equity in their homes.

A Rich Historical and Economic Legacy

Maine’s history dates back to the early 1600s, when the first English colonies were briefly established. Over the years, industries like lumber have shaped the state’s economy. Maine became the 23rd state to join the Union in 1820, entering as a free state under the Missouri Compromise.

Portland, Maine’s largest city, is known for its rich literary history as the birthplace of Henry Wadsworth Longfellow and Stephen King. The city has been rebuilt numerous times due to fires and wars. It’s also home to the nation’s first chewing gum factory. Following Portland, the next largest cities in Maine are Lewiston and Bangor.

Maine’s leading industries today include healthcare, retail, and tourism. With scenic coastlines and outdoor activities, Maine draws numerous visitors each year. L.L. Bean, Unum, and MaineHealth are among the state’s largest employers.

Climate and Lifestyle in Maine

Maine enjoys a humid continental climate, characterized by warm summers and cold winters. Inland areas experience higher summer temperatures and colder winters compared to coastal areas. July’s average high temperature is 79°F, while January’s average low temperature is around 11°F. The state is also prone to nor’easters, bringing heavy snow and strong winds during the winter months.

Reverse Mortgage Opportunities in Maine

As of January 2025, the average home value in Maine is $395,074, placing many homes comfortably within the federal maximum reverse mortgage lending limit of $1,209,750 for Home Equity Conversion Mortgages (HECM). Homeowners with properties valued above this federal limit can explore jumbo reverse mortgage programs, offering greater borrowing power.

HUD-Approved Reverse Mortgage Counseling Agencies in Maine

Did you know? Maine 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.

Top Lender Resources in ME:
Reversemortgage.org NRMLA Members in Maine
HUD.GOV Lenders