Top Reverse Mortgage Lenders in Maine
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | BBB Review |
|---|---|---|---|---|---|---|
| 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 | 4.4355 | 87.0% | 35 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 21 | 1.00/5 | 20.0% | 30 | 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% | 34 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 0 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 2 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.78/5 | 75.6% | 19 | Source |
| Mid America Mortgage Inc. | A+ | 66 | NA | NA | NA | Source |
| Moneyhouse | NR | 27 | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.80/5 | 95.6% | 109 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 3.92/5 | 78.4% | 45 | Source |
| Open Mortgage LLC | A+ | 21 | 2.60/5 | 52.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 24 | 2.47/5 | 49.4% | 13 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 3.16/5 | 63.2% | 15 | Source |
Maine Reverse Mortgage Facts
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Maine | Avg. Home Value |
|---|---|---|---|---|---|
| Maine | 26,197 | 122 | 14 | 49 | $385,879 |
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 2024, the average home value in Maine is $339,200, 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.
Maine Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| COASTAL ENTERPRISES, INCORPORATED | 80985 | SUITE 100 30 FEDERAL STREET BRUNSWICK, ME 04011-1510 | (207) 504-5900 | http://www.ceimaine.org |
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
