Top Reverse Mortgage Lenders in Maine
| 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 |
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 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 and approximately 67,067 residents living 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 $339,200, below the federal maximum reverse mortgage lending limit of $1,149,825 that applies to all HECM loans. Jumbo reverse mortgage programs are available for more borrowing power above the federal limit.
Maine State References: 65 and over
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
