Compare Maine's Best Reverse Mortgages
Top 10 Reverse Mortgage Lenders in Maine
|Lender Name||Years in Business||Rating||Stars (0-5.0)||Positive Reviews||Complaints||BBB Reviews|
|All Reverse Mortgage, Inc. (ARLO)||15||A+||4.9||99%||1||Source|
|American Advisors Group (AAG)||14||A-||4.1||82%||53||Source|
|Longbridge Financial, LLC||6||A+||3.5||70%||2||Source|
|Reverse Mortgage Funding LLC||6||A+||3.0||60%||8||Source|
|One Reverse Mortgage, LLC (Quicken)
|Liberty Home Equity Solutions, Inc.||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||40%||2||Source|
|Finance of America Reverse LLC||15||A+||1.0||20%||2||Source|
We are proud to be Maine's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends in 17 states nationwide, and throughout all of Maine state.
All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
Maine homeowners seeking reverse mortgages come to us because of our brilliant staff members, whose combined lending experience exceeds 100 years. We have national mortgage banking experience on both coasts and many points between. Due to this direct experience, All Reverse Mortgage® is well positioned to assist borrowers with their specific needs associated with reverse mortgage programs.
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|
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for the reverse mortgage program it administers for seniors who are 62 and older.
All Reverse Mortgage® originates in Maine and offers several reverse mortgage options. In some instances, borrowers are looking to pay off their existing loan and eliminate their monthly mortgage payment. Or, if they already have paid off their mortgage, a reverse loan can help borrowers utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a new home.
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and, as such, have extensive experience in jumbo or proprietary loan programs. We are always looking for new products to offer to borrowers with high valued homes in strong real estate markets where the HUD HECM might not serve well. Jumbo or proprietary programs typically offer lower Principal Limits as they relate to home values, but can offer stronger borrowing power because they are not restricted by the federal loan limit set by HUD.
A seasoned originator can readily inform borrowers about their loan options, and can provide detail on the different options available, so that the borrower can make an informed decision. It is no longer uncommon to find markets where HECMs are most popular located in close proximity to markets where jumbo reverse mortgages are more widely used.
Homeowners aged 62 and older in many markets have seen that the reverse mortgage can be a very solid financial tool, leading to many now seeking the reverse mortgage to augment their retirement plans rather than the last-resort approach more common in the past. Borrowers are using reverse mortgages for many purposes, from the elimination of existing mortgage payments to the line of credit that grows over time, offering more borrowing opportunities in the future.
Reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably and age-in-place, but to plan for their financial future as well.
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 $726,525 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in Maine, All Reverse Mortgage is here to answer your questions. Access our online calculator or call us Toll Free at (800) 565-1722.
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.
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Maine homeowners. Because of our unique process we're able to offer a better federally-insured reverse mortgage with no compromise.
Take a look at some of our program benefits that you won't find elsewhere:
|Exclusive 4.25% (5.95% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.98% with the Industries Lowest Lifetime Rate Exposure|
|ZERO Origination Fee Plans|
|ZERO Financed Closing Cost Plans|
|ZERO Monthly Servicing Fees on ALL programs|
How can we offer you more favorable terms?We are a direct lender approved by FHA (Federal Housing Administration) The HECM is literally all we do. All Reverse Mortgage is not just a name for us. We have a very low (almost non-existent) staff turnover and our people are experts. We don't work with Brokers, allowing us to pass the savings on to you. We don't hire "celebrity" spokespersons as we don't believe you should have to pay for a lender's expensive marketing budget with higher loan costs. We Charge Less! Check out our competition and our customer ratings. We never forget that this loan is about you and your needs and we put you first with superior service and lower costs.
All Reverse vs. the others
HUD approved direct lender.
Working with a local Maine lender saves you time and money.
As an award-winning direct lender our goal remains simple; to offer you the very best terms accompanied by extraordinary customer service.
What Our Customers Are Saying
|"There was no car salesman type of protracted negotiation. All reverse got right down to a good quote without a series of incremental steps."|
|"I was surprised how easy it was to deal with an out of state company. Actually it was much easier than my previous dealings with local banks and brokers"|
|"It is a wonderful feeling to have no mortgage and extra cash in our pocket. We are very happy."|
|"Thank you to All Reverse for handling everything in an efficient and smooth way. Thoroughly appreciate everything you have done to make things easy for me."|
|"This was the smoothest mortgage process I have ever experienced! And so fast!"|