Top Reverse Mortgage Lenders in Missouri
| 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 |
Missouri Reverse Mortgage Facts
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Missouri | Avg. Home Value |
|---|---|---|---|---|---|
| Missouri | 57,643 | 726 | 64 | 74 | $240,129 |
Missouri Lending Limits
Missouri is the 18th most populous state in the country and the 21st largest in terms of land area. As of 2017, approximately 6,113,532 residents lived in the state, with the biggest populations settled around the St. Louis and Kansas City metropolitan areas. About 1,234,289 people in Missouri were aged 62 or older in 2017, and 66.1% of the state’s residents are homeowners.
Indigenous tribes inhabited this area for thousands of years before before the French came in the 1600s, setting up the land as New France. Although it was briefly under Spanish control in the late 1700s, it was back under French power when it was sold to the U.S. as part of the Louisiana Purchase in 1803. Missouri became the 24th state in the nation in 1821.
Still primarily considered a purple state politically, Missouri’s political divide began years ago, with the state supporting both the Union and Confederacy in the Civil War.
Kansas City is the most populous city in Missouri, with 488,943 residents in the city and 2,159,159 in the metropolitan area as of 2017. The city boasts more barbeque restaurants per capita than anywhere else in the U.S. St. Louis’ metro area is even larger with 2,807,338 people. Known as the “Gateway to the West,” St. Louis is home to Anheuser Busch brewing company and the Gateway Arch, which is the tallest manmade monument in the country. Famous residents of Missouri include Mark Twain, Mad Men star Jon Hamm, and rapper Nelly.
Very defined seasons are a hallmark of Missouri, and the state’s climate is classified as continental. Summers are hot and humid, and winters are cold, with occasional snow. Summers bring thunderstorms and tornado season from spring to early summer. The average high is 88 degrees Fahrenheit in July and the average low is 21 degrees Fahrenheit in January.
The biggest cities outside of Kansas City and St. Louis are Springfield and Columbia. The state is a leading producer of transportation equipment, beer and beverages, and defense and aerospace technology. Its Fortune 500 companies include Express Scripts, Centene, and Emerson Electric.
The average home value in the state is $239,700, 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.
Missouri Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| CREDIT & HOMEOWNERSHIP EMPOWERMENT SERVICES, INC. | 80676 | 3125 GILLHAM PLAZA KANSAS CITY, MO 64109-1711 | (816) 533-7417 | www.chesinc.org |
| HOUSING OPTIONS PROVIDED FOR THE ELDERLY (H.O.P.E) | 80342 | SUITE 100 7300 DARTMOUTH AVE UNIVERSITY CITY, MO 63130-2904 | (844) 432-6467 | http://HECMHOPE.org |
| HOUSING OPTIONS PROVIDED FOR THE ELDERLY(HOPE) | 90300 | 7300 DARTMOUTH AVE STE 100 UNIVERSITY CITY, MO 63130-2904 | (314) 776-0155 | http://HECMHOPE.org |
Did you know? Missouri 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.
Additional Resources:
Reversemortgage.org NRMLA Members in Missouri
HUD.GOV Approved Lenders Search
