Best Reverse Mortgage Lenders: Top Home Equity Loan Providers in 2025
Home equity loans and reverse mortgages are powerful financial tools that allow homeowners to access the value tied up in their properties. These loans can be used for various purposes, including home renovations, debt consolidation, or supplementing retirement income. Understanding the differences between home equity loans and reverse mortgages is essential for making an informed decision. Home equity loans require monthly repayments, while reverse mortgages defer repayment until the homeowner sells the property, moves out, or passes away.

Key Factors to Consider When Choosing a Lender
Selecting the right lender involves evaluating several critical factors. Interest rates, loan terms, fees, and customer service quality all play a significant role in determining the best option for your needs. Below are some key considerations:
- Interest Rates: Compare fixed and variable rates to find the most affordable option.
- Loan Terms: Assess repayment periods and flexibility in terms.
- Fees: Look for lenders with low origination fees, closing costs, and no prepayment penalties.
- Customer Reviews: Check independent reviews to gauge customer satisfaction and service quality.
Top Home Equity Loan Providers in 2025
Several lenders stand out for their competitive rates, transparent terms, and excellent customer service. Here are some of the best reverse mortgage lenders and home equity loan providers in the US:
1. Rocket Mortgage
Rocket Mortgage, a division of Quicken Loans, is known for its user-friendly online platform and competitive rates. The lender offers both home equity loans and lines of credit, with flexible terms and quick approval processes.
2. Bank of America
Bank of America provides home equity loans with fixed rates and predictable monthly payments. The bank also offers discounts for existing customers and those with qualifying accounts.
3. Wells Fargo
Wells Fargo is a trusted name in home equity lending, offering fixed-rate loans and lines of credit. The bank provides personalized service and competitive rates for qualified borrowers.
4. AAG (American Advisors Group)
AAG specializes in reverse mortgages, offering tailored solutions for seniors. The lender is known for its educational resources and transparent fee structure.
5. Finance of America Reverse
Finance of America Reverse is another top reverse mortgage lender, providing flexible loan options and excellent customer support. The company focuses on helping seniors access their home equity responsibly.
Comparison of Top Lenders
Lender | Loan Types | Interest Rates | Fees | Customer Rating |
---|---|---|---|---|
Rocket Mortgage | Home Equity Loans, HELOCs | 5.5% – 7.5% | Low origination fees | 4.8/5 |
Bank of America | Home Equity Loans | 5.0% – 7.0% | Discounts for existing customers | 4.6/5 |
Wells Fargo | Home Equity Loans, HELOCs | 5.2% – 7.2% | Competitive closing costs | 4.5/5 |
AAG | Reverse Mortgages | 4.5% – 6.5% | Transparent fee structure | 4.7/5 |
Finance of America Reverse | Reverse Mortgages | 4.7% – 6.7% | Flexible terms | 4.9/5 |
How to Apply for a Home Equity Loan or Reverse Mortgage
The application process for home equity loans and reverse mortgages varies by lender but generally involves the following steps:
- Check Eligibility: Verify your credit score, home equity, and other lender-specific requirements.
- Gather Documentation: Prepare proof of income, property details, and identification.
- Submit Application: Complete the lender’s online or in-person application.
- Underwriting: The lender reviews your application and may order a home appraisal.
- Closing: Sign the loan agreement and receive funds.
Final Thoughts
Choosing the best reverse mortgage lender or home equity loan provider depends on your financial goals and personal circumstances. By comparing interest rates, fees, and customer reviews, you can find a lender that meets your needs. Always consult with a financial advisor to ensure you make the right decision for your long-term financial health.
References:
Rocket Mortgage
Bank of America
Wells Fargo
AAG
Finance of America Reverse