Leading reverse mortgage lenders in the U.S. 2023, by market share

During the month of June 2023, the company with the largest share of the reverse mortgage market in the United States was Finance of America Reverse LLC. Its share of 27 percent was around eight percent greater than any other company.

Reverse mortgage volume increases

American Advisors Group was the top lender of Home Equity Conversion Mortgages (HECMs) in 2022, with the highest number of loan originations. In 2022, the company, which specializes in home equity retirement solutions, closed a total of over 13,000 HECMs and ended the year as the leading reverse mortgage company in the United States. Despite the overall number of HECMs in the United States dropping dramatically between 2009 and 2019, this trend reversed in the following years, with 2022 recording the highest 10-year figure.

Banks withdraw from reverse mortgage market

In the past, some of the largest banks in the United States featured in the list of leading reverse mortgage lenders; as of 2023, financial services firm Wells Fargo remained the all-time leading reverse mortgage company in the country. However, banks have exited the reverse mortgage business, and the rankings now feature companies that focus primarily on HECMs. In 2011, Wells Fargo and Bank of America – the two largest providers of HECMs at the time – stopped offering the service because of an unpredictable housing market and the creditworthiness of borrowers.