Leading reverse mortgage companies in the U.S. as of 2019, by volume of loans

As of June 2019, Wells Fargo was the all-time leading reverse mortgage company in the United States, with 162,889 loans processed. The Home Equity Conversion Mortgage (HECM) is the name given to the reverse mortgages insured by the U.S. Federal Government.

What is a reverse mortgage?

A reverse mortgage allows homeowners aged 62 or older to receive a loan based on the home equity they have established – typically up to 80 percent of the property’s value. Unlike a traditional mortgage where monthly repayments are made, a reverse mortgage loan is only repaid when the borrower moves from the property or passes away. By this time, the borrower will owe more than what they originally borrowed because fees and interest charges are added to the balance of the loan each month. The number of HECMs in the United States dropped to 31,274 in 2019, the lowest number since 2003.

Big banks quit reverse mortgage business

Financial services firm Wells Fargo continues to be the leading company for reverse mortgage originations in the United States, in spite of stopping the service back in 2011. The company cited an unpredictable housing market and the creditworthiness of borrowers as reasons for no longer accepting reverse mortgage applications. Earlier in 2011, Bank of America – which remains fifth in the all-time rankings – also exited the reverse mortgage business.

Leading reverse mortgage companies in the United States as of June 2019, by total volume of HECM loans

Number of loans in thousands
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
Exclusive Premium statistic

You need a Single Account for unlimited access.

  • Full access to 1m statistics

  • Incl. source references

  • Available to download in PNG, PDF, XLS format

Single Account

only $59 / month *
*Duration: 12 months, billed annually, single license

Access to this and all other statistics on 80,000 topics from

$708 / Year

Show detailed source information?
Register for free
Already a member?
Log in
Source

Release date

July 2019

Region

United States

Survey time period

June 2019

Statista Accounts: Access All Statistics. Starting from $708 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.
This statistic is not included in your account!

Single Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references

$59 / Month *

Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract.
   Prices do not include sales tax.

Statistics on "Mortgage industry of the United States"

Further Content: You might find this interesting as well

Statista Accounts: Access All Statistics. Starting from $708 / Year
Learn more about how Statista can support your business.