Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Mortgages With One Reverse Mortgage No Longer Available, Here Are Your Best Options Updated Jun 30, 2025 4-min read Reviewed by Lauren Ward Reviewed by Lauren Ward Expertise: Mortgages, real estate, investing, credit, debt, small businesses Lauren Ward is a personal finance writer who regularly covers topics like mortgages, real estate, and investing. Learn more about Lauren Ward A reverse mortgage is specifically designed for homeowners age 62 and older with at least 50% home equity. Instead of making monthly mortgage payments, the reverse mortgage eliminates that monthly expense and may also provide a lump sum or monthly payments. Once the borrower leaves the home, the sale of the house is used to repay the loan. One Reverse Mortgage was a national provider from Quicken Loans, but it no longer offers reverse mortgages. The company was founded in 2001 and became the largest reverse mortgage lender in the U.S., offering both FHA-backed and jumbo products. After Quicken Loans acquired the company in 2008, it operated under that umbrella until 2020, when its staff and operations were folded into the rapidly growing Rocket Mortgage brand. If you’re looking for a reverse mortgage today, we’ve rounded up the best alternatives to consider. Company Best for… Rating (0-5) 4.8 View Rates Best Customer Reviews 4.8 View Rates 4.5 View Rates Best for Flexible Options 4.5 View Rates 4.5 View Rates Best Established Company 4.5 View Rates Table of Contents One Reverse Mortgage alternatives Finance of America Reverse Longbridge Financial Mutual of Omaha How to apply for a reverse mortgage How do other home equity products compare to a reverse mortgage? One Reverse Mortgage alternatives Despite One Reverse Mortgage’s closing, there are still many reverse mortgage lenders to choose from. Here are three to consider. Longbridge Financial Best Customer Reviews 4.8 /5 View Rates Why it’s a good alternative Longbridge offers standard and flexible reverse mortgage options, including products for homeowners aged 55+ and those purchasing a new home. Both fixed-rate and adjustable-rate options available Reverse mortgage options for borrowers aged 55+ $500 discount for U.S. military active duty and veterans Fixed rate only available with lump sum disbursement Platinum mortgages not available in all states No online application; contact required after form submission Programs offered HECM reverse mortgage HECM for purchase Platinum reverse mortgage Finance of America Reverse Best for Flexible Options 4.5 /5 View Rates Why it’s a good alternative Finance of America Reverse (FAR) offers a wide variety of reverse mortgage solutions, including unique options for homeowners aged 55+ and those looking to generate income from unused space. Many financing options available Direct phone number to a dedicated team member EquityAvail provides financial relief for early or pre-retirees No online application Upfront costs include an origination fee HomeSafe not available nationwide Programs offered HECM reverse mortgage HomeSafe (jumbo reverse mortgage) HomeSafe Second (second-lien reverse mortgage) EquityAvail: Those who are 55 and older can reduce their monthly payment for 10 years before switching to a full reverse mortgage with no monthly payment. Silvernest Homesharing: Turn empty rooms into ongoing income by getting matched with housemates. Mutual of Omaha Best Established Company 4.5 /5 View Rates Why it’s a good alternative Mutual of Omaha is a well-known, reputable lender that offers reverse mortgage refinancing in addition to the usual HECM and jumbo loan options. HomeSafe for higher home values available Can refinance your reverse mortgage Funds available within three days of closing Must call to start process Only available in 48 states Fees not listed online Programs offered HECM reverse mortgage HECM for purchase HomeSafe Reverse mortgage refinance How to apply for a reverse mortgage Talk to a reverse mortgage lender: Most do not offer online applications. Even if you fill out an online form, you’ll likely need to have a phone call to get the application moving. Complete HUD-approved counseling: Before you apply, you must participate in a counseling session to make sure you understand the reverse mortgage process. Apply for your reverse mortgage: Fill out the lender’s application form. You usually need to include a photo ID and details on your current homeowner’s insurance policy and property tax bill. When both spouses apply as borrowers, it can be easier for the surviving spouse to stay home when one spouse dies. Get an appraisal: Your lender will order an appraisal to determine your home’s market value. It may also perform a title search to check for liens against the property. Get approved: The underwriting process involves reviewing your documentation and appraisal to either approve or deny your reverse mortgage. How do other home equity products compare to a reverse mortgage? A reverse mortgage is quite different compared to other types of home equity products because you’re typically eliminating payments instead of adding them. Here’s how other types of home equity financing work. HELOC: A home equity line of credit lets you draw from your account as you need funds. You may be able to borrow up to 80% of your home equity. Home equity loan: Also known as a second mortgage, a home equity loan is similar to a traditional HECM in that you get a lump sum upfront. However, you must make monthly payments in addition to your mortgage payment. Cash-out refinance: This is a totally new mortgage that lets you cash out some of your existing equity. Your new mortgage balance includes that amount and spreads it out over the new mortgage term. Company Best for… Rating (0-5) 4.8 View Rates Best Customer Reviews 4.8 View Rates 4.5 View Rates Best for Flexible Options 4.5 View Rates 4.5 View Rates Best Established Company 4.5 View Rates