Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Mortgages Open Mortgage Reverse Mortgage Review 2025: No Longer Available [Best Alternatives] Updated Jul 03, 2025 3-min read Reviewed by Cassidy Horton Reviewed by Cassidy Horton Expertise: Banking, insurance, home loans Cassidy Horton is a finance writer passionate about helping people find financial freedom. With an MBA and a bachelor's in public relations, her work has been published more than a thousand times online. Learn more about Cassidy Horton View Rates No Longer Available Open Mortgage has shut down its reverse mortgage division and no longer offers these loans. Looking for a lender with proven stability? Explore Mutual of Omaha, one of the most established names in reverse mortgages. Reverse Mortgages Offered personalized service [Recommended alternative: Longbridge Financial, Best Customer Reviews] Provided a streamlined application [Recommended alternative: Fairway Independent Mortgage Company, Best for Fast Closing] No longer offers reverse mortgages [Recommended alternative: Mutual of Omaha, Best Established Company] Choosing a reverse mortgage lender isn’t just about rates. It’s about trust, stability, and support. Mutual of Omaha offers long-standing industry credibility if you’re concerned about lender closures. If personalized service matters more, Longbridge Financial or Fairway might be your top pick. See our full guide to the best reverse mortgage lenders to make an informed decision. Table of Contents Open Mortgage no longer offers reverse mortgages Why did Open Mortgage exit the reverse mortgage market? Best alternatives How to choose the right lender FAQ Open Mortgage no longer offers reverse mortgages Open Mortgage, founded in 2003 in Austin, Texas, was among the top 10 reverse mortgage lenders in the U.S., holding about 2.5% of the HECM market share in 2023. It offered standard Home Equity Conversion Mortgages (HECMs) and HECMs for purchase, focusing on seniors who valued personalized guidance. However, in November 2023, Open Mortgage closed its reverse mortgage division, ending its offerings in this space. Why did Open Mortgage exit the reverse mortgage market? According to HousingWire, Open Mortgage shut down its reverse mortgage origination division due to industry distribution challenges and profitability concerns. The reverse mortgage market has seen several lenders exit or restructure in recent years, including Reverse Mortgage Funding (RMF) in late 2022. Best alternatives If you’re considering a reverse mortgage, here are our team’s picks for the top lenders with strong reputations: Best for Personalized Service 4.8 View Rates Funding Up to $4M Min. Equity 50% 4.8 View Rates Best Established Brand 4.5 View Rates Funding Up to $4M Min. Equity 50% 4.5 View Rates Best for Flexible Options 4.5 View Rates Funding Not disclosed Min. Equity 50% 4.5 View Rates Best for Fast Closing 4.1 View Rates Funding Up to $4M Min. Equity 50% 4.1 View Rates How to choose the right reverse mortgage lender When comparing reverse mortgage lenders: Check fees and rates. Understand origination fees, closing costs, and insurance premiums. Review servicing reputation. Your lender or servicer will manage your loan long-term. Ask about loan options. Ensure they offer the payment structure you prefer (lump sum, line of credit, monthly payouts). Verify counseling requirements. HUD-approved counseling is mandatory for all reverse mortgage borrowers. FAQ Did Open Mortgage offer good reverse mortgages? Open Mortgage was a reputable lender with competitive offerings for standard HECMs and HECMs for purchase. However, it did not offer jumbo reverse mortgages and operated in limited states. Who is the largest reverse mortgage lender now? Mutual of Omaha Mortgage had the largest market share in March 2025, accounting for 22.4%. This was about 3% higher than the next largest market share holder. What should I do if I had a reverse mortgage with Open Mortgage? If you had a reverse mortgage with Open Mortgage before its division closed, your loan servicing will continue as normal. Reverse mortgages are typically serviced by dedicated companies, even if the original lender exits the market. Check your latest loan statements for servicer contact information or reach out to Open Mortgage customer support for details. Final thoughts While Open Mortgage no longer offers reverse mortgages, many other lenders continue to provide these loans for seniors seeking to tap into their home equity. Compare top providers to find one that aligns with your financial goals and offers the personalized support you need.