Maryland Reverse Mortgages

Find the Lender You Need

Shop carefully for reverse mortgage lenders, retail and government. Dozens of banks and private mortgage lenders assess senior borrowers for the right kind of reverse mortgage—a federally insured product, the very similar Fannie Mae Home Keeper and proprietary mortgages.

HUD Lenders and FHA Loan Limits

HUD and the FHA are not lenders, but they administrate the government insured Home Equity Conversion Mortgage (HECM). However the FHA limits local mortgage limits on a county-by-county basis across the nation. Borrowers qualify for the HECM based in part on this limit.

Across the state of Maryland almost every county is way above the national average for others, which indicates high property or home values.

The HUD HECM is designed to serve as many homeowners as possible, and it is by far the most used reverse mortgage. But seniors homeowners with a higher valued home often are unable to make the HECM work for them.

If you are looking to explore a reverse mortgage make sure to choose a lender from the HUD approved list of lenders.

State Lenders for Single-Purpose Reverse Mortgages

Single purpose reverse mortgages are typically available from state or local government. Most allow low-income seniors the chance to pay for property taxes or fund a necessary home improvement or repair project. Mortgages are a lien against the value of the borrower’s house.

  • The State of Maryland has a statewide property tax deferral program in place for senior homeowners age 65 and older.
  • Local governments often provide a rehabilitation loan for senior citizens. Programs are not consistent across the board; so senior borrowers must be willing to ask city or town officials about any extant programs. For example, Wooster, MD offers a County Housing and Rehabilitation Program especially well suited to low-income seniors.

Reverse Mortgage Providers or Seniors in Maryland

Here are just a few examples of the types of lenders available. You’ll find nationwide lenders as well as hometown favorites.

Atlantic Home Equity

Atlantic Home Equity does business in eight different states. Borrowers may choose from a wide range of banking products as well as reverse mortgages. AHE offers products for all types of borrowers and basic information on reverse mortgages.

Harvard Mortgage

This HUD-approved lender offers the federally insured Home Equity Conversion Loan to qualified senior borrowers. Visit the website’s section on “Counseling.” Borrowers will find distilled information on the requirements that reverse mortgages place on the driver.

Wells Fargo Home Mortgage

WF is representative of those lenders that are known nationwide and offer a wide range of loan products. Products include the HECM and the Fannie Mae Home Keeper. Borrowers may get counseling on lenders.