The 2023 Mortgage Market Activity and Trends report by the CFPB indicates that the top 10 reverse mortgage lenders dominate the market, comprising over 88% of originations.
Despite their notable presence, reverse mortgages remain largely excluded from broader mortgage market trends, focusing instead primarily on Home Equity Conversion Mortgages (HECMs).
CFPB's data highlights potential discriminatory lending patterns while also revealing that the major lenders in reverse mortgages have maintained a significant market share.
As of 2023, Finance of America emerged as the leading reverse mortgage lender, accounting for approximately 30.6% of all reported reverse mortgage originations.
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