Open Mortgage Reverse Mortgages Review: Digital Convenience Meets Old-School Service

Let’s face it, not all of us dream of spending our golden years deciphering mortgage jargon and waiting on hold (with elevator music, no less). Enter Open Mortgage—a multi-channel lender out of Austin, Texas, that knows its stuff, especially if you’re considering a reverse mortgage. Bonus: if you love meeting face-to-face or just want someone in your corner, they have a pretty sprawling network of branch locations, too.

Ready for the inside scoop? We’ve put together a full review below, featuring the whys, wherefores, and occasional surprises inside Open Mortgage’s reverse mortgage offerings, customer buzz, digital perks, and a few things you should keep your eyes peeled for.

One of the Top Reverse Mortgage Lenders Nationwide

• 94% customer satisfaction and A+ rating from the BBB
• Guidance from reverse mortgage experts

Get free quotes, take your pick from every HECM program under the sun, and enjoy an easy-peasy application process with another A+ rated, HUD-approved lender. Not too shabby, right?

Best for Tech-Savvy Borrowers

If you’re the kind who keeps your passwords in a secure app and appreciates a snappy online dashboard, Open Mortgage might just be your reverse mortgage soul mate. You can kick off your application online, binge-watch a wealth of educational videos, and explore resources from the comfort of your couch.

Of course, you can’t click your way through the entire gauntlet—HUD-approved counseling is non-negotiable. But Open Mortgage makes it simple to browse your loan options online, then manage your account, ask for support, or request credit lines through their digital dashboard once things are humming along. You get the best of both worlds: old-school guidance plus new-school convenience.

Open Mortgage Reverse Mortgages Pros and Cons

Pros

• Two reverse mortgage options to match your plan
• Physical branches in 26 states (sometimes, you just want a handshake…or at least eye contact!)
• Personalized customer service that puts you first

Cons

• Customer reviews run the gamut from glowing to “meh”
• No third-party ratings for financial stability (if you’re the cautious type, this may give you pause)

Pros Explained

Two Types of Reverse Mortgages

Open Mortgage lets you choose between two Home Equity Conversion Mortgages (HECMs): the classic “HECM for Retirement” (for folks who want to dip into their home’s equity to cover travel, medical bills, or—why not?—something frivolous), and the “HECM for Purchase,” perfect if you’re 62 or older and want to buy a new place minus the dreaded monthly payments.

Physical Locations in 26 States

If you’re someone who likes real, live human beings (we see you, extroverts!), you’ll be pleased to know Open Mortgage runs physical branches across 26 states. Can’t make it to a branch? Their independent loan officers are just a call away, ready to talk turkey over the phone.

Dedicated Customer Service

Forget being passed around like a hot potato. At Open Mortgage, you get paired with a dedicated loan officer for the entire process—and if it’s not a perfect match, you can swap for another. That continuity really counts when you’re navigating such a big financial decision.

Cons Explained

Mixed Customer Feedback

Some folks sing Open Mortgage’s praises about how easy the application is and how their reps go the extra mile. But, to be fair, there are critics: some mention communication lapses or tough times getting their payments sorted out. As with any company, it’s smart to weigh the cons along with the pros.

No Third-Party Financial Ratings

Unlike top-dog banks, Open Mortgage doesn’t have ratings from Fitch, Moody’s, or their financial watchdog buddies. If you’re someone who likes to fact-check your fact-checkers, that might give you pause—especially if you’re leaning toward a line of credit or term payments.

Open Mortgage Reverse Mortgage Offerings

Let’s take a closer look at the two main loan flavors offered at Open Mortgage: HECM for Retirement and HECM for Purchase.

HECM for Retirement

Eager to turn your house into a paycheck? With HECM for Retirement, you might just pull that off. If you’re at least 62, live in your home, keep up with property taxes, insurance, and HOA fees, and complete a HUD-certified counseling session, you could unlock your home equity to cover anything from groceries to Mediterranean cruises. (We all need a little fun in the sun!) Interest only comes home to roost when you start repayments—usually if you move, sell your house, or leave the party for good.

Left behind a partner? As long as they’re a co-borrower, they keep the payments and the house. But non-borrower heirs must pony up the balance or be ready to let go of the family homestead. Also, expect some standard upfront costs—origination, closing, mortgage insurance, and servicing fees—not to mention the ongoing must-pays like taxes and maintenance.

HECM for Purchase

This option cuts the monthly mortgage payment cord. You’ll make a down payment (up to 65%—yes, that much) on a new place, usually with cash or by selling your old digs, then use the HECM to pick up the difference. Payments don’t come due until you sell, move, or (ahem) move on.

The ground rules? Same deal as the classic HECM: 62 and up, primary residence, pay your taxes and insurance, and stay current with your HOA if you’ve got one.

Open Mortgage Reverse Mortgage Pricing

Talking money? Well, Open Mortgage offers both fixed and variable rate HECMs. If you crave consistency (hey, some of us can’t even handle unpredictable weather), fixed-rate loans give you the whole lump sum at once—great for one-and-done spending. Variable rates, though, let you play it your own way: lump sum, ongoing line of credit, term payments, or a blend.

Here’s a little industry secret: most fees—origination, insurance, closing—are baked right into the loan, not paid out of pocket. But those closing and insurance costs? Depending on your home’s value and ZIP code, you could be looking at anywhere from $3,000 to just shy of $20k. Sticker shock? Maybe. But at least you’ll know up front.

Open Mortgage Reverse Mortgage Financial Stability

Open Mortgage has been around since 2003 (yes, during the iPod era!) and cranked out north of $1.1 billion in loans in 2022 alone. Their 71 branch offices and 300+ employees mean they aren’t some fly-by-night start-up. The dream? To serve 65,000 families a year. One caveat: They’re not rated by finance giants like Fitch or Moody’s. Not a dealbreaker, but worth filing away if you’re a spreadsheet kind of person.

Open Mortgage Reverse Mortgage Accessibility

Availability

Open Mortgage has you covered in every state except Alaska, Maine, Massachusetts, and New York. (Sorry, lobster and apple pie lovers.) If you’re not near one of their 26 brick-and-mortar locations, independent originators can still help you, wherever you hang your hat.

• Be at least 62 years young
• Make your house your main nest
• Stay current on taxes, insurance, HOA, etc.
• Meet with a HUD-certified counselor

Contact Information

Want to chat? You can fire off a note via their website, and a rep will get back to you. Or, dial them up the old-fashioned way:

• Corporate Office: 888-602-6626 (Mon–Fri, 8 a.m.–5 p.m. CST)
• Current Customers: 800-781-1892
• Grievances? complaints@openmortgage.com

Open Mortgage Reverse Mortgage Customer Satisfaction

Although Open Mortgage isn’t officially BBB-accredited, it wields a solid A+ rating. Reviews swing both ways—some gleaming, others… not so much. The upside? They don’t just ghost unhappy people; they respond and usually resolve complaints. That kind of accountability is refreshing in today’s world (and sadly more rare than it should be).

Open Mortgage Reverse Mortgage FAQs

What is Open Mortgage?

They’re not just your average mortgage shop. Open Mortgage offers the usual suspects—conventional, FHA, USDA, VA loans—plus all the fun stuff: rehab, cash-out refinance, and, of course, HECMs (Home Equity Conversion Mortgages). Founded in 2003 by Scott Gordon, they’re based in Austin and licensed across 46 states and D.C. Is there anything they don’t do?

Who owns Open Mortgage, LLC?

Open Mortgage is the brainchild of Scott and Tana Gordon. For those playing detective, more in-depth ownership details are a bit hush-hush.

Is Open Mortgage a good reverse mortgage company?

With two decades of mortgage mayhem under its belt and $1.1B in 2022 originations alone, Open Mortgage is no rookie. If you’re after robust digital resources and every flavor of reverse mortgage imaginable, tech lovers especially should keep them on their short list.

How We Evaluated Open Mortgage Reverse Mortgage

• Loan Options: Variety and utility matter!
• Customer Feedback: We favored companies with more roses than thorns.
• Regulatory Compliance: Bonus points for keeping their noses clean, legally speaking.
• Online Experience: Because if your website is confusing, what hope is there for your loan docs?

Summary of Money’s Open Mortgage Reverse Mortgage Review

For over 20 years, Open Mortgage has been slinging home loans from every angle: traditional, specialized, and yes—reverse. Whether you’re unlocking cash for retirement or house-hunting after 62, their swirl of digital tools and personal service makes the process less intimidating. Customer reviews may be all over the map, but their personalized service—loan officer and all—is a major plus. With presence in 46 states (and bonus points for having a real, physical branch in 26 of them), they appeal to both the digitally inclined and the face-to-face crowd. Win-win!

Ready to explore your reverse mortgage options? Give Open Mortgage a try—who knows, it just might be the missing puzzle piece in your retirement plan.