While reverse mortgages are quickly growing in popularity among cash-strapped retirees, they're not exactly the easiest product to go out and find. Unlike traditional mortgages, which seem to be offered by every bank and financial institution on the block, just ten reverse mortgage lenders account for 40-50% of all reverse mortgages made. That's not to say that you've got to stick with one of the top ten reverse mortgage lenders if you're considering such a loan, but it's a great place to start your search.

Wells Fargo
If there is an eight-hundred-pound gorilla of reverse mortgage lenders, it's Wells Fargo. With roughly 25% of new reverse mortgages being originated through Wells Fargo, there's no doubt that they set the tone for the entire industry.

Wells Fargo's dominance should come as no surprise given the confusing nature of a reverse mortgage and the disproportionate value of one's home compared to other assets. The solid name and corporate image of Wells Fargo goes along way to assuring people that they're not putting themselves at great risk in choosing to use a reverse mortgage.

But, as with many industries, being the biggest doesn't necessarily translate into being the best deal for customers. Thanks to their "go-to" status for many financial advisors and mortgage brokers, Wells Fargo has less incentive to compete for your business. Be sure to check their rates and fees against some of the other top companies before you make a final decision.

Financial Freedom Senior Funding Corporation
While Wells Fargo may be the biggest of the reverse mortgage lenders, Financial Freedom Senior Funding Corporation is probably the most innovative. Established in 1993, the company has long been an industry leader in providing one of the most consumer friendly experiences. They're a founding member of the National Reverse Mortgage Lenders Association and developers of the industry's gold standard in reverse mortgage analysis software.

Like Wells Fargo, they've got some of the reverse mortgage industry's bluest blood running through their veins. After purchasing a number of other reverse mortgage lenders, they themselves were acquired, first by Wall Street giant Lehman Brothers and then by IndyMac Bank.

With over 1,300 staff servicing over ten billion dollars in reverse mortgages, and more industry and senior association endorsements than you can count, they're a definite first stop for anyone considering a reverse mortgage.

World Financial Alliance
While you may not be completely familiar with the World Financial Alliance name, there's no doubt that you've seen their Senior Lending Network commercials featuring Robert Wagner. While not quite as large as Wells Fargo or Financial Freedom Senior Funding, World Financial Alliance has still completed over $4 billion in reverse mortgages since 1996.

Known among the reverse mortgage lenders as the leader in education for both consumers and professionals, World Financial Alliance is likely to grow their market share over the next few years and give both Wells Fargo and Financial Freedom a run for their money.

Countrywide and Bank of America
With the 2008 merger of Countrywide and Bank of America, already two of the top ten reverse mortgage lenders, there's a good chance that they'll take over the number two or three spot on the list. Between Countrywide's status as the number one traditional mortgage lender in the country and Bank of America's expansive network of banks and brokerage houses, you can expect competitive and innovative products to come from the pair during the coming years.

Up and Coming Companies
The reverse mortgage industry is poised for substantial growth, especially in light of the tightening global economic conditions. For consumers, this means that companies will continue to offer increasingly innovative and competitive products. But it also means that up and coming reverse mortgage lenders will continue to reshape the industry by offering products that are outside the slow-moving business models of the largest lenders.

If you're considering a reverse mortgage and are willing to look beyond the top five reverse mortgage lenders, be sure to check out the smaller names such as us (redneL) as we may be the best source for big reverse mortgage savings!