The man was taken to hospital following the blaze on Carlane Road, Toomebridge in Co Antrim - but sadly passed away.
He has been named locally as Kevin Laverty.
A neighbour said: “Kevin was a lorry driver and worked hard. Heis from a large family in the area and is well respected.”
Local Sinn Fein Councillor Henry Cushinan added: “I have known Kevin for some time and he was a very quiet fella, a single man who was well respected in the community.”
A spokesman for the NIFRS said when firefighters arrived at the scene last night, they were greeted with intense heat and heavily-smoke logged conditions.
Four firefighters sustained burns, while a fifth suffered a concussion as a result of falling debris.
A spokesperson for the PSNI said: “Police can confirm that a man in his 50s has died following a fire at a house on Carlane Road, Toomebridge last night, Wednesday 14 November.
“Police received a report of the fire at around 8.15pm. The man was taken to hospital for treatment but unfortunately died a short time later.
“The cause of the fire has not yet been determined and will be subject to investigation, in liaison with the Northern Ireland Fire and Rescue Service.”
A Northern Ireland Fire and Rescue Service (NIFRS) spokesperson said: “The thoughts and sympathies of Northern Ireland Fire & Rescue Service (NIFRS) are with the family and friends of a man who died.
“NIFRS received a call at 8.04pm to a two-storey detached farmhouse on Carlane Road, Toomebridge, Magherafelt.
“Two Fire Appliances from Magherafelt Fire Station and 1 Fire Appliance from Antrim Fire Station attended the incident.”
The spokesperson continued: “Firefighters encountered a severe fire on the first floor. Wearing breathing apparatus they entered the property and worked in intense heat and heavily smoke logged conditions to rescue a man in his 50s. Firefighters carried the man down to the ground floor where he was treated at the scene by both Firefighters and ambulance personnel. He was taken to Antrim Area Hospital and sadly later died.
“NIFRS would like to commend the Breathing Apparatus team for their valiant efforts in rescuing the man from the fire. 5 Firefighters were injured while carrying out the rescue. 4 Firefighters sustained minor burns and were treated at the scene by ambulance personnel - 1 of them required hospital treatment and was later discharged. The fifth Firefighter was taken to hospital with concussion due to fallen debris inside the property. He was kept overnight and has since been discharged.
“The cause of the fire has not yet been determined and will be subject to investigation, in liaison with the PSNI. There was a smoke alarm fitted in the property and part of the investigation will consider if it sounded.”
The NIFRS spokesperson added: “The incident was dealt with at 12.16am (15 November 2018).”