Best Reverse Mortgage Lenders in Oklahoma City, OK

How to choose a reverse mortgage lender in Oklahoma City

Reverse mortgages were created to help retirees age in place and supplement retirement income and savings. They do so by converting part of a homeowner’s equity in their home into cash. Though there are no limits to how a reverse mortgage in Oklahoma City can be used, there are several requirements:

• Borrower must be 62 years old or older
• Borrower must keep up on homeowners insurance and property taxes
• Reverse mortgage must be the primary lien
• Borrower must complete mandatory repairs
• Property must be primary residence—vacation homes do not qualify

Oklahoma City homeowners have seen a favorable increase in home equity wealth over the last few years. In 2017, the average home equity gain in Oklahoma was $2,000, the largest in four years. Because the cost of living is 14 percent lower in Oklahoma than the national average, people are choosing to retire here in Oklahoma City. Popular neighborhoods for retirees in the Oklahoma City area include:

• Vintage Gardens
• Camden Park
• Villas at Hunters Creek
• Porches at Arbor Creek

Choosing a place to retire is only the first step. Planning for financial stability throughout your golden years is the next. Reverse mortgages can help, providing a consistent cash flow to supplement your savings and retirement funds.

Two types of reverse mortgages exist: Home Equity Conversion Mortgages and Proprietary Reverse Mortgages.

Keep in mind that reverse mortgages are considered loans. But instead of the borrower making monthly payments to a lender, the lender makes the payments to the borrower. The homeowner does not owe anything to the lender until the home is sold or vacated.