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Best Reverse Mortgage Lenders in Oklahoma City, OK

Updated 10/12/2018

Moving into the retirement phase of life is exciting, but relying on a fixed income can be scary. As Oklahoma City residents retire from their nine-to-fives, more and more are choosing to supplement their income with reverse mortgages. We researched the best reverse mortgage companies in Oklahoma City to help you find the best options.

#1 MOST POPULAR
Finance of America Reverse
Finance of America Reverse
VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(855) 622-6838
Features
  • Jumbo reverse mortgages
  • NRMLA certified
  • Retirement investment options
  • Available in OKC
Read More
#2
Liberty Home Equity Solutions
Liberty Home Equity Solutions
VISIT WEBSITE
CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
Features
  • No upfront lender fees
  • Fixed & variable rates
  • Available in OKC
  • Wholesale lenders
Read More
#3
American Advisors Group (AAG)
American Advisors Group (AAG)
VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
Features
  • Available in OKC
  • BBB accredited company
  • 97% customer satisfaction
  • Free info kit
Read More

How we chose the best

We thoroughly researched consumer reviews and company information.

18 Hours researched
65 Reviews analyzed
8 Companies evaluated
3 Companies selected
×
#1
#1 MOST POPULAR
Finance of America Reverse

A leader in the reverse mortgage industry!

VISIT FINANCE OF AMERICA REVERSE
FINANCE OF AMERICA REVERSE
Call now
(855) 622-6838

How to choose a reverse mortgage lender in Oklahoma City

OKC Skyline

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.

Home Equity Conversion Mortgage (HECM) Proprietary Reverse Mortgage
Most common reverse mortgage Privately insured by select mortgage companies
Regulated by Dept. of Housing and Urban Development Only offered by two companies in the nation
Not a government loan Not subject to same regulations as HECM
Required counseling for borrower Often referred to as “jumbo” reverse mortgages
Insured by Federal Housing Administration (FHA) Used for property that’s value exceeds $679,650, FHA’s maximum loan limit

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.

Finance of America Reverse

Finance of America Reverse (855) 622-6838

CALL FINANCE OF AMERICA REVERSE

Finance of America Reverse was founded in the U.S. in 2003 and is a member of the National Reverse Mortgage Lenders Association. It has strong backing from major investors and offers jumbo/proprietary reverse mortgages. Oklahoma City customers report that representatives are knowledgeable and helpful.

VISIT FINANCE OF AMERICA REVERSE

Liberty Home Equity Solutions

Liberty Home Equity Solutions (866) 268-5369

CALL LIBERTY HOME EQUITY SOLUTIONS

Liberty Home Equity Solutions is one of the nation’s largest Home Equity Conversion Mortgage lenders. It has fixed and variable rate options and no upfront lender fees. It has held an A+ Better Business Bureau rating for 13 years. Customers in Oklahoma City are happy with the professionalism and care they received.

VISIT LIBERTY HOME EQUITY SOLUTIONS

American Advisors Group (AAG)

American Advisors Group (AAG) (855) 299-1519

CALL AMERICAN ADVISORS GROUP

American Advisors Group (AAG) has a 97% customer satisfaction rate from AAG customer surveys. AAG has been in the reverse mortgage business for more than 10 years and employs professionals who must pass federal and state tests to earn licenses. Customers in Oklahoma City say employees are very professional and thorough.

VISIT AMERICAN ADVISORS GROUP