Best Reverse Mortgage Lenders in Oklahoma City, OK
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.
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:
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 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.
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.
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.
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