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.
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#1 MOST POPULAR
Finance of America Reverse
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VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(855) 622-6838
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#2
Liberty Home Equity Solutions
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CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
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#3
American Advisors Group (AAG)
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CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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A leader in the reverse mortgage industry!
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:
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:
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 |
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| 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 |
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(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 |
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(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) |
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(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 |
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