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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Finance of America Reverse
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Call Now Toll Free
(218) 282-4772
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Liberty Reverse Mortgage
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American Advisors Group (AAG)
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VISIT WEBSITE
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(855) 299-1519
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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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Call Now Toll Free (218) 282-4772 VISIT FINANCE OF AMERICA REVERSE |
This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Oklahoma City, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you. |
Liberty Reverse Mortgage |
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As one of the country’s largest reverse mortgage providers, Liberty Reverse Mortgage has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Reverse Mortgage representatives. |
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American Advisors Group (AAG) |
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Call Now Toll Free (855) 299-1519 VISIT AMERICAN ADVISORS GROUP |
This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait. |