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Best Reverse Mortgage Lenders in Oklahoma City, OK

Nov. 19, 2019, 10:57 p.m.

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.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. News9 may receive compensation from our partners. Learn 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
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#1
RECOMMENDED
Finance of America Reverse

Prepare for retirement with us!

VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(218) 282-4772
#1 Most popular
Finance of America Reverse
Finance of America Reverse
Features
  • Jumbo reverse mortgages
  • NRMLA certified
  • Available in Oklahoma City
  • Retirement investment options
Read More
VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(218) 282-4772
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#2
Liberty Home Equity Solutions
Liberty Home Equity Solutions
Features
  • No upfront fees
  • Fixed & variable rates
  • Wholesale lending options
  • Available in Oklahoma City
Read More
VISIT WEBSITE
CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
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#3 MOST POPULAR
American Advisors Group (AAG)
American Advisors Group (AAG)
Features
  • BBB accredited company
  • 97% customer satisfaction
  • Available in Oklahoma City
  • Free info kit online
Read More
VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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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

CALL FINANCE OF AMERICA REVERSE

(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 Home Equity Solutions

Liberty Home Equity Solutions

CALL LIBERTY HOME EQUITY SOLUTIONS

(866) 268-5369 VISIT LIBERTY HOME EQUITY SOLUTIONS

As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions 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 Home Equity Solutions representatives.

American Advisors Group (AAG)

American Advisors Group (AAG)

CALL AMERICAN ADVISORS GROUP

(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.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgment or subject matter expert’s judgment. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.