Ohio Reverse Mortgage Information

This page is designed to help seniors in Ohio locate and utilize online housing resources. Information includes:

  1. Relevant resource mortgage data
  2. Local housing counselors
  3. Local HUD offices

Want to learn more? Click here to get free information about a reverse mortgage!

Top Ohio Reverse Mortgage Lenders

Many Ohio seniors find themselves in a situation where they live within their biggest asset. Often dependent on Social Security benefits, they are house rich but cash poor. A reverse mortgage, available to those aged 62 and over, can help in certain situations. A tool for obtaining much needed cash, a reverse mortgage can tap into the equity that’s been built in the house through responsible home ownership.

A home equity conversion mortgage (HECM), insured by the US Department of Housing and Urban Development (HUD), is by far the most common of these loans. To be eligible, a homeowner must be at least 62 years old and have adequate equity in their home. The amount of money they can access will primarily depend on their age, the value of the home and prevailing interest rates. The homeowner keeps the title to the home and may continue living there for as long as he or she wishes, provided that the homeowner continues with basic maintenance and pays taxes, insurance and Homeowner’s Association (HOA) fees if applicable.

Want to learn more? Click here to get free information about a reverse mortgage!

There are fees due at signing that are higher than those of a traditional mortgage. Mortgage insurance, origination fees and closing costs are typical, and can be hefty. They are written into the loan, and paid from the homeowner’s proceeds. The homeowner can opt to receive the remaining proceeds through monthly payments, a lump sum settlement or a line of credit. Over 60% of people accept the line of credit form of payment, which accrues in a cash account available to be transferred into the homeowner’s checking or savings account as needed.

It is mandatory for the homeowner to receive mortgage counseling by a HUD approved and HECM certified counselor. There is usually a charge for the session, in which the counselor provides valuable information with the homeowner regarding the pros and cons of the mortgage and makes sure that the homeowner is mentally able to make the decision. The homeowner must also undergo a financial assessment to make sure that he or she can afford to meet obligations like taxes and insurance moving forward.

With all that said, here is some relevant information about reverse mortgage originations in the state of Ohio.

All Time:

Lender Loans Total Principal Limit
WELLS FARGO 2726 380098538
ONE REVERSE MORTGAGE LLC 1592 194628915
FINANCIAL FREEDOM SENIOR FUNDING CORP 1557 191372069
AMERICAN ADVISORS GROUP 1177 163073581
EXCEL MORTGAGE CORPORATION 774 92816765
UNITY MORTGAGE CORP 705 62182525
METLIFE BANK NATIONAL ASSOCIATION 621 92488375
REVERSE MORTGAGE SOLUTIONS INC 584 114070560
SIGNATURE MORTGAGE CORP 359 46135312
AMERICAN REVERSE MORTGAGE CORP 338 41914886
WORLD ALLIANCE FINANCIAL CORP. 283 39195492
SECURITY ONE LENDING 279 49521569
FINANCE OF AMERICA REVERSE LLC 216 28252200
SYNERGY ONE LENDING INC. 211 55279587
DOLLAR BANK FSB 209 31744000
LIBERTY HOME EQUITY SOLUTIONS INC 201 26136100
MORTGAGE CORP OHIO 196 24240426
SENIOR REVERSE MORTGAGE LTD 195 23070512
WESTERN OHIO MORTGAGE CORPORATION 180 24091697
PROFICIO MORTGAGE VENTURES LLC 177 24782950

Since 2012:

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1152 159435181
ONE REVERSE MORTGAGE LLC 749 94992770
REVERSE MORTGAGE SOLUTIONS INC 550 109659060
SYNERGY ONE LENDING INC. 211 55279587
LIBERTY HOME EQUITY SOLUTIONS INC 187 24257100
PROFICIO MORTGAGE VENTURES LLC 154 22007950
DOLLAR BANK FSB 125 19013000
SECURITY ONE LENDING 109 18995927
FINANCE OF AMERICA REVERSE LLC 79 10922800
VAN DYK MORTGAGE CORPORATION 71 10643000

Want to learn more? Click here to get free information about a reverse mortgage!

Ohio Reverse Mortgage Rates

Every month, HUD publishes data on all of the reverse mortgages that closed in every state. The data indicate the interest rate on the loan, which is likely the most reliable source for gauging the market. You may not be able to find the exact rate listed here – these are averages after all – but this table should give you a solid starting point in your search.

Date Fixed Rate Adjustable Rate
01/01/14 5.06% 2.66%
02/01/14 5.03% 2.64%
03/01/14 5.07% 2.61%
04/01/14 5.06% 2.74%
05/01/14 5.00% 2.79%
06/01/14 4.89% 2.67%
07/01/14 4.88% 2.68%
08/01/14 4.88% 2.80%
09/01/14 4.84% 2.76%
10/01/14 4.77% 2.72%
11/01/14 4.73% 2.75%
12/01/14 4.85% 2.77%
01/01/15 4.84% 2.80%
02/01/15 4.90% 2.90%
03/01/15 4.89% 2.89%
04/01/15 4.92% 2.98%
05/01/15 4.91% 3.08%
06/01/15 4.94% 3.15%
07/01/15 4.87% 3.09%
08/01/15 4.79% 3.18%
09/01/15 4.84% 3.10%
10/01/15 4.73% 3.23%
11/01/15 4.79% 3.25%
12/01/15 4.86% 3.37%
01/01/16 4.79% 3.52%
02/01/16 4.90% 3.64%
03/01/16 4.96% 3.79%
04/01/16 5.02% 4.04%
05/01/16 5.02% 4.04%
06/01/16 4.98% 4.03%
07/01/16 4.81% 4.21%
08/01/16 4.84% 4.31%
09/01/16 4.89% 4.56%
10/01/16 4.86% 4.52%
11/01/16 4.89% 4.54%
12/01/16 4.78% 4.75%
01/01/17 4.83% 4.79%
02/01/17 4.92% 4.57%
03/01/17 4.86% 4.56%
04/01/17 4.90% 4.52%
05/01/17 5.03% 4.44%

Top Cities by HECM Originations

Rank City Zip Total
1 CINCINNATI 45248 1363
2 CLEVELAND 44109 1113
3 COLUMBUS 43228 967
4 AKRON 44313 520
5 DAYTON 45414 484
6 TOLEDO 43607 426
7 CANTON 44706 296
8 WESTERVILLE 43081 193
9 YOUNGSTOWN 44514 178
10 HAMILTON 45013 160
11 PARMA 44129 155
12 MASSILLON 44647 152
13 SPRINGFIELD 45504 143
14 MANSFIELD 44903 139
15 CUYAHOGA FALLS 44223 132
16 NEWARK 43056 132
17 GROVE CITY 43123 126
18 LANCASTER 43130 124
19 ELYRIA 44035 121
20 MENTOR 44060 119
21 LORAIN 44052 115
22 WARREN 44484 108
23 MEDINA 44256 95
24 MIDDLETOWN 45042 95
25 SHAKER HEIGHTS 44122 94
26 NORTH CANTON 44720 93
27 POWELL 43065 90
28 STRONGSVILLE 44136 85
29 EUCLID 44117 84
30 ZANESVILLE 43701 83

Ohio HECM Counselors

APPRISEN – CCCS OF CENTRAL OHIO, INC.
80937
4500 E BROAD ST
COLUMBUS, OH 43213-1360
(614) 355-2222

COLUMBUS HOUSING PARTNERSHIP, INC, DBA HOMEPORT
80842
3443 AGLER ROAD
COLUMBUS, OH 43219-3385
(614) 221-8889

FAIR HOUSING CONTACT SERVICE
81234
441 WOLF LEDGES PKWY STE 200
AKRON, OH 44311-1038
(330) 376-6191

NEIGHBORHOOD HOUSING SERVICES OF GREATER CLEVELAND
80907
5700 BROADWAY AVE
CLEVELAND, OH 44127-1715
(216) 458-4663

ST. MARY DEVELOPMENT CORPORATION (HOMEOWNERSHIP CENTER OF GREATER DAYTON)
82777
205 E 1ST ST
DAYTON, OH 45402-1216
(937) 853-1600

HUD Offices

Cleveland Field Office

U.S. Bank Centre Building
1350 Euclid Avenue, Suite 500
Cleveland, OH 44115-1815

Hours: Monday-Friday, 8:20am to 5pm

Phone: (216) 357-7900
Fax: (216) 357-7920

Serving: Thirty-five counties in Northern Ohio

Columbus Field Office

Bricker Federal Building
200 North High Street, 7th Floor
Columbus, OH 43215

Hours: 8am to 4:30pm

Phone: (614) 469-5737
Fax: (614) 280-6178

Serving: Fifty-three counties in Central and Southern Ohio