If you are thinking about getting a reverse mortgage in KS then you definitely need to take the time to find the best lender. After all, it’s a type of loan, and like any other type of loan finding the right company to work with is important. You want to pick a lender that has a great reputation, and one that offers you the best terms on your loan. Depending on the reverse mortgage company you choose to work with, you could see quite a variance in regards to how much money you can actually get access to from the equity in your home.
Want to learn more? Click here to get free information about a reverse mortgage in Kansas!
How it All Works for Kansas Borrowers
With a traditional mortgage, there are a number of different factors that people need to look at when determining whether or not it is a good deal for them. Chief among those factors is the interest rate that they will be paying. A higher interest rate means a higher monthly payment, as well as more money paid out over the life of the loan. Another factor that comes into play is the length of the mortgage. While a longer mortgage results in lower monthly payments, it also results in more money being paid overall to the mortgage company.
The main concern for most people when getting a traditional mortgage is about how much their monthly payment is going to be. With a reverse mortgage you don’t have to make any monthly payments, so what difference does it make which company you choose to get your loan from? Actually, it can make a pretty big difference.
These unique loans benefit people by allowing them to gain access to the equity in their home. They can then draw this money out and use it however they see fit. Now, in order to qualify one of the requirements you have to meet is having a good amount of equity in your home. If you don’t have sufficient equity then, unfortunately, you are not going to qualify for a reverse mortgage.
If you do have enough equity, it’s worth comparing your options to see how much of that equity you can get access to. Not all lenders offer the same percentage of equity that you can tap into, so finding one that offers the most will enable you to get the best benefit from your reverse mortgage.
Make Sure That You Choose A Reputable KS Lender to Work With
A reverse mortgage is a type of mortgage that you take out on your home, which means that it’s important that you make smart choices. Amongst those smart choices is ensuring that you only deal with reputable lenders that have a history of happy customers. Any lender that has a history of complaints should raise red flags with you and get you to consider going with a different lender that has a better history instead.
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Which Kansas Reverse Mortgage Companies Have Originated the Most Loans?
Lender | Loans | Total Principal Limit |
WELLS FARGO | 874 | 107,540,773 |
AMERICAN ADVISORS GROUP | 721 | 122,587,356 |
JAMES B NUTTER AND COMPANY | 516 | 82,374,591 |
FINANCE OF AMERICA REVERSE LLC | 469 | 67,233,262 |
ONE REVERSE MORTGAGE LLC | 263 | 36,428,000 |
FINANCIAL FREEDOM SENIOR FUNDING CORP | 252 | 27,856,953 |
OPEN MORTGAGE LLC | 192 | 43,840,913 |
METLIFE BANK NATIONAL ASSOCIATION | 128 | 16,796,400 |
BANK OF AMERICA | 123 | 18,343,700 |
GENERATION MORTGAGE COMPANY | 102 | 14,324,050 |
LIBERTY HOME EQUITY SOLUTIONS INC | 80 | 11,617,650 |
LEADER ONE FINANCIAL CORPORATION | 76 | 14,233,500 |
LIVE WELL FINANCIAL INC | 70 | 10,000,100 |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 66 | 24,039,800 |
FRONTIER FINANCIAL INC | 65 | 8,520,410 |
MUTUAL OF OMAHA MORTGAGE INC. | 65 | 18,496,845 |
REVERSE MORTGAGE SOLUTIONS INC | 59 | 7,962,563 |
PROFICIO MORTGAGE VENTURES LLC | 55 | 6,521,900 |
PRIORITY MTGE CORP OF WICHITA | 53 | 6,135,260 |
CHERRY CREEK MORTGAGE CO INC | 52 | 7,430,300 |
Since 2012
Lender | Loans | Total Principal Limit |
AMERICAN ADVISORS GROUP | 654 | 112,955,556 |
ONE REVERSE MORTGAGE LLC | 261 | 36,250,000 |
OPEN MORTGAGE LLC | 170 | 41,438,913 |
FINANCE OF AMERICA REVERSE LLC | 115 | 26,246,802 |
JAMES B NUTTER AND COMPANY | 101 | 24,841,000 |
LIBERTY HOME EQUITY SOLUTIONS INC | 77 | 11,243,650 |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 66 | 24,039,800 |
MUTUAL OF OMAHA MORTGAGE INC. | 65 | 18,496,845 |
LEADER ONE FINANCIAL CORPORATION | 57 | 9,829,500 |
PROFICIO MORTGAGE VENTURES LLC | 54 | 6,349,900 |
Reverse Loan Rates in KS
Current Rates
Date | Fixed Rate | Adjustable Rate |
2019-02-01 | NA | 5.39% |
2019-03-01 | NA | 4.65% |
2019-04-01 | 4.81% | 5.06% |
2019-05-01 | NA | 4.83% |
2019-06-01 | 4.81% | 4.84% |
2019-07-01 | 5.06% | 4.63% |
2019-08-01 | 4.81% | 4.24% |
2019-09-01 | NA | 4.35% |
2019-10-01 | NA | 4.78% |
2019-11-01 | NA | 4.62% |
2019-12-01 | 4.50% | 4.70% |
2020-01-01 | NA | 4.49% |
2020-02-01 | NA | 4.01% |
2020-03-01 | NA | 4.01% |
2020-04-01 | NA | 4.16% |
2020-05-01 | NA | 3.85% |
2020-06-01 | NA | 3.63% |
2020-07-01 | NA | 3.19% |
2020-08-01 | 3.06% | 3.38% |
2020-09-01 | NA | 3.18% |
2020-10-01 | NA | 3.22% |
2020-11-01 | 3.43% | 3.04% |
2020-12-01 | 3.19% | 2.82% |
2021-01-01 | 3.81% | 2.85% |
2021-02-01 | 3.12% | 3.10% |
2021-03-01 | 3.06% | 2.95% |
2021-04-01 | NA | 2.68% |
2021-05-01 | NA | 2.87% |
2021-06-01 | NA | 2.20% |
2021-07-01 | NA | 2.24% |
2021-08-01 | 3.18% | 2.21% |
2021-09-01 | 3.60% | 2.38% |
2021-10-01 | 3.31% | 2.38% |
2021-11-01 | NA | 2.23% |
2021-12-01 | NA | 2.46% |
2022-01-01 | 3.27% | 2.61% |
2022-02-01 | NA | 2.63% |
2022-03-01 | NA | 2.90% |
2022-05-01 | NA | 4.10% |
2022-04-01 | NA | 3.45% |
2022-06-01 | NA | 4.21% |
2022-07-01 | NA | 4.80% |
2022-08-01 | 5.99% | 5.33% |
2022-09-01 | 6.31% | 5.41% |
2022-10-01 | 5.93% | 6.00% |
2022-11-01 | NA | 6.67% |
2022-12-01 | NA | 6.98% |
2023-01-01 | NA | 7.21% |
2023-02-01 | NA | 7.19% |
2023-03-01 | NA | 7.52% |
2023-04-01 | NA | 7.21% |
2023-05-01 | NA | 6.97% |
2023-06-01 | NA | 7.11% |
2023-07-01 | NA | 7.40% |
2023-08-01 | NA | 7.68% |
2023-09-01 | NA | 7.65% |
2023-10-01 | NA | 7.87% |
2023-11-01 | NA | 7.76% |
2023-12-01 | NA | 7.78% |
2024-01-01 | NA | 7.49% |
2024-02-01 | NA | 7.17% |
2024-03-01 | NA | 7.34% |
2024-04-01 | 7.31% | 7.36% |
2024-05-01 | NA | 7.64% |
2024-06-01 | NA | 7.45% |
2024-07-01 | NA | 7.54% |
Historic Rates
Date | Fixed Rate | Adjustable Rate |
2016-01-01 | NA | 3.41% |
2016-02-01 | 5.06% | 3.73% |
2016-03-01 | 5.06% | 3.78% |
2016-04-01 | 5.06% | 3.89% |
2016-05-01 | 4.90% | 4.16% |
2016-06-01 | NA | 4.18% |
2016-07-01 | 5.06% | 4.05% |
2016-08-01 | 5.06% | 4.26% |
2016-09-01 | NA | 4.53% |
2016-10-01 | NA | 4.32% |
2016-11-01 | 5.06% | 4.60% |
2016-12-01 | 5.06% | 4.67% |
2017-01-01 | 5.00% | 4.75% |
2017-02-01 | 5.06% | 4.78% |
2017-03-01 | 5.01% | 4.54% |
2017-04-01 | NA | 4.62% |
2017-05-01 | 5.06% | 4.47% |
2017-06-01 | 5.06% | 4.35% |
2017-07-01 | 5.06% | 4.37% |
2017-08-01 | 4.99% | 4.46% |
2017-09-01 | 5.06% | 4.51% |
2017-10-01 | 5.06% | 4.53% |
2017-11-01 | 5.06% | 4.60% |
2017-12-01 | 5.06% | 4.64% |
2018-01-01 | 4.87% | 4.69% |
2018-02-01 | NA | 4.79% |
2018-03-01 | 5.06% | 4.93% |
2018-04-01 | 4.62% | 4.80% |
2018-05-01 | NA | 4.75% |
2018-06-01 | 4.71% | 4.90% |
2018-07-01 | NA | 4.63% |
2018-08-01 | 4.58% | 4.84% |
2018-09-01 | NA | 5.08% |
2018-10-01 | 4.64% | 5.03% |
2018-11-01 | NA | 4.83% |
2018-12-01 | NA | 4.96% |
Top Cities in Kansas by Total HECM Loans Originated
Rank | City | Zip | Total |
1 | KANSAS CITY | 66104 | 109 |
2 | WICHITA | 67212 | 107 |
3 | OVERLAND PARK | 66212 | 102 |
4 | SALINA | 67401 | 96 |
5 | PRAIRIE VILLAGE | 66208 | 90 |
6 | OLATHE | 66062 | 79 |
7 | HUTCHINSON | 67502 | 79 |
8 | KANSAS CITY | 66109 | 78 |
9 | OVERLAND PARK | 66204 | 78 |
10 | WICHITA | 67217 | 75 |
11 | OLATHE | 66061 | 70 |
12 | WICHITA | 67203 | 69 |
13 | TOPEKA | 66614 | 68 |
14 | KANSAS CITY | 66106 | 67 |
15 | LEAWOOD | 66206 | 64 |
16 | LEAVENWORTH | 66048 | 64 |
17 | LENEXA | 66215 | 60 |
18 | KANSAS CITY | 66102 | 60 |
19 | SHAWNEE | 66216 | 57 |
20 | SHAWNEE | 66203 | 52 |
21 | WICHITA | 67207 | 52 |
22 | DERBY | 67037 | 52 |
23 | WICHITA | 67204 | 52 |
24 | WICHITA | 67218 | 49 |
25 | OVERLAND PARK | 66207 | 49 |
26 | HUTCHINSON | 67501 | 48 |
27 | LAWRENCE | 66049 | 48 |
28 | OTTAWA | 66067 | 47 |
29 | GARDEN CITY | 67846 | 45 |
30 | WICHITA | 67211 | 45 |
Want to learn more? Click here to get free information about a reverse mortgage in Kansas!
Find a Local Housing Counselor in Kansas
CONSUMER CREDIT COUNSELING SERVICE, INC.
1201 W WALNUT ST
SALINA, KS 67401-2783
(316) 265-2000
http://www.kscccs.org
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