How to Find a Kansas Reverse Mortgage Lender

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.

Click here to get a free reverse mortgage information kit.

Which Kansas Reverse Mortgage Companies Have Originated the Most Loans?

Lender Loans Total Principal Limit
WELLS FARGO 874 107,540,773
AMERICAN ADVISORS GROUP 707 118,928,356
JAMES B NUTTER AND COMPANY 514 81,782,591
FINANCE OF AMERICA REVERSE LLC 427 55,277,360
ONE REVERSE MORTGAGE LLC 263 36,428,000
FINANCIAL FREEDOM SENIOR FUNDING CORP 252 27,856,953
OPEN MORTGAGE LLC 172 37,510,562
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 75 13,537,500
LIVE WELL FINANCIAL INC 70 10,000,100
FRONTIER FINANCIAL INC 65 8,520,410
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
UNITY MORTGAGE CORP 48 3,172,718
MORTGAGE AUTHORITY INC 43 4,880,176

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 640 109,296,556
ONE REVERSE MORTGAGE LLC 261 36,250,000
OPEN MORTGAGE LLC 150 35,108,562
JAMES B NUTTER AND COMPANY 99 24,249,000
LIBERTY HOME EQUITY SOLUTIONS INC 77 11,243,650
FINANCE OF AMERICA REVERSE LLC 73 14,290,900
LEADER ONE FINANCIAL CORPORATION 56 9,133,500
PROFICIO MORTGAGE VENTURES LLC 54 6,349,900
REVERSE MORTGAGE SOLUTIONS INC 49 6,735,963
LIVE WELL FINANCIAL INC 45 6,989,600

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%

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 107
2 WICHITA 67212 104
3 OVERLAND PARK 66212 101
4 SALINA 67401 94
5 PRAIRIE VILLAGE 66208 87
6 HUTCHINSON 67502 76
7 OLATHE 66062 75
8 OVERLAND PARK 66204 75
9 KANSAS CITY 66109 73
10 WICHITA 67217 73
11 OLATHE 66061 66
12 WICHITA 67203 66
13 TOPEKA 66614 65
14 KANSAS CITY 66106 65
15 LEAWOOD 66206 64
16 KANSAS CITY 66102 60
17 LEAVENWORTH 66048 58
18 LENEXA 66215 57
19 SHAWNEE 66216 54
20 SHAWNEE 66203 51
21 WICHITA 67204 51
22 WICHITA 67207 50
23 WICHITA 67218 49
24 DERBY 67037 49
25 OVERLAND PARK 66207 48
26 HUTCHINSON 67501 46
27 OTTAWA 66067 45
28 WICHITA 67211 45
29 LAWRENCE 66049 44
30 TOPEKA 66604 43

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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