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 721 122,587,356
JAMES B NUTTER AND COMPANY 516 82,374,591
FINANCE OF AMERICA REVERSE LLC 459 64,209,262
ONE REVERSE MORTGAGE LLC 263 36,428,000
FINANCIAL FREEDOM SENIOR FUNDING CORP 252 27,856,953
OPEN MORTGAGE LLC 190 43,364,459
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
FRONTIER FINANCIAL INC 65 8,520,410
REVERSE MORTGAGE SOLUTIONS INC 59 7,962,563
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 59 21,258,800
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
MUTUAL OF OMAHA MORTGAGE INC. 50 13,065,020

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 168 40,962,459
FINANCE OF AMERICA REVERSE LLC 105 23,222,802
JAMES B NUTTER AND COMPANY 101 24,841,000
LIBERTY HOME EQUITY SOLUTIONS INC 77 11,243,650
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 59 21,258,800
LEADER ONE FINANCIAL CORPORATION 57 9,829,500
PROFICIO MORTGAGE VENTURES LLC 54 6,349,900
MUTUAL OF OMAHA MORTGAGE INC. 50 13,065,020

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%

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 105
3 OVERLAND PARK 66212 102
4 SALINA 67401 94
5 PRAIRIE VILLAGE 66208 90
6 OLATHE 66062 79
7 OVERLAND PARK 66204 78
8 HUTCHINSON 67502 78
9 KANSAS CITY 66109 77
10 WICHITA 67217 75
11 OLATHE 66061 69
12 WICHITA 67203 69
13 TOPEKA 66614 67
14 KANSAS CITY 66106 67
15 LEAWOOD 66206 64
16 LEAVENWORTH 66048 62
17 KANSAS CITY 66102 60
18 LENEXA 66215 59
19 SHAWNEE 66216 55
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 47
28 OTTAWA 66067 46
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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