Missouri Reverse Mortgage Guide

If you’re considering a reverse mortgage, it’s only natural to wonder about the advantages and disadvantages. This is a subject that you should take the time to learn about if you are considering getting one in the great state of Missouri.

A reverse mortgage is a unique type of home loan where you no longer make payments to the lender and can draw money out of the equity in your home. For many people, this loan can be a bit difficult to understand, so it’s only natural to have questions. We’ll lay out the advantages and disadvantages and let you decide.

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

Advantages of A MO Reverse Mortgage

As mentioned above, you don’t have to make any payments to the mortgage company ever again. Whether your home is paid off, or you are still making a monthly payment, the idea of never having to worry about a monthly payment might seem like a dream come true. Well, with a reverse mortgage that’s exactly what it can be.

You get access to the equity in your home that you have spent years building up. You can use this equity for anything you want. You can pay bills, travel, make home improvements etc. The point here is that this is your money and you can do whatever you want to with it.

You get to live your retirement the way that you deserve to live it. With no monthly mortgage to worry about, and a large amount of equity to draw from, you can afford to go on that dream vacation you have been putting off for years. Or, you can drive across the country. Or, do just about anything else you feel like doing.

In addition to financial advantages, you get to stay in your home for as long as you want and will never be pressured into leaving. There’s never a date given when you have to either sell your home or pay back the loan unless you stop living in the Missouri home as your primary residence. You live there as long as you want to, and when you are ready or have to move elsewhere you leave.

Disadvantages of A Reverse Mortgage in Missouri

When the time comes for you to leave the home you will have to pay back the money that you owe. That could mean selling the home to pay off the loan amount.

When you pass away your heirs will be responsible for paying off the money on the reverse mortgage. They can either pay the amount themselves, or they can sell the home and use the proceeds to cover the loan. That means that a reverse mortgage can cut into any inheritance that you leave them. However, you can limit this by simply not drawing out a lot of the money in your home’s equity. Simply having access to the money, while not having to worry about monthly payments, will give you a greater sense of financial security. The point here is that you’ll have the money if you need it, which is the main benefit of a MO reverse mortgage.

Click here to get a free reverse mortgage information kit.

The Biggest Missorui Reverse Lenders

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,545 269,148,055
WELLS FARGO 1,538 216,515,722
FINANCE OF AMERICA REVERSE LLC 1,179 166,695,325
JAMES B NUTTER AND COMPANY 977 131,716,467
FINANCIAL FREEDOM SENIOR FUNDING CORP 955 125,056,754
ONE REVERSE MORTGAGE LLC 841 122,140,035
GERSHMAN INVESTMENT CORP 760 149,976,995
FRONTIER FINANCIAL INC 554 79,835,440
METLIFE BANK NATIONAL ASSOCIATION 394 67,381,055
GATEWAY REVERSE MORTGAGE GROUP LLC 350 40,032,400
BANK OF AMERICA 245 39,863,550
DAS ACQUISITION CO LLC 223 42,383,485
LIBERTY HOME EQUITY SOLUTIONS INC 207 32,062,597
GENWORTH FINANCIAL HM EQUITY ACCESS INC 193 28,230,817
GRIFFIN FINANCIAL MORTGAGE LLC 155 17,584,390
MIDWEST MORTGAGE CAPITAL LLC 146 24,820,750
1ST AAA REVERSE MORTGAGE INC 131 16,105,910
PROFICIO MORTGAGE VENTURES LLC 125 21,744,420
GENERATION MORTGAGE COMPANY 113 17,994,030
CARTER LENDING INC 103 13,902,270

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,443 255,105,808
ONE REVERSE MORTGAGE LLC 491 75,161,070
GERSHMAN INVESTMENT CORP 278 64,310,345
FINANCE OF AMERICA REVERSE LLC 211 44,229,075
LIBERTY HOME EQUITY SOLUTIONS INC 188 29,134,697
JAMES B NUTTER AND COMPANY 149 28,089,500
PROFICIO MORTGAGE VENTURES LLC 117 20,621,420
DAS ACQUISITION CO LLC 93 16,653,965
REVERSE MORTGAGE SOLUTIONS INC 74 11,099,132
THE FEDERAL SAVINGS BANK 63 14,313,274

MO Reverse Mortgage Rates

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 NA 5.29%
2019-02-01 4.68% 5.14%
2019-03-01 5.18% 5.05%
2019-04-01 5.06% 4.90%
2019-05-01 4.81% 4.70%
2019-06-01 NA 4.56%
2019-07-01 4.50% 4.80%
2019-08-01 NA 4.51%
2019-09-01 NA 4.83%
2019-10-01 NA 4.78%
2019-11-01 NA 4.59%
2019-12-01 NA 4.50%
2020-01-01 NA 4.28%
2020-02-01 NA 4.14%
2020-03-01 NA 3.99%
2020-04-01 NA 3.90%
2020-05-01 4.56% 3.80%
2020-06-01 3.63% 3.48%
2020-07-01 NA 3.62%
2020-08-01 4.18% 3.17%
2020-09-01 NA 2.96%
2020-10-01 3.06% 3.14%
2020-11-01 NA 3.10%
2020-12-01 NA 3.02%
2021-01-01 NA 3.02%
2021-02-01 3.06% 2.86%
2021-03-01 3.31% 2.84%
2021-04-01 3.56% 2.68%
2021-05-01 NA 2.39%
2021-06-01 3.06% 2.22%
2021-07-01 NA 2.35%
2021-08-01 NA 2.37%
2021-09-01 NA 2.46%
2021-10-01 3.75% 2.34%
2021-11-01 3.18% 2.51%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 5.04% 3.46%
2016-02-01 5.00% 3.65%
2016-03-01 5.06% 3.68%
2016-04-01 5.06% 3.95%
2016-05-01 NA 4.10%
2016-06-01 5.06% 4.04%
2016-07-01 5.06% 3.91%
2016-08-01 5.06% 4.21%
2016-09-01 NA 4.31%
2016-10-01 5.01% 4.30%
2016-11-01 5.06% 4.46%
2016-12-01 4.98% 4.69%
2017-01-01 4.85% 4.77%
2017-02-01 5.06% 4.65%
2017-03-01 5.06% 4.52%
2017-04-01 5.05% 4.39%
2017-05-01 NA 4.43%
2017-06-01 4.85% 4.40%
2017-07-01 5.01% 4.43%
2017-08-01 5.06% 4.49%
2017-09-01 4.87% 4.49%
2017-10-01 4.69% 4.49%
2017-11-01 5.04% 4.60%
2017-12-01 5.05% 4.59%
2018-01-01 5.06% 4.61%
2018-02-01 5.02% 4.58%
2018-03-01 4.89% 4.66%
2018-04-01 4.50% 4.78%
2018-05-01 4.62% 4.74%
2018-06-01 4.43% 4.87%
2018-07-01 4.81% 4.63%
2018-08-01 NA 4.80%
2018-09-01 4.62% 4.72%
2018-10-01 4.68% 4.98%
2018-11-01 4.56% 4.97%
2018-12-01 NA 5.02%

Top Cities in Missouri by Total HECM Loans Originated

Rank City Zip Total
1 SAINT LOUIS 63131 3,245
2 KANSAS CITY 64155 1,425
3 SPRINGFIELD 65802 459
4 INDEPENDENCE 64055 449
5 FLORISSANT 63033 359
6 SAINT CHARLES 63304 295
7 BALLWIN 63021 225
8 LEES SUMMIT 64063 220
9 SAINT PETERS 63376 213
10 JOPLIN 64801 206
11 SAINT JOSEPH 64503 164
12 CHESTERFIELD 63017 145
13 BLUE SPRINGS 64015 128
14 O FALLON 63366 119
15 RAYTOWN 64133 111
16 COLUMBIA 65203 99
17 ARNOLD 63010 97
18 FENTON 63026 92
19 NIXA 65714 88
20 MARYLAND HEIGHTS 63043 84
21 GLADSTONE 64118 77
22 LIBERTY 64068 75
23 ST LOUIS 63114 73
24 WENTZVILLE 63385 71
25 CAPE GIRARDEAU 63703 68
26 GRANDVIEW 64030 68
27 BRANSON 65616 67
28 BELTON 64012 66
29 OZARK 65721 66
30 RAYMORE 64083 66

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

HECM Housing Counselors

HOUSING OPTIONS PROVIDED FOR THE ELDERLY HOPE – NCOA HECM
4265 SHAW BLVD
SAINT LOUIS, MO 63110-3526
(314) 776-0155

HOUSING OPTIONS PROVIDED FOR THE ELDERLY
7300 DARTMOUTH AVE STE 100
UNIVERSITY CITY, MO 63130-2904
(314) 776-0155
http://HECMHOPE.org

CREDIT & HOMEOWNERSHIP EMPOWERMENT SERVICES, INC.
3125 GILLHAM PLAZA
KANSAS CITY, MO 64109-1711
(816) 533-7417
www.chesinc.org

CATHOLIC CHARITIES OF SOUTHERN MISSOURI
424 E MONASTERY ST
SPRINGFIELD, MO 65807-6099
(417) 720-4213
http://www.ccsomo.org

YOUTH EDUCATION AND HEALTH IN SOULARD
1924 S 12TH ST
SAINT LOUIS, MO 63104-3951
(314) 436-1400
http://yehstl.org

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