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 1,745 327,910,530
WELLS FARGO 1,538 216,515,722
FINANCE OF AMERICA REVERSE LLC 1,311 204,049,525
JAMES B NUTTER AND COMPANY 986 134,677,467
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 226 43,286,110
LIBERTY HOME EQUITY SOLUTIONS INC 207 32,062,597
MUTUAL OF OMAHA MORTGAGE INC. 201 55,169,454
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
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 128 37,778,046
PROFICIO MORTGAGE VENTURES LLC 125 21,744,420

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,643 313,868,283
ONE REVERSE MORTGAGE LLC 491 75,161,070
FINANCE OF AMERICA REVERSE LLC 343 81,583,275
GERSHMAN INVESTMENT CORP 278 64,310,345
MUTUAL OF OMAHA MORTGAGE INC. 201 55,169,454
LIBERTY HOME EQUITY SOLUTIONS INC 188 29,134,697
JAMES B NUTTER AND COMPANY 158 31,050,500
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 123 36,932,296
PROFICIO MORTGAGE VENTURES LLC 117 20,621,420
LONGBRIDGE FINANCIAL LLC 105 26,692,549

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%
2021-12-01 NA 2.45%
2022-01-01 NA 2.64%
2022-02-01 NA 2.74%
2022-03-01 3.74% 3.01%
2022-05-01 3.56% 3.96%
2022-04-01 3.56% 3.18%
2022-06-01 NA 4.27%
2022-07-01 5.31% 4.97%
2022-08-01 NA 5.34%
2022-09-01 5.31% 5.50%
2022-10-01 NA 6.39%
2022-11-01 NA 6.64%
2022-12-01 6.56% 7.27%
2023-01-01 NA 7.29%
2023-02-01 NA 7.27%
2023-03-01 NA 7.42%
2023-04-01 NA 7.16%
2023-05-01 NA 6.82%
2023-06-01 NA 7.30%
2023-07-01 NA 7.77%
2023-08-01 NA 7.64%
2023-09-01 NA 7.56%
2023-10-01 NA 7.71%
2023-11-01 NA 7.84%
2023-12-01 NA 7.60%
2024-01-01 NA 7.62%
2024-02-01 NA 7.33%
2024-03-01 NA 7.31%
2024-04-01 NA 7.49%
2024-05-01 NA 7.51%
2024-06-01 NA 7.62%
2024-07-01 NA 7.58%
2024-08-01 NA 7.44%
2024-09-01 NA 6.89%

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 63130 215
2 SAINT LOUIS 63123 208
3 SAINT LOUIS 63136 207
4 SAINT PETERS 63376 206
5 FLORISSANT 63033 173
6 SAINT LOUIS 63115 171
7 INDEPENDENCE 64055 169
8 SAINT LOUIS 63121 167
9 SPRINGFIELD 65807 146
10 FLORISSANT 63031 144
11 KANSAS CITY 64114 142
12 SAINT LOUIS 63122 130
13 BALLWIN 63021 129
14 SPRINGFIELD 65804 129
15 SAINT LOUIS 63146 129
16 SAINT CHARLES 63303 129
17 KANSAS CITY 64130 128
18 CHESTERFIELD 63017 128
19 SAINT LOUIS 63125 127
20 JOPLIN 64804 126
21 SAINT LOUIS 63129 119
22 INDEPENDENCE 64052 114
23 SAINT LOUIS 63112 112
24 SAINT CHARLES 63301 112
25 SAINT LOUIS 63119 106
26 SAINT LOUIS 63116 106
27 SAINT LOUIS 63114 105
28 BALLWIN 63011 104
29 KANSAS CITY 64131 103
30 NIXA 65714 100

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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