This page is designed to help seniors in Ohio locate and utilize online housing resources. Information includes:
- Relevant resource mortgage data
- Local housing counselors
- Local HUD offices
Want to learn more? Click here to get free information about a reverse mortgage!
Top Ohio Reverse Mortgage Lenders
A home equity conversion mortgage (HECM), insured by the US Department of Housing and Urban Development (HUD), is by far the most common of these loans. To be eligible, a homeowner must be at least 62 years old and have adequate equity in their home. The amount of money they can access will primarily depend on their age, the value of the home and prevailing interest rates. The homeowner keeps the title to the home and may continue living there for as long as he or she wishes, provided that the homeowner continues with basic maintenance and pays taxes, insurance and Homeowner’s Association (HOA) fees if applicable.
Want to learn more? Click here to get free information about a reverse mortgage!
There are fees due at signing that are higher than those of a traditional mortgage. Mortgage insurance, origination fees and closing costs are typical, and can be hefty. They are written into the loan, and paid from the homeowner’s proceeds. The homeowner can opt to receive the remaining proceeds through monthly payments, a lump sum settlement or a line of credit. Over 60% of people accept the line of credit form of payment, which accrues in a cash account available to be transferred into the homeowner’s checking or savings account as needed.
It is mandatory for the homeowner to receive mortgage counseling by a HUD approved and HECM certified counselor. There is usually a charge for the session, in which the counselor provides valuable information with the homeowner regarding the pros and cons of the mortgage and makes sure that the homeowner is mentally able to make the decision. The homeowner must also undergo a financial assessment to make sure that he or she can afford to meet obligations like taxes and insurance moving forward.
All Time:
| Lender | Loans | Total Principal Limit |
|---|---|---|
| WELLS FARGO | 2,726 | 380,098,538 |
| AMERICAN ADVISORS GROUP | 2,605 | 430,845,571 |
| ONE REVERSE MORTGAGE LLC | 1,801 | 231,867,908 |
| FINANCIAL FREEDOM SENIOR FUNDING CORP | 1,557 | 191,372,069 |
| EXCEL MORTGAGE CORPORATION | 774 | 92,816,765 |
| UNITY MORTGAGE CORP | 705 | 62,182,525 |
| MUTUAL OF OMAHA MORTGAGE INC. | 686 | 274,915,107 |
| METLIFE BANK NATIONAL ASSOCIATION | 621 | 92,488,375 |
| SYNERGY ONE LENDING INC. | 596 | 181,777,991 |
| REVERSE MORTGAGE SOLUTIONS INC | 584 | 114,070,560 |
| SIGNATURE MORTGAGE CORP | 359 | 46,135,312 |
| FINANCE OF AMERICA REVERSE LLC | 340 | 55,202,723 |
| AMERICAN REVERSE MORTGAGE CORP | 338 | 41,914,886 |
| WORLD ALLIANCE FINANCIAL CORP. | 283 | 39,195,492 |
| SECURITY ONE LENDING | 279 | 49,521,569 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 259 | 34,535,900 |
| DOLLAR BANK FSB | 231 | 36,486,150 |
| WESTERN OHIO MORTGAGE CORPORATION | 207 | 29,072,697 |
| MORTGAGE CORP OHIO | 196 | 24,240,426 |
| SENIOR REVERSE MORTGAGE LTD | 195 | 23,070,512 |
Since 2012:
| Lender | Loans | Total Principal Limit |
|---|---|---|
| AMERICAN ADVISORS GROUP | 2,580 | 427,207,171 |
| ONE REVERSE MORTGAGE LLC | 958 | 132,231,763 |
| MUTUAL OF OMAHA MORTGAGE INC. | 686 | 274,915,107 |
| SYNERGY ONE LENDING INC. | 596 | 181,777,991 |
| REVERSE MORTGAGE SOLUTIONS INC | 550 | 109,659,060 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 245 | 32,656,900 |
| FINANCE OF AMERICA REVERSE LLC | 203 | 37,873,323 |
| PROFICIO MORTGAGE VENTURES LLC | 154 | 22,007,950 |
| REVERSE MORTGAGE FUNDING LLC | 150 | 35,442,956 |
| DOLLAR BANK FSB | 147 | 23,755,150 |
Want to learn more? Click here to get free information about a reverse mortgage!
Ohio Reverse Mortgage Rates
Every month, HUD publishes data on all of the reverse mortgages that closed in every state. The data indicate the interest rate on the loan, which is likely the most reliable source for gauging the market. You may not be able to find the exact rate listed here – these are averages after all – but this table should give you a solid starting point in your search.
Current Rates
| Date | Fixed Rate | Adjustable Rate |
|---|---|---|
| 01/01/19 | 4.85% | 5.33% |
| 02/01/19 | 4.56% | 5.07% |
| 03/01/19 | 4.56% | 4.97% |
| 04/01/19 | 4.87% | 4.72% |
| 05/01/19 | NA | 4.68% |
| 06/01/19 | NA | 4.83% |
| 07/01/19 | 5.81% | 4.49% |
| 08/01/19 | 5.81% | 4.26% |
| 09/01/19 | NA | 4.33% |
| 10/01/19 | NA | 4.46% |
| 11/01/19 | NA | 4.40% |
| 12/01/19 | 3.81% | 4.26% |
| 01/01/20 | NA | 4.38% |
| 02/01/20 | NA | 4.22% |
| 03/01/20 | NA | 4.17% |
| 04/01/20 | NA | 3.66% |
| 05/01/20 | 3.31% | 3.57% |
| 06/01/20 | 3.56% | 3.33% |
| 07/01/20 | NA | 3.34% |
| 08/01/20 | NA | 3.15% |
| 09/01/20 | 4.03% | 3.12% |
| 10/01/20 | 3.64% | 3.09% |
| 11/01/20 | 3.07% | 2.99% |
| 12/01/20 | 3.35% | 2.94% |
| 01/01/21 | 3.22% | 2.96% |
| 02/01/21 | 3.43% | 2.79% |
| 03/01/21 | 3.54% | 2.70% |
| 04/01/21 | 3.49% | 2.59% |
| 05/01/21 | 3.47% | 2.41% |
| 06/01/21 | 3.76% | 2.26% |
| 07/01/21 | 3.46% | 2.25% |
| 08/01/21 | 3.60% | 2.53% |
| 09/01/21 | 3.56% | 2.37% |
| 10/01/21 | 3.89% | 2.32% |
| 11/01/21 | 3.43% | 2.23% |
| 12/01/21 | NA | 2.49% |
| 01/01/22 | 3.31% | 2.59% |
| 02/01/22 | 3.46% | 2.71% |
| 03/01/22 | 3.81% | 3.02% |
| 05/01/22 | 5.05% | 3.93% |
| 04/01/22 | 3.72% | 3.36% |
| 06/01/22 | NA | 4.38% |
| 07/01/22 | NA | 4.51% |
| 08/01/22 | NA | 4.89% |
| 09/01/22 | NA | 5.56% |
| 10/01/22 | 5.56% | 5.90% |
| 11/01/22 | 5.37% | 6.68% |
| 12/01/22 | NA | 6.79% |
| 01/01/23 | NA | 7.08% |
| 02/01/23 | 5.18% | 7.13% |
| 03/01/23 | NA | 7.34% |
| 04/01/23 | 6.06% | 6.90% |
| 05/01/23 | NA | 7.21% |
| 06/01/23 | NA | 7.19% |
| 07/01/23 | NA | 7.43% |
| 08/01/23 | NA | 7.73% |
Historic Rates
| Date | Fixed Rate | Adjustable Rate |
|---|---|---|
| 01/01/14 | 5.06% | 2.66% |
| 02/01/14 | 5.03% | 2.64% |
| 03/01/14 | 5.07% | 2.61% |
| 04/01/14 | 5.06% | 2.74% |
| 05/01/14 | 5.00% | 2.79% |
| 06/01/14 | 4.89% | 2.67% |
| 07/01/14 | 4.88% | 2.68% |
| 08/01/14 | 4.88% | 2.80% |
| 09/01/14 | 4.84% | 2.76% |
| 10/01/14 | 4.77% | 2.72% |
| 11/01/14 | 4.73% | 2.75% |
| 12/01/14 | 4.85% | 2.77% |
| 01/01/15 | 4.84% | 2.80% |
| 02/01/15 | 4.90% | 2.90% |
| 03/01/15 | 4.89% | 2.89% |
| 04/01/15 | 4.92% | 2.98% |
| 05/01/15 | 4.91% | 3.08% |
| 06/01/15 | 4.94% | 3.15% |
| 07/01/15 | 4.87% | 3.09% |
| 08/01/15 | 4.79% | 3.18% |
| 09/01/15 | 4.84% | 3.10% |
| 10/01/15 | 4.73% | 3.23% |
| 11/01/15 | 4.79% | 3.25% |
| 12/01/15 | 4.86% | 3.37% |
| 01/01/16 | 4.79% | 3.52% |
| 02/01/16 | 4.90% | 3.64% |
| 03/01/16 | 4.96% | 3.79% |
| 04/01/16 | 5.02% | 4.04% |
| 05/01/16 | 5.02% | 4.04% |
| 06/01/16 | 4.98% | 4.03% |
| 07/01/16 | 4.81% | 4.21% |
| 08/01/16 | 4.84% | 4.31% |
| 09/01/16 | 4.89% | 4.56% |
| 10/01/16 | 4.86% | 4.52% |
| 11/01/16 | 4.89% | 4.54% |
| 12/01/16 | 4.78% | 4.75% |
| 01/01/17 | 4.83% | 4.79% |
| 02/01/17 | 4.92% | 4.57% |
| 03/01/17 | 4.86% | 4.56% |
| 04/01/17 | 4.90% | 4.52% |
| 05/01/17 | 5.03% | 4.44% |
| 06/01/17 | 4.98% | 4.37% |
| 07/01/17 | 4.95% | 4.47% |
| 08/01/17 | 5.00% | 4.45% |
| 09/01/17 | 4.90% | 4.54% |
| 10/01/17 | 4.80% | 4.56% |
| 11/01/17 | 4.88% | 4.56% |
| 12/01/17 | 4.95% | 4.67% |
| 01/01/18 | 4.97% | 4.70% |
| 02/01/18 | 4.88% | 4.77% |
| 03/01/18 | 4.86% | 4.73% |
| 04/01/18 | 4.81% | 4.82% |
| 05/01/18 | 4.73% | 4.83% |
| 06/01/18 | 4.81% | 4.76% |
| 07/01/18 | 4.90% | 4.62% |
| 08/01/18 | 4.80% | 4.69% |
| 09/01/18 | 4.84% | 4.83% |
| 10/01/18 | 5.01% | 4.84% |
| 11/01/18 | 4.98% | 4.84% |
| 12/01/18 | 5.06% | 5.03% |
Top Cities by HECM Originations
| Rank | City | Zip | Total |
|---|---|---|---|
| 1 | GROVE CITY | 43123 | 246 |
| 2 | DELAWARE | 43015 | 197 |
| 3 | POWELL | 43065 | 174 |
| 4 | ELYRIA | 44035 | 156 |
| 5 | LANCASTER | 43130 | 155 |
| 6 | NEWARK | 43055 | 153 |
| 7 | CLEVELAND | 44128 | 153 |
| 8 | WESTERVILLE | 43081 | 148 |
| 9 | CLEVELAND | 44108 | 146 |
| 10 | WESTERVILLE | 43082 | 144 |
| 11 | CLEVELAND | 44105 | 141 |
| 12 | MENTOR | 44060 | 138 |
| 13 | CINCINNATI | 45231 | 120 |
| 14 | MASSILLON | 44646 | 116 |
| 15 | AKRON | 44312 | 110 |
| 16 | MEDINA | 44256 | 110 |
| 17 | HILLIARD | 43026 | 108 |
| 18 | NORTH CANTON | 44720 | 104 |
| 19 | HAMILTON | 45013 | 102 |
| 20 | REYNOLDSBURG | 43068 | 101 |
| 21 | BRUNSWICK | 44212 | 100 |
| 22 | COLUMBUS | 43207 | 98 |
| 23 | PAINESVILLE | 44077 | 98 |
| 24 | CLEVELAND | 44120 | 98 |
| 25 | NORTH RIDGEVILLE | 44039 | 98 |
| 26 | PARMA | 44134 | 97 |
| 27 | CINCINNATI | 45236 | 96 |
| 28 | NEW ALBANY | 43054 | 96 |
| 29 | ZANESVILLE | 43701 | 95 |
| 30 | MARION | 43302 | 95 |
Ohio HECM Counselors
APPRISEN – CCCS OF CENTRAL OHIO, INC.
80937
4500 E BROAD ST
COLUMBUS, OH 43213-1360
(614) 355-2222
COLUMBUS HOUSING PARTNERSHIP, INC, DBA HOMEPORT
80842
3443 AGLER ROAD
COLUMBUS, OH 43219-3385
(614) 221-8889
FAIR HOUSING CONTACT SERVICE
81234
441 WOLF LEDGES PKWY STE 200
AKRON, OH 44311-1038
(330) 376-6191
NEIGHBORHOOD HOUSING SERVICES OF GREATER CLEVELAND
80907
5700 BROADWAY AVE
CLEVELAND, OH 44127-1715
(216) 458-4663
ST. MARY DEVELOPMENT CORPORATION (HOMEOWNERSHIP CENTER OF GREATER DAYTON)
82777
205 E 1ST ST
DAYTON, OH 45402-1216
(937) 853-1600
HUD Offices
Cleveland Field Office
U.S. Bank Centre Building
1350 Euclid Avenue, Suite 500
Cleveland, OH 44115-1815
Hours: Monday-Friday, 8:20am to 5pm
Phone: (216) 357-7900
Fax: (216) 357-7920
Serving: Thirty-five counties in Northern Ohio
Columbus Field Office
Bricker Federal Building
200 North High Street, 7th Floor
Columbus, OH 43215
Hours: 8am to 4:30pm
Phone: (614) 469-5737
Fax: (614) 280-6178
Serving: Fifty-three counties in Central and Southern Ohio
