Ohio Reverse Mortgage Information

This page is designed to help seniors in Ohio locate and utilize online housing resources. Information includes:

  1. Relevant resource mortgage data
  2. Local housing counselors
  3. Local HUD offices

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

Top Ohio Reverse Mortgage Lenders

Many Ohio seniors find themselves in a situation where they live within their biggest asset. Often dependent on Social Security benefits, they are house rich but cash poor. A reverse mortgage, available to those aged 62 and over, can help in certain situations. A tool for obtaining much needed cash, a reverse mortgage can tap into the equity that’s been built in the house through responsible home ownership.

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.

With all that said, here is some relevant information about reverse mortgage originations in the state of Ohio.

All Time:

Lender Loans Total Principal Limit
WELLS FARGO 2,726 380,098,538
AMERICAN ADVISORS GROUP 2,394 380,103,071
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
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
MUTUAL OF OMAHA MORTGAGE INC. 350 137,668,199
AMERICAN REVERSE MORTGAGE CORP 338 41,914,886
FINANCE OF AMERICA REVERSE LLC 296 44,540,223
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 202 28,164,697
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 2,369 376,464,671
ONE REVERSE MORTGAGE LLC 958 132,231,763
SYNERGY ONE LENDING INC. 596 181,777,991
REVERSE MORTGAGE SOLUTIONS INC 550 109,659,060
MUTUAL OF OMAHA MORTGAGE INC. 350 137,668,199
LIBERTY HOME EQUITY SOLUTIONS INC 245 32,656,900
FINANCE OF AMERICA REVERSE LLC 159 27,210,823
PROFICIO MORTGAGE VENTURES LLC 154 22,007,950
DOLLAR BANK FSB 147 23,755,150
REVERSE MORTGAGE FUNDING LLC 142 32,787,956

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%

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 CINCINNATI 45248 1,511
2 COLUMBUS 43228 1,186
3 CLEVELAND 44109 1,162
4 AKRON 44313 574
5 DAYTON 45414 559
6 TOLEDO 43607 468
7 CANTON 44706 329
8 WESTERVILLE 43081 276
9 GROVE CITY 43123 215
10 YOUNGSTOWN 44514 192
11 HAMILTON 45013 186
12 PARMA 44129 174
13 DELAWARE 43015 169
14 SPRINGFIELD 45504 166
15 MASSILLON 44647 164
16 NEWARK 43056 161
17 POWELL 43065 155
18 MANSFIELD 44903 153
19 CUYAHOGA FALLS 44223 149
20 ELYRIA 44035 146
21 LANCASTER 43130 143
22 LORAIN 44052 136
23 MENTOR 44060 132
24 DUBLIN 43017 128
25 WARREN 44484 120
26 MEDINA 44256 116
27 MIDDLETOWN 45042 108
28 NORTH CANTON 44720 108
29 SHAKER HEIGHTS 44122 100
30 STRONGSVILLE 44136 98

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