Frequently Asked Questions About Oklahoma Reverse Mortgages

By reading through some of the frequently asked questions about reverse mortgages in OK you can probably find the answers that you are looking for if you are considering obtaining a reverse mortgage yourself. Getting a reverse mortgage is a big step to take so it’s natural that you want to know as much about the process as possible. Hopefully, after reading these frequently asked questions you will feel more comfortable making the right decision for yourself.

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

How Do I Qualify For For A Reverse Mortgage?

To qualify for a reverse mortgage in Oklahoma there are a few criteria that you have to meet. First, you must be at least 62. Second, you must live in your home and continue to live in your home for as long as you keep your reverse mortgage. Next, you must have either a low balance on your current mortgage, or it must be paid off in full. You also need to demonstrate that you can make your insurance payments and tax payments, and may be required to take a credit counseling class before being approved.

Do I Still Own My Home When I Get A Reverse Mortgage?

One of the biggest misconceptions about reverse mortgages is the fact that many people think that when you get a reverse mortgage that you no longer own your home. This is not true. You still own your home, and you can stay in your home for as long as you want to.

Do OK Reverse Mortgages Really Eliminate The Need To Make Payments Forever?

While it may seem too good to be true when you get a reverse mortgage you really do eliminate your mortgage payments forever. That’s right, you will never have to worry about making a house payment ever again.

Can I Really Use The Equity In My Home To Gain Access To Cash?

One of the biggest benefits of a reverse mortgage is that it allows you to take advantage of the equity in your Oklahoma home so that you can do the things you want to do. Want to remodel your kitchen or take a trip? How about paying off some of your bills? With a reverse mortgage, these are all options that are available to you.

Will I Still Have An Estate To Leave To My Heirs?

If you have children or other heirs that you want to provide for when your time comes, then it’s natural to be concerned about whether or not you will actually have anything to leave them if you get a reverse mortgage. The way that a reverse mortgage works are similar to other loans in some ways, but differs greatly in others. Like other loans, a reverse mortgage must be paid back. However, the way in which it is paid back differs greatly. Instead of making monthly payments, the balance is paid off whenever you either leave the home or pass away. After the loan is paid off any remaining money will go to your heirs giving you the ability to provide for them after you are gone.

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

Top Oklahoma Reverse Mortgage Banks & Lenders

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,472 234,152,404
FINANCE OF AMERICA REVERSE LLC 1,382 174,103,186
WELLS FARGO 1,161 145,899,535
ONE REVERSE MORTGAGE LLC 910 124,398,319
UNITY MORTGAGE CORP 474 31,964,393
FINANCIAL FREEDOM SENIOR FUNDING CORP 391 42,235,438
FIRST COMMERCIAL BANK 265 25,334,757
METLIFE BANK NATIONAL ASSOCIATION 210 30,923,100
LIBERTY HOME EQUITY SOLUTIONS INC 187 24,979,102
1ST AAA REVERSE MORTGAGE INC 152 18,440,620
REVERSE MORTGAGE SOLUTIONS INC 151 20,998,600
FIRSTAR BANK NA 138 21,085,100
GENERATION MORTGAGE COMPANY 131 19,916,760
REVERSE MORTGAGE USA INC 131 16,951,900
BANK OF AMERICA 126 17,932,360
CENTENNIAL HOME MORTGAGE LLC 120 25,867,127
COPPERMARK BANK 100 11,560,312
OPEN MORTGAGE LLC 96 16,510,900
1ST AA REVERSE MORTGAGE INC 90 12,264,200
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 81 17,129,358

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,383 222,305,927
ONE REVERSE MORTGAGE LLC 503 73,059,025
FINANCE OF AMERICA REVERSE LLC 280 49,581,896
LIBERTY HOME EQUITY SOLUTIONS INC 165 22,274,002
FIRSTAR BANK NA 125 19,334,100
REVERSE MORTGAGE SOLUTIONS INC 122 16,916,600
CENTENNIAL HOME MORTGAGE LLC 120 25,867,127
OPEN MORTGAGE LLC 89 15,761,900
MUTUAL OF OMAHA MORTGAGE INC. 71 18,133,900
LONGBRIDGE FINANCIAL LLC 68 15,788,080

Reverse Mortgage Rates in OK

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 NA 4.36%
2019-02-01 4.81% 5.24%
2019-03-01 NA 5.09%
2019-04-01 4.93% 5.04%
2019-05-01 NA 4.95%
2019-06-01 NA 4.85%
2019-07-01 NA 4.78%
2019-08-01 NA 4.60%
2019-09-01 NA 4.90%
2019-10-01 NA 4.73%
2019-11-01 NA 4.73%
2019-12-01 3.81% 4.71%
2020-01-01 NA 4.55%
2020-02-01 NA 4.56%
2020-03-01 NA 4.40%
2020-04-01 NA 4.19%
2020-05-01 NA 3.57%
2020-06-01 NA 3.51%
2020-07-01 NA 3.40%
2020-08-01 3.31% 3.29%
2020-09-01 NA 3.41%
2020-10-01 NA 3.15%
2020-11-01 NA 3.07%
2020-12-01 3.06% 3.12%
2021-01-01 2.74% 3.03%
2021-02-01 3.06% 3.08%
2021-03-01 NA 2.97%
2021-04-01 NA 2.51%
2021-05-01 4.18% 2.62%
2021-06-01 3.31% 2.33%
2021-07-01 NA 2.32%
2021-08-01 NA 2.63%
2021-09-01 NA 2.53%
2021-10-01 3.31% 2.43%
2021-11-01 NA 2.47%
2021-12-01 3.56% 2.53%
2022-01-01 NA 2.69%
2022-02-01 NA 2.58%
2022-03-01 NA 2.99%
2022-05-01 3.56% 3.94%
2022-04-01 NA 3.23%
2022-06-01 NA 4.13%
2022-07-01 4.24% 5.02%
2022-08-01 NA 5.34%
2022-09-01 NA 5.76%
2022-10-01 NA 6.16%
2022-11-01 5.31% 6.68%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 4.96% 3.61%
2016-02-01 5.06% 3.69%
2016-03-01 5.06% 3.80%
2016-04-01 5.06% 3.87%
2016-05-01 5.05% 3.93%
2016-06-01 5.06% 4.17%
2016-07-01 5.02% 4.17%
2016-08-01 NA 4.41%
2016-09-01 5.06% 4.60%
2016-10-01 5.05% 4.47%
2016-11-01 4.87% 4.63%
2016-12-01 5.06% 4.65%
2017-01-01 NA 4.84%
2017-02-01 5.06% 4.82%
2017-03-01 5.06% 4.66%
2017-04-01 5.04% 4.55%
2017-05-01 3.99% 4.48%
2017-06-01 5.05% 4.40%
2017-07-01 5.06% 4.48%
2017-08-01 5.06% 4.46%
2017-09-01 5.04% 4.54%
2017-10-01 5.06% 4.50%
2017-11-01 5.06% 4.70%
2017-12-01 5.06% 4.64%
2018-01-01 5.02% 4.66%
2018-02-01 4.79% 4.65%
2018-03-01 NA 4.60%
2018-04-01 NA 4.82%
2018-05-01 4.73% 4.81%
2018-06-01 4.56% 4.70%
2018-07-01 NA 4.64%
2018-08-01 4.56% 4.83%
2018-09-01 5.06% 4.71%
2018-10-01 4.93% 4.94%
2018-11-01 NA 4.99%
2018-12-01 NA 5.28%

Top Cities in Oklahoma by Total HECM Loans Originated

Rank City Zip Total
1 BROKEN ARROW 74012 192
2 YUKON 73099 162
3 OKLAHOMA CITY 73120 160
4 TULSA 74105 157
5 MOORE 73160 147
6 TULSA 74133 144
7 SAND SPRINGS 74063 136
8 SAPULPA 74066 134
9 TULSA 74135 129
10 TULSA 74112 123
11 BROKEN ARROW 74014 123
12 OKLAHOMA CITY 73112 121
13 EDMOND 73013 121
14 BROKEN ARROW 74011 120
15 OWASSO 74055 119
16 OKLAHOMA CITY 73159 118
17 OKLAHOMA CITY 73111 110
18 EDMOND 73034 108
19 BETHANY 73008 106
20 ARDMORE 73401 106
21 TULSA 74114 103
22 OKLAHOMA CITY 73162 101
23 TULSA 74106 98
24 TULSA 74145 97
25 OKLAHOMA CITY 73132 95
26 GROVE 74344 95
27 ENID 73703 94
28 OKLAHOMA CITY 73107 91
29 MIDWEST CITY 73110 91
30 CLAREMORE 74017 91

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

Find a Local HECM Counselor

CONSUMER CREDIT COUNSELING SERVICE OF CENTRAL OKLAHOMA
3230 N ROCKWELL AVE BETHANY, OK 73008-4034
(405) 789-2227
http://www.cccsok.org

LITTLE DIXIE COMMUNITY ACTION AGENCY
500 E ROSEWOOD ST HUGO, OK 74743-8048
(580) 326-3351
http://www.littledixie.org

QUICKCERT, INC. 84311 SUITE 115
6914 S. YORKTOWN AVE. TULSA, OK 74136-3931
(888) 383-8885
http://www.quickcert.org

TRANSFORMANCE – ARDMORE 83340
2007 N. COMMERCE ST., SUITE 201 ARDMORE, OK 73401-1394
(214) 638-2227
www.transformanceusa.org

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