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
FINANCE OF AMERICA REVERSE LLC 1,375 172,271,736
AMERICAN ADVISORS GROUP 1,356 207,330,004
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
REVERSE MORTGAGE USA INC 131 16,951,900
GENERATION MORTGAGE COMPANY 131 19,916,760
BANK OF AMERICA 126 17,932,360
CENTENNIAL HOME MORTGAGE LLC 110 23,689,127
COPPERMARK BANK 100 11,560,312
OPEN MORTGAGE LLC 93 15,563,900
1ST AA REVERSE MORTGAGE INC 90 12,264,200
SEATTLE MORTGAGE COMPANY 73 7,533,403

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,267 195,483,527
ONE REVERSE MORTGAGE LLC 503 73,059,025
FINANCE OF AMERICA REVERSE LLC 273 47,750,446
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 110 23,689,127
OPEN MORTGAGE LLC 86 14,814,900
PROFICIO MORTGAGE VENTURES LLC 64 9,750,600
REVERSE MORTGAGE FUNDING LLC 61 10,970,903

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%

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 TULSA 74105 1,617
2 OKLAHOMA CITY 73114 1,570
3 BROKEN ARROW 74012 421
4 EDMOND 73034 334
5 NORMAN 73069 243
6 YUKON 73099 151
7 MOORE 73160 151
8 CLAREMORE 74017 147
9 MIDWEST CITY 73110 147
10 SAND SPRINGS 74063 132
11 SAPULPA 74066 132
12 ENID 73703 129
13 MUSKOGEE 74403 124
14 LAWTON 73505 122
15 BARTLESVILLE 74006 117
16 OWASSO 74055 115
17 ARDMORE 73401 104
18 SHAWNEE 74801 104
19 BETHANY 73008 103
20 GROVE 74344 90
21 PONCA CITY 74601 89
22 WAGONER 74467 81
23 ADA 74820 75
24 DUNCAN 73533 73
25 STILLWATER 74074 66
26 DEL CITY 73117 65
27 MCALESTER 74501 64
28 BIXBY 74008 63
29 CHICKASHA 73018 57
30 MIAMI 74354 56

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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