Ohio Reverse Mortgages

Make Good Choices with Your Home Equity

Reverse mortgages may seem standard, but state by state there are some differences. Find out right here the characteristics that are unique to Ohio reverse mortgage borrowers and how to assure you’re looking for legitimate and experienced lenders.

FHA Lender Loan Limits in OH

FHA limits, what are they and why do they matter? FHA mortgage limits are set on a county-by-county basis by the FHA as a way to regulate the national housing lending and keep renegade lenders at bay. But as far as the reverse mortgage business is concerned, FHA limits determine how much a senior homeowner may be qualified to receive from his or her home equity.

For most homeowners the FHA limits by county allow borrowers plenty of flexibility with the federally insured Home Equity Conversion Mortgage. But for homeowners whose home value is very high and exceeds the area average, the HECM may be unsuitable.

Across Ohio counties most FHA limits hover around the national average. Exceptions include the Columbus and Akron areas where limits top out at about $70,000 higher.

Ohio HUD Lenders

HUD is not a financial lender. This important government agency works hand in hand with the FHA to enforce and oversee the housing business in the country and ensure that homeownership remains an option for all Americans. Any senior considering using a HUD reverse home mortgage to cash in the equity in his or her home must first find an experienced lender from the HUD list of qualified lenders.

Single Purpose Reverse Mortgages Available in Ohio

Ohio has recently instituted an elderly property tax deferral program that for all intents and purposes is a single purpose reverse mortgage. Eligible homeowners must be low-income seniors age 65 or older. The deferral is a lien against the home’s equity and the full value of the loan plus interest is due when the home is sold, the owner leaves the residence for other permanent quarters or the owner dies. Each county commissioner’s office is responsible for administration of the property tax deferral program.

Types of Reverse Mortgage Providers Available in Ohio

  • Excel Mortgage Corporation is an Ohio-based company that specializes in all types of mortgages. This is a HUD-approved lender and provides a variety of reverse mortgage options.
  • Financial Freedom is one of the largest nationwide mortgage lenders in the country with an enviable volume. Senior homeowners may choose from three of the main types of reverse mortgages in the country including the HUD HECM, the Fannie Mae Home Keeper and the Cash Account Advantage, FF’s proprietary jumbo reverse mortgage.
  • Wells Fargo is best known across the country for its retail banking services and products. Customers include both personal and corporate clients, and the mortgage division provides a wide range of all types of mortgages. Two reverse mortgages are available through Wells Fargo: the HUD HECM and the Fannie Mae Home Keeper.