Oklahoma Reverse Mortgages

Protect Your Home’s Equity: Find Quality Financial Guidance

Senior citizens are at a disadvantage in the reverse mortgage game. Most live on fixed or limited incomes and for many their most valuable asset is their home, the one they live in everyday. Unfortunately the real cash value sits dormant until they sell. But a reverse mortgage gives senior homeowners the unique opportunity to access the equity and either take a lump sum pay out or create a monthly income; no risk of losing their home, they can never owe more than what the home is worth and they can remain in permanent residence with no payments due until they sell, move or die.

FHA Lender Loan Limits

Senior homeowners everywhere considering a reverse mortgage eventually must learn what their local FHA mortgage limits are. These limits are set by the FHA on a county-by-county basis across the country and are innately tied to both FHA loans and the HUD Home Equity Conversion Mortgage. For the most part FHA limits suffice for the average homeowner. Situations in which they are not sufficient are for those seniors whose home values are much higher than the local FHA limit allows. They must seek alternative reverse mortgage products that provide them the flexibility they need.

Across Oklahoma, FHA limits are aligned with the national average without deviation.

OK HUD Lenders

Over 90% of all reverse mortgage borrowers use the HUD HECM. This federally insured product comes bundled with adequate equity leverage, if sizable costs. Given the financial sensitivity of a reverse mortgage deal and the existence of con artists, where does a senior find a legitimate and experienced HUD lender?

  • HUD is not a financial lender, nor is the FHA.
  • HUD administers the Home Equity Conversion Mortgage program as well as oversees and regulates the larger housing industry.
  • HUD does maintain related consumer resources as well as a free HUD approved lender list.
  • Consumers may access this list via HUD’s website or through an independent mortgage counselor.

In Oklahoma borrowers may choose from a couple dozen different HUD lenders.

Single Purpose Reverse Mortgages Available to Oklahoma Seniors

Single purpose reverse mortgages are often offered in limited number through state and local governments and even some not-for-profit agencies. Common types of programs senior citizen property tax deferrals and residential rehabilitation loans.

  • The state of Oklahoma does not provide a formal property tax deferral—only 25 states do—but instead augments the heady cost of taxes with a Homestead Exemption and an even further discount available only to senior homeowners age 65 and older.
  • There are instances of rehabilitation programs, but they are available on a local or regional basis and with varying terms. For example, the Northeast Oklahoma Community Action Agency (NEOCAA) provides grants to area low-income citizens that qualify. Check with your local housing authority or town government offices for any programs.

Types of Reverse Mortgage Lenders Common to Oklahoma

A reverse mortgage could be originated by a variety of financial institutions, including HUD lenders, retail banks, and mortgage specialists. Below is a sample of the types you might find.

  • 1 st AAA Reverse Mortgage is a HUD-approved lender in Oklahoma and as such is experienced with the federally insured Home Equity Conversion Mortgage. But as a mortgage company you’ll also find that they offer alternatives for cases in which a HUD HECM is too restrictive.
  • Coppermark Bank serves customers in Oklahoma and Texas. The company’s services and products run the gamut from personal checking and savings accounts to corporate clients and wealth management. Coppermark is also a HUD lender and offers as part of its mortgage products the HUD HECM.
  • Financial Freedom is one of the largest mortgage dealers in the country and boasts the highest volume. This lender features three of the most popular reverse mortgage products: the HECM, the Fannie Mae Home Keeper and FF’s own proprietary Cash Account Advantage.