Chapter 6: Housing


Section 14: Reverse Mortgages



A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance living expenses, home improvements, in-home health care, or other needs.

With a reverse mortgage, the payment stream is reversed. Payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage.

Reverse mortgages are limited to borrowers 62 years or older who own their home free and clear of debt or nearly so. The home must be free of tax liens.

Borrowers usually have a choice of receiving the proceeds from a reverse mortgage in the form of a lump-sum payment, fixed monthly payments for life, or line of credit. Some types of reverse mortgages also allow fixed monthly payments for a finite time period, or a combination of monthly payments and line of credit. The interest rate charged on a reverse mortgage is usually an adjustable rate that changes monthly or yearly.

A reverse mortgage isn't repayable until the borrower no longer occupies the home as his or her principal residence.

The size of reverse mortgage that a senior homeowner can receive depends on the type of reverse mortgage, the borrower's age, current interest rates, and the home's property value. The older the applicant is, the larger the monthly payments or line of credit. This is because of the use of projected life expectancies in determining the size of reverse mortgages.

Seniors do not have to meet income or credit requirements to qualify for a reverse mortgage.

Reverse mortgages are offered by banks, thrifts, mortgage banking firms, consumer finance firms, and financial services corporations. The two largest reverse mortgage programs in the United States are HUD's Home Equity Conversion Mortgage and Fannie Mae's reverse mortgage products.

Listing by city.

Allied Home Mortgage Capital Corporation

Email:

mgr2757@alliedhomenet.com

HUD Approved Lender

205 W. 7th Ave., Ste. 103
Stillwater , OK 74074

Voice: 

405-533-2550

Fax: 

405-533-2414

Arkansas Valley State Bank

HUD Approved Lender

302 S. Main
Broken Arrow , OK 74012

Voice: 

918-251-9611

Citizens Bank Of Ada

HUD Approved Lender

123 W. 12th St.
Ada , OK 74820

Voice: 

580-332-6100

Coppermark Bank

Email:

wirtzt@acbmail.com

HUD Approved Lender

1245 W I 240 Service Rd
Oklahoma City , OK 73139

Voice: 

405-945-8100

Fax: 

405-948-2563

Del Mar Home Loans Inc

HUD Approved Lender

2604 W. Kenosha St., Ste. 220
Broken Arrow , OK 74012

Voice: 

918-251-8557

Eagle Nationwide Mortgage Company

Email:

melissa.dawson@enmcdirect.com

HUD Approved Lender

502 N.W. Sheridan Rd., Ste. 1
Lawton , OK 73505

Voice: 

580-351-9991

Fax: 

580-351-9904

Financial Freedom Senior Funding Corp.

Email:

dfrance@financialfreedom.com

HUD Approved Lender

49 East 9th Street
Edmond , OK 73034

Voice: 

405-203-9461

Fax: 

866-663-7256

First Commercial Bank

HUD Approved Lender

7308 N.W. Expressway
Oklahoma City , OK 73132

Voice: 

405-722-5951

Toll Free: 

800-871-3331

Fax: 

405-721-7162

First Mortgage Company

Email:

rmccord@firstmortgageco.com

HUD Approved Lender

6501 N. Broadway, Ste. 250
Oklahoma City , OK 73116

Voice: 

405-302-0009

Fax: 

405-302-0977

First Pryority Bank

HUD Approved Lender

310 E. Graham
Pryor , OK 74361

Voice: 

918-825-2121

Home Worx Mortgage

Email:

cody@homeworxusa.com

HUD Approved Lender

1101 S. Broadway Suite 101
Edmond , OK 73034

Voice: 

405-773-9679

Fax: 

405-773-1155

Liberty Federal Savings Bank

Email:

rhonda.gilmore@libertyfederalsb.com

HUD Approved Lender

401 W. Broadway Ave.
Enid , OK 73701

Voice: 

580-234-5313

Fax: 

580-234-0793

Mountain Pacific Mortgage Co

Email:

mpmok@sbcglobal.net

HUD Approved Lender

3325 French Park Drive
Edmond , OK 73034

Voice: 

405-844-6793

National Reverse Mortgage Lenders Association

Their website is for consumers interested in learning more about reverse mortgages. The information is provided by the National Reverse Mortgage Lenders Association (NRMLA).

The NRMLA is the national voice for lenders and investors engaged in the reverse mortgage business. NRMLA fulfills several roles, which include educating consumers about the opportunity to utilize reverse mortgages, training lenders to be sensitive to the needs of older Americans, developing Best Practices and enforcing a code of conduct to make sure lenders participating in the program treat seniors respectfully, and promoting reverse mortgages in the media.

1400 16th St., N.W., Ste. 420
Washington , DC 20036

Voice: 

202-939-1760

Fax: 

202-265-4435

Prime Source Mortgage, Inc.

Email:

crystal@wewalkyouhome.com

HUD Approved Lender

9110 S. Sheridan Road
Tulsa , OK 74133

Voice: 

918-742-7300

Fax: 

918-742-4048

Realty Mortgage Corporation

Email:

pturner@rmchomeloan.com

HUD Approved Lender

1014 W. Broadway St.
Ardmore , OK 73401

Voice: 

580-223-1948

Fax: 

580-223-2646

Resource Mortgage Of Norman

Email:

ldspears@dgexec.com

HUD Approved Lender

1800 N. Interstate Dr., Ste. 125
Norman , OK 73072

Voice: 

405-290-1404

Fax: 

405-290-1474

Reverse Mortgage Guides

Reverse Mortgage Guides is a reverse mortgage education site that explains the pros and cons of FHA reverse mortgages. They publish articles and tools for seniors who are considering a reverse mortgage and want to become fully educated before making a decision. They also provide reverse mortgage knowledge testing and certification.

PO Box 96503 #32120
Washington , DC 20090

ReverseHelpline.com

Do not apply for a reverse mortgage without knowing all the facts including how much you qualify for, what fees are allowed by law, US HUD insured vs. non US HUD Insured and more. Call the Reverse Helpline at 866-776-0466 anytime to get information. Free public service for seniors and family of seniors.

891 E. Warner Rd., Ste. 100
Gilbert , AZ 85296

Voice: 

480-632-1210

Toll Free: 

866-326-2583

Tulsa Mortgage Company

Email:

tulsamortgage@yahoo.com

HUD Approved Lender

9717 E. 42nd St., Ste. 215
Tulsa , OK 74146

Voice: 

918-664-8111

Fax: 

918-664-0158

Urban Financial Group

Email:

bryan@urbanfinancialgroup.com

HUD Approved Lender

8909 S. Yale Avenue
Tulsa , OK 74137

Voice: 

918-477-7771

Toll Free: 

877-658-7226

Fax: 

918-477-7772