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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.

Reverse Mortgage Guides

PO Box 96503 #32120
Washington, DC   20090-6503

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.

891 E. Warner Rd., Ste. 100
PMB47, Gilbert, AZ   85296

866-326-2583 Toll Free
480-632-1210 Voice

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.

National Reverse Mortgage Lenders Association

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

202-939-1760 Voice
202-265-4435 Fax

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.

Citizens Bank Of Ada

123 W. 12th St.
Ada, OK   74820

580-332-6100 Voice


HUD Approved Lender

Realty Mortgage Corporation

1014 W. Broadway St.
Ardmore, OK   73401

580-223-1948 Voice
580-223-2646 Fax

HUD Approved Lender

Arkansas Valley State Bank

302 S. Main
Broken Arrow, OK   74012

918-251-9611 Voice


HUD Approved Lender

Del Mar Home Loans Inc

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

918-251-8557 Voice


HUD Approved Lender

Financial Freedom Senior Funding Corp.

49 East 9th Street
Edmond, OK   73034

405-203-9461 Voice
866-663-7256 Fax

HUD Approved Lender

Home Worx Mortgage

1101 S. Broadway Suite 101
Edmond, OK   73034

405-773-9679 Voice
405-773-1155 Fax

HUD Approved Lender

Mortgage Link Corporation

1225 E. 33rd Street
Edmond, OK   73013

405-755-5465 Voice
405-755-5467 Fax

HUD Approved Lender

Mountain Pacific Mortgage Co

3325 French Park Drive
Edmond, OK   73034

405-844-6793 Voice & Fax

HUD Approved Lender

Liberty Federal Savings Bank

401 W. Broadway Ave.
Enid, OK   73701

580-234-5313 Voice
580-234-0793 Fax

HUD Approved Lender

Eagle Nationwide Mortgage Company

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

580-351-9991 Voice
580-351-9904 Fax

HUD Approved Lender

1st AAA Reverse Mortgage Inc.

6440 Avondale Dr., Ste. 200
Nichols Hills, OK   73116

405-418-2128 Voice
405-842-0079 Fax

HUD Approved Lender

Resource Mortgage Of Norman

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

405-290-1404 Voice
405-290-1474 Fax

HUD Approved Lender

Coppermark Bank

1245 W I 240 Service Rd
Oklahoma City, OK   73139

405-945-8100 Voice
405-948-2563 Fax

HUD Approved Lender

First Commercial Bank

7308 N.W. Expressway
Oklahoma City, OK   73132

800-871-3331 Toll Free
405-722-5951 Voice 405-721-7162 Fax

HUD Approved Lender

First Mortgage Company

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

405-302-0009 Voice
405-302-0977 Fax

HUD Approved Lender

First Mortgage Company

6501 N. Broadway, Ste. 180
Oklahoma City, OK   73116

405-842-8090 Voice
405-842-1913 Fax


HUD Approved Lender

Weokie Credit Union

8100 W. Reno
Oklahoma City, OK   73126

405-235-3030 Voice


HUD Approved Lender

First Pryority Bank

310 E. Graham
Pryor, OK   74361

918-825-2121 Voice


HUD Approved Lender

Allied Home Mortgage Capital Corporation

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

405-533-2550 Voice
405-533-2414 Fax

HUD Approved Lender

Prime Source Mortgage, Inc.

9110 S. Sheridan Road
Tulsa, OK   74133

918-742-7300 Voice
918-742-4048 Fax

HUD Approved Lender

Tulsa Mortgage Company

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

918-664-8111 Voice
918-664-0158 Fax

HUD Approved Lender

Urban Financial Group

8909 S. Yale Avenue
Tulsa, OK   74137

877-658-7226 Toll Free
918-477-7771 Voice
918-477-7772 Fax

HUD Approved Lender

Vanguard M And T Inc

2223 E. Skelly Dr., # 10
Tulsa, OK   74105

918-743-2332 Voice
918-794-3811 Fax

HUD Approved Lender


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