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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.
ReverseHelpline.com
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
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.
2200 Faircloud Dr.
Edmond, OK
73034
405-203-9461 Voice
866-663-7256 Fax
dfrance@financialfreedom.com
www.financialfreedom.com
HUD Approved Lender
Home Worx Mortgage
1101 S. Broadway
Edmond, OK
73034
405-773-9679 Voice
405-773-1155 Fax
HUD Approved Lender
Mortgage Link Corporation
3209 S. Broadway, Ste. 229
Edmond, OK
73013
405-755-5465 Voice
405-755-5467 Fax
HUD Approved Lender
Mountain Pacific Mortgage Co
3101 Timothy Way
Edmond, OK
73034
405-844-6793 Voice
877-829-6668 Fax
HUD Approved Lender
Liberty Federal Savings Bank
401 W. Broadway Ave.
Enid, OK
73701
580-234-5313 Voice
580-234-0793 Fax
rhonda.gilmore@libertyfederalsb.com
HUD Approved Lender
Eagle Nationwide Mortgage Company
502 N.W. Sheridan Rd., Ste. 1
Lawton, OK
73505
580-351-9991 Voice
580-351-9993 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
www.reverse-mortgage-usa.com/home.php
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
Citimac Mortgage Solutions
3000 United Founders Blvd., #142
Oklahoma City, OK
73112
405-946-3210 Voice
405-607-0798 Fax
HUD Approved Lender
Coppermark Bank
2700 N. Portland Ave.
Oklahoma City, OK
73107
405-945-8100 Voice
405-948-2563 Fax
wirtzt@acbmail.com
www.coppermarkbank.com
HUD Approved Lender
First Commercial Bank
7308 N.W. Expressway
Oklahoma City, OK
73132
405-844-0110 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
Network Funding
1404 S. Muskogee Ave., Ste. 6
Tahlequah, OK
74464
918-458-1008 Voice
918-458-1008 Fax
HUD Approved Lender
Primesource Mortgage
7718 E. 91st St., Ste. 140
Tulsa, OK
74133
918-296-7200 Voice
918-296-7291 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
9175 S. Yale Ave., Ste 300
Tulsa, OK
74137
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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07/09/2008