Oklahoma Reverse Mortgage

An Oklahoma reverse mortgage is a loan provided by a lender in return for access to your home equity.  In other words, you give your lender the right to own your home equity, and the lender provides you with money equal to the amount of equity you possess minus expenses.  This loan type provides you with steady, reliable income that doesn’t have to be paid back as long as you own and live in your home.

Reverse Mortgage Oklahoma Information

The purpose of all reverse mortgages in Oklahoma is to ensure that seniors and retirees who own homes are able to access and transform the money they’ve put into these homes over the years.  This can be done in just a few ways, and seniors who need spendable income can secure this money swiftly, securely, and effectively through a reverse mortgage.

Reverse mortgages are available only to seniors over the age of 62 who own homes.  If you meet these requirements, though, you likely qualify to receive this loan type.  You can spend the money you get through your reverse mortgage on anything you need.  This is different than many other financial options in which your spending power is limited.  For more reverse mortgage information, read the articles and pages on this site and others or talk to a lender in our network.

You can arrange to receive your reverse mortgage money in several different ways.

• As a lump sum, all at once.
• As monthly income, paid out in installments.
• As a credit line you can access when you need to.

If none of these options is right for you, you r lender will likely allow you to combine two or more of them.  For example, you could receive a third of your equity as a lump sum up front and arrange to access the rest through a line of credit.  Or you could get a portion each month as income but keep some tucked away in a line of credit in case you need it.

As mentioned above, the lender provides this money to you in exchange for the value of your home equity.  You don’t have to pay this debt back unless you sell or home or leave your home to live somewhere else.  In these cases, the lender will need to recoup the value of the equity loaned out.  Most of the time, seniors choose to continue living in their homes for the rest of their lives and never have to pay back a dime.

When you pass away, the ownership of your home will transfer to your heirs.  Your heirs will be required to pay back the full debt amount if they wish to keep the home.  If not, they can sell the home and deliver the money to the lender to pay off the loan.  Your lender cannot collect more that what the home sells for.  This is the law, and it is designed to protect your heirs from paying back additional debt they can’t afford.

The HUD’s Frequently Asked Questions list will help you understand some of this more fully if you’re still unsure about how this mortgage type works.

Oklahoma Reverse Mortgage Lenders

Most lenders have experience providing reverse mortgages.  Unfortunately, many lenders charge high origination and closing fees on the reverse mortgages they administer.  They do this because your equity is already established.  They know you have the money and the ability to pay for the loan, and this allows them to charge high fees.

Make it your goal to find a lender who will charge a fair price.  Ask at least four or five lenders in your part of Oklahoma what rates and fees they charge.  Work with the one who can meet your needs for the lowest price.  To learn more about getting one of these loans, read our reverse mortgage checklist.

About Oklahoma

Oklahoma is a major producer of natural gas, oil, and food.  The state relies on biotechnology, telecommunications, aviation, and energy for its economy, and as a result, Oklahoma has one of the fastest growing economies in the nation.  This makes it an economic and cultural hub for the Midwestern part of the nation.

Oklahoma City, Tulsa, Norman, Lawton, and Broken Arrow are among the largest and most populous cities in the state and are home to many retirees who love the area.  If this is you, an Oklahoma reverse mortgage may be the financial option you should pursue to get the retirement income you need.

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