Top 10 Reverse Mortgage Lenders in Oklahoma
*Source: BBB Lender Ratings as of 12-23-2018
|Lender Name||Company Start Date ||Lender Rating ||Review Stars (0-5.0)||% of Positive Reviews||# of Complaints Last 3 Yrs.||BBB Reviews
|All Reverse Mortgage, Inc. ||05/27/2004||A+||5.0||100%||2||Review Source
|American Advisors Group (AAG)||10/29/2004||A- ||4.1||82%||41||Review Source
|Reverse Mortgage Funding LLC||09/25/2012||A+ ||3.2||64%||3||Review Source
|Live Well Financial, Inc.||08/28/2008 ||A+||2.1||17%||9||Review Source
|One Reverse Mortgage, LLC||07/12/2001||A+ ||3.2||60%||5||Review Source
|Liberty Home Equity Solutions, Inc.||09/05/2003||A+ ||2.7||40%||5||Review Source
|HighTechLending Inc||06/06/2006||C+ ||2.3||0%||2||Review Source
|Reverse Mortgage Solutions, Inc.||02/21/2007||F ||1.05||1%||86||Review Source
|Synergy One Lending, Inc. (Retirement Funding Solutions)||01/09/2013 ||A+||N/A||N/A||1||Review Source
|Finance of America Reverse LLC||10/15/2003||A+ ||N/A||N/A||3||Review Source
We are proud to be Oklahoma's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends in 16 states nationwide, and throughout all of Oklahoma state.
All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
Oklahoma homeowners seeking reverse mortgages come to us because of our brilliant staff members, whose combined lending experience exceeds 100 years. We have national mortgage banking experience on both coasts and many points between. Due to this direct experience, All Reverse Mortgage® is well positioned to assist borrowers with their specific needs associated with reverse mortgage programs.
Oklahoma Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Oklahoma||Avg. Home Value
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for the reverse mortgage program it administers for seniors who are 62 and older.
All Reverse Mortgage® originates in Oklahoma and offers several reverse mortgage options. In some instances, borrowers are looking to pay off their existing loan and eliminate their monthly mortgage payment. Or, if they already have paid off their mortgage, a reverse loan can help borrowers utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a new home.
About All Reverse Mortgage
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and, as such, have extensive experience in jumbo or proprietary loan programs. We are always looking for new products to offer to borrowers with high valued homes in strong real estate markets where the HUD HECM might not serve well. Jumbo or proprietary programs typically offer lower Principal Limits as they relate to home values but can offer stronger borrowing power because they are not restricted by the federal loan limit set by HUD.
A seasoned originator can readily inform borrowers about their loan options, and can provide detail on the different options available, so that the borrower can make an informed decision. It is no longer uncommon to find markets where HECMs are most popular located near markets where jumbo reverse mortgages are more widely used.
Homeowners aged 62 and older in many markets have seen that the reverse mortgage can be a very solid financial tool, leading to many now seeking the reverse mortgage to augment their retirement plans rather than the last-resort approach more common in the past. Borrowers are using reverse mortgages for many purposes, from the elimination of existing mortgage payments to the line of credit that grows over time, offering more borrowing opportunities in the future.
Reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably and age-in-place, but to plan for their financial future as well.
Oklahoma Lending Limits
Oklahoma is the 28th most populous state in the United States and is the 20th largest in terms of land size. As of 2017, about 3,930,864 people resided in the state, with a large percent of the population concentrated around Oklahoma City and Tulsa. About 456,567 residents in the state are age 65 and older, and about 68.9% of people in the state are homeowners.
Oklahoma was added to the United States as part of the Louisiana Purchase in 1803, and in the following years it was inhabited mostly by government-relocated native tribes and ranchers. In the late 1800s, the government opened the land for white settlers who then began to set up homesteads there. In 1907, Oklahoma became the 47th state. Later, In the 1930s, Oklahoma was deeply affected by the devastating storms of the Dust Bowl, caused by strong winds and widespread drought.
Oklahoma City is the capital and is the largest city in the state with a population of 631,346 within the city limits and 1.3 million in the metro area. The city gained more than 10,000 residents in one day when it was settled as part of the 1889 Land Run. Oklahoma City boasts being home to the first parking meter and shopping cart. It also is the birthplace of actor and director Ron Howard, celebrity chef Rick Bayless, and the rock band the Flaming Lips.
After Oklahoma City, the largest cities are Tulsa, Norman, and Broken Arrow. The largest industries in the state are aerospace and defense, agriculture and biosciences; energy; information and financial services; and transportation and distribution.
The biggest companies based in Oklahoma in terms of employee numbers are Express Employment Professionals, Hobby Lobby, and Avis Budget Group.
Oklahoma has both humid subtropical and semi-arid climate classifications. Southern and eastern portions of the state are generally wetter, cloudier, and more humid than the western and northern parts of the state thanks to air moving up from the Gulf of Mexico. Generally, the state experiences long, hot summers and rather mild winters. In July, the average high temperature is 94 degrees Fahrenheit and in January, the average low is 29 degrees Fahrenheit.
The average home value in the state is $120,600 and prices are expected to rise an additional 5.5% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $726,525 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in Oklahoma, All Reverse Mortgage is here to answer your questions. Access our online calculator or call us Toll Free at (800) 565-1722.
Top 3 Lender Resources in OK:
Top 10 Lender Reviews & Ratings: https://reverse.mortgage/best-reverse-mortgage-lenders
Reversemortgage.org NRMLA Members in Oklahoma: https://www.reversemortgage.org/Find-a-Lender/state/OK
HUD.GOV Lenders: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
OK Resources: 65 and over | Oklahoma homeownership rate | S