It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Oklahoma, don't hesitate to contact one of our specialists at any time.
The Federal Housing Administration insures all home equity conversion mortgages, so no matter what state you live in, you'll find licensed specialists that offer reverse mortgages. Oklahoma is no exception. However, before you contact a mortgage expert you should consider the reasons you may want to apply for a reverse mortgage.
Cost of Living
Like many other states, Oklahoma's cost of living is increasing steadily. Making the monthly bills on a limited income can be tough, especially if you're still making mortgage payments or find yourself with expensive medical bills. While you're living on a limited budget, the wealth you so wisely invested in your home's equity just sits there, doing nothing. A reverse mortgage grants you access to that equity. If you live in Oklahoma, you may qualify for either fixed or adjustable reverse mortgages, which will allow you to put your equity to work. You pay no interest payments or loan payments for as long as you own and live in your home.* The loan only comes due if you move, sell the property, or pass away. You retain ownership of the home, and must continue to pay property taxes, insurance fees, and home maintenance costs. When the loan comes due you (or your heirs) can sell the home to close the loan. If your heirs wish to keep the property, the can refinance the loan as a traditional mortgage.Oklahoma is Where the Kids Live, Not Me
If your family lives in Oklahoma and you don't, you may have thought about moving closer to them. We may help you relocate with the reverse mortgage for purchase program. Oklahoma enthusiasts who qualify for a reverse mortgage for purchase can use the loan to purchase a home anywhere in the state or country. Like other reverse mortgages, a reverse mortgage for purchase loan doesn't come due until you sell the home, move out of the home, or pass away. Keep in mind that HECMs only apply to primary residences. You cannot use a reverse mortgage to purchase a vacation home.Reverse Mortgage Licensed Specialists
One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Oklahoma. If you have any questions about applying for a reverse mortgage in Oklahoma, please fill out the form on this page to have a reverse mortgage specialist contact you.*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.