After spending 40+ years in the workforce, many seniors discover that retirement can be quite costly. Tulsa homeowners aged 62 and older can supplement retirement income with a reverse mortgage. Reverse mortgages are loans awarded based on the age of the borrower and the equity in the home. We found the best reverse mortgage companies that offer excellent customer service and provide financial freedom to retirees in Tulsa.
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How we chose the best
We thoroughly researched reverse mortgage companies, pricing information and consumer reviews.
In 2018, Tulsa was named a top 10 housing market for its low interest rates and affordable housing. As a result of the low costs, 59 percent of Tulsans own their homes. With over 75,000 seniors living in Tulsa, mainly between 11th and 81st Streets, there are many homeowners who could qualify for a reverse mortgage.
Applying for a reverse mortgage in Tulsa allows seniors to convert their home equity into cash, which can provide retirement income or help pay off outstanding medical bills or consumer debt. Some homeowners even use a reverse mortgage loan to pay off the small remainder of their mortgage balance.
To qualify for a reverse mortgage loan, applicants must:
Be 62 years old or older
Consider the home to be the primary residence
Own or almost own the home (you have no or very little mortgage left to pay)
Keep the home in good condition; the condition is determined by the lender
Borrowing power increases the older the homeowner is and the higher the value of the home (equity). Borrowers may have the option to receive the loan in a lump sum or in fixed monthly or annual payments.
Borrowers will notice some similarities in reverse mortgages compared to forward mortgages, mainly in the fees or costs required to secure the loan:
A government-regulated origination fee, which is 2 percent of any property up to $200,000 and 1% of any property valued over $200,000
An appraisal, title and inspection to guarantee the worth of your home to the lender
A mortgage insurance premium (MIP) paid upfront, which is 2% of the home’s value and is paid to the FHA
Reverse mortgage loans are non-taxable and do not affect Social Security or Medicaid benefits. For seniors and retirees who want to supplement their retirement income or pay off a forward mortgage or outstanding debt, a reverse mortgage is a financially-secure option.
This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Tulsa, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.
Liberty Reverse Mortgage
As one of the country’s largest reverse mortgage providers, Liberty Reverse Mortgage has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Reverse Mortgage representatives.
This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.
ConsumerAffairs content is intended to be used for general information purposes only. Before you make any investment, it is very important to do your own analysis based on your own personal circumstances and consult with your own investment, financial, tax and legal advisors.