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.
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.
Since 2003, Finance of America Reverse (FAR) has helped homeowners aged 62 and older strengthen retirement plans by utilizing the home equity from the borrower’s primary residence. FAR provides free quotes tailored to individual situations to all its customers. Tulsa customers were pleased with the responsive customer service.
In operation for 15 years, Liberty Home Equity Solutions has provided personal care to over 60,000 seniors across the country. Working with Liberty Home Equity Solutions can help supplement retirement income, cover medical expenses or eliminate high-interest debt. Liberty Home Equity Solutions holds an A+ rating with the Better Business Bureau.
A lender approved through the U.S. Department of Housing and Urban Development, American Advisors Group helps homeowners aged 62 and older affordably plan for retirement. However, some reviewers in Oklahoma cite high closing costs and issues working with third-party companies (like appraisers and notaries) contracted by AAG. Others were happy with the knowledgeable representatives.
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