In 2024, there were 30 active reverse mortgage loans in Ottawa County, Ohio. The average home value in Ottawa County is $427,362.53.

Click here to get a reverse Mortgage Quote in Ottawa County, Ohio

To avoid scams, make sure you are working with a licensed lender in Ohio. South River Mortgage is a fully licensed lender in Ohio. The OH state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Residential Mortgage Lending Act Certificate of Registration in OH, and our state license identifier is RM.804642.001.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Ottawa County

Ottawa County, located in the state of Ohio, is a charming area known for its picturesque landscapes, pristine beaches along Lake Erie, and vibrant local communities. With a population of approximately 40,000 residents, Ottawa County offers a tranquil setting for those seeking a peaceful place to call home. The county has a rich history, with landmarks such as the Marblehead Lighthouse, one of the oldest lighthouses on the Great Lakes, attracting visitors from near and far. Seniors in Ottawa County may benefit from considering reverse mortgages, which can provide financial assistance by allowing homeowners aged 62 and older to convert part of their home equity into cash without having to sell their home or make monthly mortgage payments. With an average home value of $427,362.53, an average property tax rate of $4,045.55, and an average interest rate of 0.0431, seniors in Ottawa County may find reverse mortgages to be a useful option for supplementing their retirement income while continuing to enjoy the comforts of home.

Reverse Mortgage Loan Origination in Ottawa County

Reverse Mortgage Home Values in Ottawa County

Reverse Mortgage Interest Rates Ottawa County

There are approximately 30 active reverse mortgage loans in Ottawa County. The average interest rate in Ottawa County is 7.52% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Ottawa County was $258,333.33 in 2024.

Click here to get a Reverse Mortgage Quote in Ottawa County, Ohio »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Ottawa County, OH

With the average home value of $258,333.33, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Ottawa County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Ottawa County

You can now purchase a home with a reverse mortgage in {county}, OH. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »