Reverse mortgage in Ohio

Home equity becomes cash and no monthly payments are due when Ohio homeowners choose a reverse mortgage Ohio loan. The first step is 1 of Ohio's 4 HUD-approved counseling agencies. A Home Equity Conversion Mortgage, or HECM, is insured by the Federal Housing Administration, and that’s the loan most borrowers take. While you stay in the home, no monthly loan payments are required. Between October 2025 and August 2026, 71 Ohio borrowers bought a home with a HECM, and 32 used one to refinance an older loan. In Ohio, the national lending limit for 2026 of $1,249,125 was reached by just 2 loans.

How the Ohio homestead exemption lowers taxable home value by $26,200

Federal reverse mortgage rules say the house must be your main home and you’re required to maintain it well. You’re also required to stay current on your property taxes and homeowners insurance with a HECM. If you fall behind on property taxes, your loan could go into default. Default happens when you break a loan rule, and at that point the lender can call for full repayment. That's what makes state tax relief important when you're living on a fixed budget.

Seniors, disabled residents and surviving spouses of fallen first responders in Ohio can get a statewide property tax break called the Ohio homestead exemption. It lowers your home’s taxable value by $26,200. Taxable value means the portion of your home’s worth the county uses to figure your tax. A homeowner older than 65 qualifies when the household income limit is met. The limit came to $36,100 for 2023 and rose to $38,600 for 2024. Both the income cap and the $26,200 cut are updated every year for inflation.

How to submit form DTE 105A through your Ohio county auditor

To apply for the homestead exemption, reach out to your county auditor or go to their website. Every county handles its own application steps for homeowners in the area. For seniors and disabled residents in Franklin County, the county auditor runs the exemption using form DTE 105A. Real estate and manufactured homes get a lower tax bill through that program. With a lower tax bill, keeping your reverse mortgage current gets easier.

Is a lender complaint something the Ohio Division of Financial Institutions can handle?

The Division of Financial Institutions, part of the Ohio Department of Commerce, oversees Ohio-chartered banks, credit unions, consumer finance firms and money service businesses. If your problem is with 1 of those state-regulated companies, you’ll file a written complaint with that office. But many reverse mortgage lenders doing business in Ohio are actually independent mortgage companies or national banks. The division tells you to look up a mortgage company or any non-depository lender (a lender that doesn't hold bank deposits) on NMLS Consumer Access.

Federal rules across all states say federal agencies handle banks that are federally regulated. The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are those agencies. A federal mortgage complaint can also go to the Consumer Financial Protection Bureau. The bureau sends your complaint to the company, and most reply within 15 days.

How the Ohio Consumer Installment Loan Act treats reverse mortgages

According to section 1321.631 of the Ohio Revised Code, reverse mortgages are not covered by the Consumer Installment Loan Act, which runs from sections 1321.62 to 1321.702. A reverse mortgage falls outside that small-loan law, and the same exclusion covers home equity loans and lines of credit. Because the September 12, 2017 edition of that section is shown as no longer active, you'll want to look up the current wording. You won't find any Ohio rules on reverse mortgage counseling, a cooling-off period, or required disclosures in that section.