Indiana Reverse Mortgage

A reverse mortgage in Indiana allows senior homeowners in the state to borrow money against the equity of their homes in order to pay for daily living expenses and other costs.  These mortgages are readily available and provide many benefits to seniors who qualify.

Reverse Mortgage Indiana Information

In order to take out a reverse mortgage, you must be at least 62 years of age and own a home.  You don’t need to own the home free and clear, though.  It’s fine if you still have a mortgage on the property.  But you must have at least a minimal amount of equity in the home.  Reverse mortgages in Indiana have helped many seniors in this position gain the spending money they need to live their lives well.

The money you receive through your reverse mortgage is paid to you by your lender in exchange for ownership of a portion of the equity of your home.  Your lender will gain the right to the equity and you will gain a steady stream of cash, much like residual income.  You can spend this money on anything you need or want.  Most seniors put this income toward medical bills, senior living, and day to day expenses, but you can also use it to pay for a luxurious vacation or to make a down payment on a new home.  Get more reverse mortgage information about this home purchase option before you decide.

You can select one of several different payment arrangements that lenders offer.

• You can get the money as you need it through a credit line.
• You can get an established amount of money each month, as income.
• You can receive the money all at once as a lump sum.

If none of these methods suits your financial needs and goals, you can arrange a custom payment plan with your lender to get the money you need when you need it.

Once you take out a reverse mortgage, your lender will own the equity of your home.  The lender won’t own your home, though.  Your home remains in your possession for the remainder of your life or until you move into a new home.  When you pass away, the responsibility of paying back the reverse mortgage will transfer to your heirs, who will also receive you home.  Your heirs can then sell the home to pay back the debt.  If you think your home may sell for less than the loan amount in coming years, don’t worry.  The government has established laws that ensure lenders can’t collect more than the value of the home, even if the home value decreases.

The HUD’s Frequently Asked Questions page answers many questions that seniors have about reverse mortgages.  You can also contact any of our lenders for more information.

Indiana Reverse Mortgage Lenders

No two lenders offer the same reverse mortgage terms and rates.  Research as many lenders as you can to determine what you’ll need to pay in closing fees and what interest amounts will be deducted from your equity.  You should work with the lender who offers the best terms and rates.

When you’re taking out a reverse mortgage, fees can add up quickly.  You should find out from at least four or five lenders what fees they charge before you begin your application.  For more information about getting started on your new loan, read our reverse mortgage checklist.

About Indiana

A diverse state with a few large urban areas and a number of smaller industrial cities, Indiana is known nationally for its sports teams.  Indiana has a long history of auto racing and basketball.  The Indy 500 is an annual racing event that takes place during the Memorial Holiday weekend.  Indiana has a basketball tradition unlike any other state in the nation.  This makes Indiana a fun and unique state in which to retire.

Indianapolis, Fort Wayne, Evansville, South Bend, Gary, Hammond, and Bloomington are all excellent retirement destinations if you enjoy sports and the Midwest.  A reverse mortgage can make your senior lifestyle possible.

Popular loan programs

Lenders in: Indiana.