Iowa Reverse Mortgage

If you’re a senior and you live in the state of Iowa, you should consider taking out an Iowa reverse mortgage to help fun your retirement.  This loan type provides you with a safe and reliable income stream sourced from your own home equity, allowing you to pay for day to day expenses or other costs while remaining financially independent.

Reverse Mortgage Iowa Information

The reverse mortgage loan type is a unique, specialized financial option that provides homeowners who are seniors with retirement income.  The lender takes over ownership of the borrower’s home equity and makes payments to the borrower until this equity is depleted.  Many seniors have used reverse mortgages in Iowa to get the money they need to live well during the best years of their lives.

Stuck with rising medical costs?  Planning to downsize into a smaller home?  Want to take a nice vacation now that you’re retired?  You can pay for any of these things through a reverse mortgage.  As your lender gives you money, you are free to spend it in any way that you like.  You will lose out on your home equity, but if you need the income now, a reverse mortgage can be a good choice.  Gather as much reverse mortgage information as you can before making a final decision.

Your lender can provide your funds to you in a number of ways.

• You can get all your money at once, up front, as a lump sum.  This money can then be placed into another investment or used to downsize into a smaller home.
• You can arrange to receive a set portion of the money each month.  You can use this money to pay for anything you need as expenses arise.
• You can access the money through a line of credit.  This is one of the most flexible options.
• You can combine these methods to create your own unique payout arrangement.

The lender will own the equity of your home but not the home itself.  You’re giving your home equity over to your lender in exchange for spendable cash, but you are not giving your lender the title or deed to your home.  Your home will always remain in your possession.

You don’t have to pay off the loan if you decide to continue living in your home until the day you pass away.  You only have to pay back the loan if you move into a new home.  When you pass away, your heirs will have to pay back the loan, but this can be easily accomplished by selling the home.  Your lender cannot collect more money than what the home sells for.

If you have questions about any of these points, the HUD’s Frequently Asked Questions page may clear some of them up.  For additional information, feel free to contact any of the lenders in our network.

Iowa Reverse Mortgage Lenders

Every lender you talk to about getting a reverse mortgage will quote you an interest rate and a set of fees that you’ll have to pay.  This is unfortunate, but it’s how the business works.  In order to minimize your losses, find the lender who charges the lowest rates and fees.  Don’t just speak with the first lender you find and start your application right away.  Don’t rush into anything.  Contact at least four or five different lenders to get ideas of what terms are available in the marketplace before you decide.  For more information about what you should and shouldn’t do during the application process, read our reverse mortgage checklist.

About Iowa

The state of Iowa has many attractions.  Famous places such as the Herbert Hoover Presidential Library and Museum, the Iowa State Fair, and Adventureland are all located in Iowa.  Other than national historical sites, Iowa is known for being the largest producer of ethanol.  Iowa is the headquarters for seven of the top 1,000 companies ranked by revenue, including Principal Financial.  Des Moines is the capital of Iowa.  Other large cities in the state include Cedar Rapids, Davenport, Iowa City, and Dubuque.

Iowa is unique and has many close ties to the history of the nation.  This makes it an interesting place for retirees.  Reverse mortgage are available to help seniors in the state secure the funding they need for the best years of their lives.

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