Kentucky Reverse Mortgage

If you’re a senior in Kentucky, a Kentucky reverse mortgage can help you secure the retirement income you need to live the best years of your life with success and financial independence.  You don’t need to be wealthy to qualify for this mortgage program.  You need to be 62 years of age and own a home.  That’s all.  If you have equity in your home, you can qualify.

Reverse Mortgage Kentucky Information

If you want to retire well, you need a safe and reliable income stream available to pay for living expenses and other bills.  You need to get out of debt as soon as you can.  Reverse mortgages in Kentucky can help seniors meet these requirements.

The money comes from your own home equity.  Your lender takes control of your home equity and gives you money equal to the value of this amount minus fees and applicable mortgage rates.  The money you receive can be spent on any expense.  You can use it to pay off your current mortgage, to pay off other debts, to cover basic living necessities, or to take a luxurious vacation.  It’s your own money.  Read through our reverse mortgage information page for additional details on how this loan type can fund your living expenses.

When providing your money to you, your lender may follow one of the following payment arrangements. The arrangement used is up to you.

• Your lender may deliver the money all at once, as a lump sum, at the closing of the loan.
• Your lender may provide it in monthly installments, similar to Social Security payments.
• You may be able to access it as a credit line.
• Any combination of these options is acceptable as well.

The lender owns your home equity during and after a reverse mortgage.  The title and deed of your home remain in your name.  You don’t need to worry about your lender taking your home from you.  Your lender cannot repossess your home.  You can continue living in your home as long as you like without owing any money to your lender.

If you move into a new home, you’ll have to pay back your mortgage amount, and when you pass away, the responsibility of paying it back will transfer to whoever inherits ownership of your home.  At this point, the home can be sold to pay back the loan.  The government has taken steps to ensure that lender can’t try to collect more money than what the home is worth, even if the loan amount is higher than this due to a decrease in property values.

Find answers for your questions at the HUD’s Frequently Asked Questions page.

Kentucky Reverse Mortgage Lenders

All reverse mortgages are structured similarly, with the exception of your payout arrangement, which can be customized to fit your needs.  But different lenders charge different fees and offer different mortgage rates.  What does this mean for you?

It’s simple.  You’ll have to do some research before you select a lender to work with.  Contact at least four or more lenders in your part of Kentucky and ask them what fees they charge.  Compare the quotes and rates they offer.  Pick the lender who offers the best terms.

For more information about applying for a reverse mortgage, read our reverse mortgage checklist.

About Kentucky

Kentucky is a beautiful, green state in the southern portion of the nation.  Lexington, Louisville, Owensboro, and Bowling Green are among the largest and most significant cities in the region and offer many lifestyle opportunities for seniors.

Kentucky is known for horses and for horse festivals.  There are over 700 festivals conducted in Kentucky each year.  This makes the state a great place for seniors to retire, and a reverse mortgage is an important financial step toward financial security during this time of life.

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Lenders in: Kentucky.