It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Arkansas, don't hesitate to contact one of our specialists at any time.The FHA, or Federal Housing Administration, insures all home equity conversion mortgages in all U.S. states. Arkansas is no exception.
Arkansas Cost of LivingPaying monthly bills on a tight, limited income can be tough, especially if you have a mortgage payment or expensive medical bills. Many seniors living in Arkansas are living on a limited budget, while the wealth they have so wisely invested in their home's equity is sitting there untouched. You can gain access to the equity in your home through a reverse mortgage. Arkansas residents may qualify for a fixed or adjustable reverse mortgage, which allows them to put their home equity to use. While you are living in the home, you pay no interest payments or loan payments. The loan becomes due only if you move, sell the property, or pass away.* You retain ownership of the home and must continue to pay property taxes, insurance fees, and home maintenance costs. When the loan comes due, you (or your heirs) have the option of selling the home or, if you or your heirs wish to keep the property, refinancing the loan as a traditional mortgage.
Arkansas is the Place to BeSay your family resides in Arkansas and you don't. You could potentially want to move closer to them and a reverse mortgage for purchase may be able to help. If you are 62 or older, you may be able to qualify for a reverse mortgage for purchase. You could use this loan to purchase a home anywhere in the country. Like other reverse mortgages, a reverse mortgage for purchase doesn't come due until you sell the home, move out of the home, or pass away. One caveat though - HECMs only apply to primary residences. You can't purchase a vacation home with reverse mortgages.
Reverse Mortgage SpecialistsOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in Arkansas. They will be happy to assist you. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.