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 Indiana, don't hesitate to contact one of our specialists at any time.All reverse mortgages, or home equity conversion mortgages, are federally insured by the Federal Housing Administration (FHA). No matter what state you live in, you'll be able to find licensed specialists offering reverse mortgages. Indiana is no exception. Before you contact a mortgage licensed specialist, consider the reasons you may want to apply for a reverse mortgage.
Cost of Living in IndianaAffording monthly bills on a limited income can be tough, especially if you're still making mortgage payments. While you're living on a limited budget, the wealth you so wisely invested in your home's equity is being unused. You could gain access to that equity through reverse mortgages. Indiana residents may qualify for either fixed or adjustable reverse mortgages, allowing them to put that unused equity to use. You are not required to pay interest payments or loan payments for as long as you own and live in your home - the loan only comes due once you move, sell the property, or pass away.* You will always retain ownership of the home and must continue to pay property taxes, insurance fees, and home upkeep costs. When the loan comes due, either you or your heirs will have the option of selling the home in order to close the loan or, if you or your heirs wish to keep the property, refinance the loan as a traditional mortgage.
Considering Moving?If your family lives in Indiana and you don't, you may think it's time to move closer to them. One Reverse can help thanks to the reverse mortgage for purchase program. Seniors who dream of retiring in Indiana and qualify for a reverse mortgage for purchase can use the loan to purchase a home anywhere in the state or country. Like other reverse mortgages, a reverse mortgage for purchase doesn't come due until the last homeowner sells the home, moves out of the home, or passes away. One caveat though, reverse mortgages only apply to primary residences. The program does not allow you to purchase a secondary or vacation home.
Reverse Mortgage Specialists in IndianaOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in Indiana. 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.