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 Iowa, don't hesitate to contact one of our specialists at any time.Medical bills, home upkeep, and mortgage payments can cause a financial burden while you are living on a limited income. Many Iowa residents just like you are using reverse mortgages to help supplement their income, and relieve their financial stress.
Why Apply for a Reverse Mortgage?Iowa borrowers have numerous reasons for considering a reverse mortgage, but ultimately it comes down to two factors: financial security and quality of life. Living on a limited budget can be stressful. What many seniors don't realize is that they can use the equity they have built into their home to help ease their stress. A reverse mortgage gives borrowers access to that equity. There are a few options Iowa seniors have for receiving those funds, such as a line of credit, monthly disbursement, lump sum payment, or some combination of the three. Also known as a home equity conversion mortgage, or HECM, a reverse mortgage uses your existing equity to pay off your remaining mortgage, with any remaining money available for your use tax-free. A reverse mortgage also does not require a payment until you sell the home, no longer live in the home, or pass away.* Remember, you are still required to pay insurance, taxes, and home maintenance costs.
Types of Reverse MortgagesA fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes, and loan interest rates are locked into the rate at the time of closing. HECM line of credit loans provide a number of options, including a draw on the line of credit at closing, monthly payments, or a full access to your line of credit when you need it. Lastly, Iowa borrowers have the option of a reverse mortgage for purchase, which allows for seniors to purchase a home with no monthly payments, giving them the option to purchase a home best suited to their needs, or purchase a primary residence closer to family.
Finding Reverse Mortgage Specialists in IowaBecause local reverse mortgage specialists are more familiar with your area, it's generally best to connect with one of them. 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.