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 Kansas, don't hesitate to contact one of our specialists at any time.Kansas seniors, like many across the nation, have been negatively affected by recent economic events. Dealing with economic uncertainty is difficult enough while you're working, and even more so on a fixed income. Many seniors struggle to make their monthly bills, without realizing that they're sitting on a very substantial investment - the equity in their homes. Seniors across the state of Kansas are discovering that reverse mortgages can help them pay off medical bills, renovate their homes, or gain much needed financial security.
Paying Back a Reverse MortgageNo more mortgage payments and extra cash sound great, but then how do you pay back a reverse mortgage? Kansas residents don't make loan payments on a reverse mortgage until they either sell the home, no longer live in the home, or pass away.* When one of these conditions is met, the loan amount and accumulated interest come due. However, a reverse mortgage is what is known as a nonrecourse loan, meaning you never owe more than the appraised value of the home. If the loan comes due because the last homeowner passed away, the borrowers' heirs could either sell the home to pay off the mortgage, or refinance for the amount owed, which includes any accumulated interest. As the borrower, you maintain ownership of your home and must pay all property taxes and insurance fees. You're also required to keep the home well maintained. As for the money freed up by accessing your equity, it can be put to any use you see fit.
Kansas Reverse Mortgage Licensed SpecialistsKansas residents are becoming financially secure and capitalizing on the value of their biggest and wisest investment, their home's equity. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Kansas. To speak to one of our reverse mortgage specialists, please fill out the form on this page to have one contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.