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 Louisiana, don't hesitate to contact one of our specialists at any time.If you're 62 or older and living in Louisiana, you may want to consider a reverse mortgage. That's because Louisiana residents like yourself are using reverse mortgages to pay off medical bills, perform home renovations, and live without the financial burden of a mortgage payment.
Why apply for a Reverse Mortgage?Financial security and quality of life are two main factors that Louisiana residents consider when deciding to apply for a reverse mortgage, or HECM. Living on a limited budget can be stressful, especially in a state such as Louisiana. Many seniors residing in Louisiana are struggling to make their monthly payments while not even knowing that they can use their home's equity to help. A reverse mortgage offers borrowers access to that equity as a line of credit, monthly disbursement, lump sum payment, or a combination of the three. You can use a reverse mortgage to pay off your existing mortgage balance, with any remaining money available for you to use however you want. The loan does not come due until you sell the home, no longer live in the home, or pass away.* While you are not required to make loan payments, you are still required to pay property taxes, insurance, and home maintenance costs.
Types of Reverse MortgagesLouisiana residents can choose from three types of HECM, all insured by the federal government. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes and locks in the loan interest rates 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. The third option offered by One Reverse Mortgage is the reverse mortgage for purchase, which makes it possible for seniors to purchase a home with no monthly payments. This kind of loan gives borrowers the option to purchase a home suited to their needs or purchase a primary residence closer to family.
Finding Reverse Mortgage Licensed specialists in LouisianaLocal reverse mortgage licensed specialists will be best for you to work with since they understand the real estate environment in your state. Have questions about applying for a reverse mortgage in Louisiana? 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.