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 Wyoming, don't hesitate to contact one of our specialists at any time.Wyoming residents who are 62 and older may want to consider applying for a reverse mortgage. That because Wyoming residents like you are using reverse mortgages to pay off debt, perform home restorations, and live life without the financial liability of a monthly mortgage payment.
Why Apply for a Reverse Mortgage?Wyoming residents have many reasons to consider a reverse mortgage, or HECM. Ultimately it comes down to two factors: financial security and value of life. Living on limited finances can be stressful and many seniors live with this kind of financial weight. However, the home equity they worked so hard to build is ready to be used. A reverse mortgage gives borrowers access to that equity, either as a line of credit, monthly disbursement, lump sum payment, or any combination of the three. Also known as a home equity conversion mortgage, a reverse mortgage can use your current equity to repay your outstanding mortgage. Any remaining money is available for you to use however you want. The loan does not come due until you sell the home, no longer reside in the home, or pass away.
Reverse Mortgage OptionsWyoming residents may choose from three kinds of HECM. The first is called a fixed term reverse mortgage. This kind of HECM creates a lump sum disbursement of funds once the loan closes and keeps the interest rate the same as it was at the time of closing. The second kind of loan is the HECM line of credit. This loan offers a variety of selections, including a draw on the line of credit at closing, monthly payments, or full access to your line of credit. The third loan offered by One Reverse Mortgage is a reverse mortgage for purchase, which allows seniors to purchase a home with no monthly payments.* No matter what reverse mortgage option you choose, you will be required to pay all property taxes, insurance, and home maintenance costs.
Finding Reverse Mortgage Specialists in WyomingIf you have any questions about applying for a reverse mortgage in Wyoming, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.