Iowa Reverse Mortgage Lender
How a Reverse Mortgages Works
An Iowa Reverse Mortgage is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Iowa property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Iowa Reverse Mortgage Requirements
- Age requirement: Iowa borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Iowa employment: No requirements
- Credit score: No requirements
- Health: No requirements
IA Reverse Mortgage FAQs
Can I lose my home with an Iowa Reverse Mortgage?
The Bank can only foreclose on your Iowa home if you do not 1) pay your homeowners insurance, IA real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Iowa home as your primary residence. You never have to make a mortgage payment.
What if I already have an Iowa mortgage?
First, your current mortgage and any other liens against the property in Iowa will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will an Iowa Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Iowa is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Iowa home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Iowa (IA) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Iowa, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Get an Iowa Reverse Mortgage
Apply now or contact the Iowa Reverse Mortgage experts at Home Point Financial to learn more about this lending option.
