Reverse Mortgage Options
How Indiana Reverse Mortgages Work
An Indiana 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 Indiana property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Indiana Reverse Mortgage Requirements
- Age requirement: Indiana borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Indiana employment: No requirements
- Credit score: No requirements
- Health: No requirements
IN Reverse Mortgage FAQs
Can I lose my home with an Indiana Reverse Mortgage?
The Bank can only foreclose on your Indiana home if you do not 1) pay your homeowners insurance, IN real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Indiana home as your primary residence. You never have to make a mortgage payment.
What if I already have an Indiana mortgage?
First, your current mortgage and any other liens against the property in Indiana will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will an Indiana Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Indiana 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 Indiana home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Indiana (IN) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Indiana, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Indiana Reverse Mortgage Lenders
Apply now or contact the Indiana Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Indianapolis, Fort Wayne, Evansville, South Bend and throughout Indiana.
