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