Indiana Reverse Mortgage

Indiana FHA Reverse Mortgage Information

With the number of seniors approaching retirement, it is no wonder that stories about reverse mortgages have been all over the news lately. Many seniors are wondering if a reverse mortgage is right for their situation. For seniors who live in Indiana, the most popular (by far) reverse mortgage program available is the FHA HECM reverse mortgage program. Seniors who live in Indiana and currently have a FHA reverse mortgage say they like their reverse mortgage because it allows them to have easy access to tax free retirement money.

Indiana FHA Reverse Mortgage Highlights

  • Interest rates for the FHA reverse mortgage program can be either fixed or variable
  • Not required to make a mortgage payment for as long as you live in the home
  • Different payment options include a line of credit, monthly installments or a lump sum

Indiana FHA Reverse Mortgage Program Requirements

To be considered eligible for the FHA reverse mortgage program in Indiana, seniors must meet the following criteria: You must agree to keep the home in good repair, have equity in the home, be at least 62 or older, attend a reverse mortgage counseling session prior to closing and intend on occupying the home as your primary residence. Qualifying for the FHA reverse mortgage program is not very difficult as long as you meet these criteria.

Indiana FHA Reverse Mortgage Program: The First Step

The first step to find out if the Indiana FHA reverse mortgage is right for you is to speak with a loan officer who has experience with Indiana FHA reverse mortgages. Contact an experienced Indiana FHA reverse mortgage loan officer to see if the Indiana FHA reverse mortgage program is right for you.

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