Missouri Reverse Mortgages for Seniors

Missouri reverse mortgages for seniors are a popular option for retirees that struggle to make ends meet on fixed retirement incomes that are not keeping up with inflation. It seems like everyone these days is noticing that a trip to the grocery store or filling up the gas tank are costing more each time they go. For seniors living on a fixed income, this is particularly painful.

If this is your situation, Missouri reverse mortgages for seniors might be worth looking into. If you live in Missouri as your primary residence, own your home outright or close to it, and are 62 years or older, you may qualify for supplemental income from a reverse mortgage. Missouri reverse mortgages for seniors offer a safe way to access the accumulated equity in your home, without having to make any monthly mortgage payments for as long as you remain living in your Missouri home. Missouri reverse mortgages for seniors are offered through various local and national lenders. However, the most popular one is the FHA insured HECM (Home Equity Conversion Mortgage). Over 90% of Missouri reverse mortgages for seniors have been the HECM loan. The reasons for the popularity of the FHA/HECM reverse mortgages are that they are insured by the government, offer the most options for how you can receive your money, and usually offer you the most money, unless your property is a high value home located in a high priced part of the country.

Tax-Free Income

Missouri reverse mortgages for seniors offer Tax-Free income to you and will not affect your Social Security or Medicare benefits. No mortgage payments are necessary for the duration of time that you live in your home, and you can still leave your home to your heirs as part of your overall estate. You continue to own your home, your name remains on the title to your property. The bank does not own your home, it simply has a lien on your home in the same way that your mortgage lender did when you first purchased your home using a "forward" mortgage loan.

The key to qualifying for Missouri reverse mortgages for seniors is having enough equity in your property to sustain you through your life expectancy. The older you are the easier it is to qualify. If there is more than one person on the title to your home the loan amount you are eligible for will be based on the life expectancy of the youngest person on the title. In Missouri the HECM loan limit is $625,500. The limits are set by HUD.

Loan Estimate and Qualification

You can use our reverse mortgage calculator for a quick estimate of how much you might qualify for if you decide to pursue a Missouri reverse mortgage. Just put in your zip code, your age, and a rough estimate of what you think your home is worth. The results from the calculator are an estimate and will depend on the actual appraised value of your home at the time you make a formal application.

However, if you are interested in a much more detailed and personalized quotation and side by side comparison of all the choices available to you, request your Missouri reverse mortgages for seniors full benefit summary here.

• Link to Missouri AARP

Click Here To See If You Have Enough Equity To Qualify