Ohio Reverse Mortgages

Due to rising costs for everything from food, gas, medicine, taxes, utilities, and everyday living expenses, more and more Ohio senior homeowners are turning to Ohio reverse mortgages to alleviate financial pressures during their golden years.

Ohio reverse mortgages have proven to be a welcome option sought by many older homeowners living in the Buckeye State. During the fiscal year 2007, there were 1,796 government insured reverse mortgage loans closed in Ohio

The most popular of the Ohio reverse mortgages is the HECM (Home Equity Conversion Mortgage), which is insured by FHA and backed by the Department of Housing and Urban Development.  Over 90% of all reverse mortgages closed in the United States have been the HECM loan.  The main reasons for this being the most popular choice are because in most cases, the senior homeowner will be eligible for the largest amount of money with the HECM.  And secondly, the HECM loan allows for more flexibility for how you can receive your loan proceeds. 

A Government Safeguard

Because FHA is insuring this loan, you are guaranteed that regardless of the status of the lender that originates your loan, you will always receive your money and your loan will continue to be serviced for as long as you live in your home.  The other feature of the government insurance is that it makes all HECM Ohio reverse mortgages, “non-recourse” loans.  What that means is that your home stands alone for the debt when the loan is paid off.  You, your heirs, or your estate will never be responsible for any of the debt if your home cannot be sold for the balance owed on the reverse mortgage at the end of the loan term. This is a tremendous safeguard that is not offered with all reverse mortgages on the market today.  Be sure you are completely informed about how these loans work, before entering into an application with any lender.

Qualifications

To qualify for reverse mortgages, all homeowners on title must be at least 62 years old.  There must be substantial equity in the home.  If you still have a mortgage balance, it should be quite small in relationship to the value of your home.  You can use our reverse mortgage loan calculator here to get an estimate of whether you have enough equity in your home to qualify.

After you see the results from the calculator, you will want to request a free Ohio reverse mortgages analysis. Your personalized benefit statement will reflect your particular situation and be specific for your homes’ location and your ages). There is no obligation on your part to receive this information.  It is provided to you in order to enhance your knowledge about this unique financial planning tool used by many seniors in Ohio

• Link to Ohio AARP