Indiana Reverse Mortgage Loans
Indiana reverse mortgage loans have been popular with seniors living in Indiana in recent years. As the daily cost of living continues to outpace Social Security cost of living raises and other meager raises that might come from pensions or stock dividends, many retirees are finding it harder and harder to “just get by”. Consequently, the interest in Indiana reverse mortgage loans has substantially increased. During the years from 2000 through 2007, FHA has insured 3,552 Indiana reverse mortgage loans for seniors. Indiana represents 1% of the total 352,027 FHA/HECM insured loans closed throughout the country during that same period of time.
HECM Loans in Indiana
The HECM loan is far and away the most widely used reverse mortgage, not only in Indiana but throughout the country. HECM Indiana reverse mortgage loans offer senior homeowners the most flexible options in which to receive the loan proceeds. Those options include; a lump sum for the entire amount, a line of credit to be drawn down as you need it, a set monthly payout for a set number of years, a set monthly payout for as long as you remain living in the home, or a combination of any of the these.
In addition, if you choose one or several of the options mentioned above and later want to change to a different option, the HECM loan allows you that flexibility as well. All you have to do is contact your loan servicing office and request a change in the way you receive your Indiana reverse mortgage loan benefits.
Tax Free Income from Your Home
The money received from Indiana reverse mortgage loans does not adversely affect your Social Security or Medicare benefits. The money is Tax-Free and is not repaid until you permanently leave your home or sell your home. Your heirs can still inherit your house. If your heirs wish to keep the housethey would have to refinance the loan and payoff the reverse mortgage. Or they can sell the house to payoff the reverse mortgage and keep any additional equity over and above the balance due on your Indiana reverse mortgage loan. If for any reason the home cannot be sold for the balance owed on the reverse mortgage loan, your heirs are NOT responsible for the difference. The FHA insurance fund pays the lender the difference if there is a shortfall at the time the home is sold. Indiana reverse mortgage loans are considered non-recourse loans, which means that your home stands alone for the debt. Not your heirs or your estate.
FHA and HUD set the maximum loan limits for all HECM loans. The HECM loan limits nationwide are $625,500.00. If you want to get a ball park idea of how much money you might be eligible for, you can try out our reverse mortgage calculator.
If you are interested in a more detailed and personalized benefit summary, we will be happy to provide you with a comparison of several loans and show you which one will offer you the most money. Get Your Indiana Reverse Mortgage Loans Free Quote Today!
