A Indiana reverse mortgage is an FHA-insured loan on the equity in your home, but you never pay it back as long as you live in your home.

Who qualifies for an Indiana reverse mortgage?

Anyone at least 62 years of age who owns a home qualifies.

Does the home have to be paid off?

No.  Many people purchase a Indiana reverse mortgage to pay off their current mortgage.
How much money will I receive from a Indiana reverse mortgage?

An appraiser will come out and determine the market value of your home.  You will then receive somewhere between 45% – 75% of the appraised value of your home.  The older you are, the higher percentage you will receive.

How long does it take to receive the money?

Normally, it takes 4-6 weeks to complete a Indiana reverse mortgage.

Do I receive the money from the Indiana reverse mortgage in a lump sum, or in monthly payments?

You can receive the money any way you wish: in a lump sum, a line of credit or in monthly payments. You can also take the money in a combination of the options.
Do we pay closing costs on a Indiana reverse mortgage?

You pay nothing, at any time, out of your pocket.  The closing costs are rolled into the loan, so they are paid out of the equity in your home, but you don’t bring any money to closing. The new HECM saver program reduces the costs dramatically.

How is the Indiana reverse mortgage paid back?

After you pass away, the home is left to your heirs (your children, or grandchildren).  They can either sell the home, which will pay off the mortgage, and they will receive the remaining money; or, if they want to live in the home, they will simply take out a refinance mortgage.

If I pass away first, does my spouse have to sell the home?

No, as long as either of  the borrowers are living in the home, the Indiana reverse mortgage doesn’t need to be paid.