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Use this menu to find other Eldercare Services in your area |
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Kansas Reverse Mortgages |
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Abilene KS - Kansas reverse mortgage -- Mortgage Company The , Dickinson County Click to request assistance
Abilene KS - Kansas home equity loan -- Open Mortgage LLC , Dickinson County Click to request assistance
Atchsn KS - Kansas reverse mortgage -- Fountain City Mortgage , Atchison County Click to request assistance
Baldwin City KS - Kansas home equity loan -- Baldwin State Bank , Douglas County Click to request assistance
Baldwin City KS - Kansas reverse mortgage -- Hilco Mortgage Corporation , Douglas County Click to request assistance
Basehor KS - Kansas home equity loan -- Ctx Mortgage , Leavenworth County Click to request assistance
Basehor KS - Kansas reverse mortgage -- Citizens Savings & Loan Assoc FSB , Leavenworth County Click to request assistance
Belleville KS - Kansas home equity loan -- Citizens National Bank The , Republic County Click to request assistance
Bonner Springs KS - Kansas reverse mortgage -- Freedom Mortgage Consultants Inc , Wyandotte County Click to request assistance
Bonner Springs KS - Kansas home equity loan -- Freedom Mortgage Consultants Inc , Wyandotte County Click to request assistance
Bonner Springs KS - Kansas reverse mortgage -- Eagle Nationwide Mortgage Company , Wyandotte County Click to request assistance
Bonner Springs KS - Kansas home equity loan -- Gateway Mortgage Co , Wyandotte County Click to request assistance
Clay Center KS - Kansas reverse mortgage -- United Bank & Trust , Clay County Click to request assistance
Clay Center KS - Kansas home equity loan -- Clay County National Bank , Clay County Click to request assistance
Coffeyville KS - Kansas reverse mortgage -- Gemini Mortgage Corp , Montgomery County Click to request assistance
Derby KS - Kansas home equity loan -- Verus Bank Mortgage Group , Sedgwick County Click to request assistance
Derby KS - Kansas reverse mortgage -- Top Mortgage Corporation , Sedgwick County Click to request assistance
Derby KS - Kansas home equity loan -- Allied Home Mortgage Capital Corporation , Sedgwick County Click to request assistance
Derby KS - Kansas reverse mortgage -- Plaza Lane Mortgage & Investment Co , Sedgwick County Click to request assistance
Dodge City KS - Kansas home equity loan -- Wheatland Mortgage Corp , Ford County Click to request assistance
Dodge City KS - Kansas reverse mortgage -- Credit Union Of Dodge City , Ford County Click to request assistance
Dodge City KS - Kansas home equity loan -- Professional Mortgage Co , Ford County Click to request assistance
El Dorado KS - Kansas home equity loan -- Executive Mortgage Group , Butler County Click to request assistance
ElDrdo KS - Kansas reverse mortgage -- Mid America Mortgage Company Inc , Butler County Click to request assistance
Emporia KS - Kansas home equity loan -- Lyon County State Bank , Lyon County Click to request assistance
Emporia KS - Kansas reverse mortgage -- Wells Fargo Home Mortgage Inc , Lyon County Click to request assistance
Emporia KS - Kansas home equity loan -- Midtown Equity Mortgage , Lyon County Click to request assistance
Emporia KS - Kansas reverse mortgage -- Consumers Choice Mortgage Services Inc , Lyon County Click to request assistance
Emporia KS - Kansas home equity loan -- First Community Bank , Lyon County Click to request assistance
Emporia KS - Kansas reverse mortgage -- Wells Fargo Home Mortgage Inc , Lyon County Click to request assistance
Fort Scott KS - Kansas home equity loan -- Carteret Mortgage , Bourbon County Click to request assistance
Garden City KS - Kansas home equity loan -- Apple Mortgage Inc , Finney County Click to request assistance
Garden City KS - Kansas reverse mortgage -- Golden Plains Credit Union Mortgage Lending , Finney County Click to request assistance
Garden City KS - Kansas home equity loan -- Wells Fargo Home Mortgage , Finney County Click to request assistance
Gardner KS - Kansas reverse mortgage -- First Kansas Mortgage Co , Johnson County Click to request assistance
Hays KS - Kansas home equity loan -- Freedom Mortgage Leaders LLC , Ellis County Click to request assistance
Hays KS - Kansas reverse mortgage -- First National Mortgage Source , Ellis County Click to request assistance
Hays KS - Kansas home equity loan -- Wells Fargo Home Mortgage , Ellis County Click to request assistance
Hays KS - Kansas reverse mortgage -- Mortgage Sources Corp , Ellis County Click to request assistance
Haysville KS - Kansas home equity loan -- Accelerated Mortgage Group Inc , Sedgwick County Click to request assistance
Hesston KS - Kansas home equity loan -- Clarion Mortgage , Harvey County Click to request assistance
Holton KS - Kansas reverse mortgage -- Hometown Mortgage , Jackson County Click to request assistance
Hope KS - Kansas home equity loan -- First National Bank Of Hope , Dickinson County Click to request assistance
Hutchinson KS - Kansas reverse mortgage -- Gold Mortgage Banc , Reno County Click to request assistance
Hutchinson KS - Kansas home equity loan -- Priority Mortgage of Hutchinson , Reno County Click to request assistance
Hutchinson KS - Kansas reverse mortgage -- Brooks Mortgage Co , Reno County Click to request assistance
Hutchinson KS - Kansas home equity loan -- Hutchinson Credit Union , Reno County Click to request assistance
Hutchinson KS - Kansas reverse mortgage -- First Choice Mortgage , Reno County Click to request assistance
Independence KS - Kansas home equity loan -- Landmark Home Mortgage Corp , Montgomery County Click to request assistance
Junction City KS - Kansas reverse mortgage -- JC Mortgage & Title Company , Geary County Click to request assistance
Kansas City KS - Kansas home equity loan -- Be Smart Mortgage , Wyandotte County Click to request assistance
Kansas City KS - Kansas reverse mortgage -- Beneficial Mortgage Co of Kansas Inc , Wyandotte County Click to request assistance
Kansas City KS - Kansas home equity loan -- Amerifirst Mortgage , Wyandotte County Click to request assistance
Lawrence KS - Kansas reverse mortgage -- First National Mortgage Sources , Douglas County Click to request assistance
Lawrence KS - Kansas home equity loan -- Security Mortgage Inc , Douglas County Click to request assistance
Lawrence KS - Kansas home equity loan -- Mortgage Specialist Group Inc , Douglas County Click to request assistance
Lawrence KS - Kansas reverse mortgage -- First State Bank & Trust , Douglas County Click to request assistance
Lawrence KS - Kansas home equity loan -- Signature Mortgage Group , Douglas County Click to request assistance
Lawrence KS - Kansas reverse mortgage -- Oread Mortgage , Douglas County Click to request assistance
Lawrence KS - Kansas home equity loan -- Mortgage Centre LC , Douglas County Click to request assistance
Leavenworth KS - Kansas reverse mortgage -- Vested Mortgage Group The , Leavenworth County Click to request assistance
Leavenworth KS - Kansas home equity loan -- Himalaya Mortgages , Leavenworth County Click to request assistance
Leavenworth KS - Kansas reverse mortgage -- Open Mortgage Home Lending , Leavenworth County Click to request assistance
Leavenworth KS - Kansas home equity loan -- Beneficial Mortgage Co Of Kansas Inc , Leavenworth County Click to request assistance
Leawood KS - Kansas home equity loan -- Amstar Mortgage , Johnson County Click to request assistance
Leawood KS - Kansas reverse mortgage -- 1st Western Mortgage Corp , Johnson County Click to request assistance
Leawood KS - Kansas home equity loan -- Allied Home Mortgage Capital Corporation , Johnson County Click to request assistance
Leawood KS - Kansas reverse mortgage -- Hamilton Mortgage , Johnson County Click to request assistance
Lenexa KS - Kansas home equity loan -- The Vested Mortgage Group Inc , Johnson County Click to request assistance
Lenexa KS - Kansas reverse mortgage -- Leader Mortgage Company , Johnson County Click to request assistance
Lenexa KS - Kansas home equity loan -- Midwest Equity Mortgage , Johnson County Click to request assistance
Lenexa KS - Kansas reverse mortgage -- Bright Source Mortgage , Johnson County Click to request assistance
Lenexa KS - Kansas home equity loan -- Allied Mortgage Group Inc , Johnson County Click to request assistance
Lenexa KS - Kansas reverse mortgage -- Mortgage Research Center , Johnson County Click to request assistance
Liberal KS - Kansas home equity loan -- Mortgages Unlimited Inc , Seward County Click to request assistance
Little River KS - Kansas reverse mortgage -- Accelerated Mortgage Group Inc , Rice County Click to request assistance
Manhattan KS - Kansas home equity loan -- Homesmartz Mortgage , Riley County Click to request assistance
Manhattan KS - Kansas reverse mortgage -- ESB Financial , Riley County Click to request assistance
Manhattan KS - Kansas home equity loan -- Peoples Choice Mortgage , Riley County Click to request assistance
Manhattan KS - Kansas home equity loan -- Homesmartz Mortgage , Riley County Click to request assistance
Manhattan KS - Kansas reverse mortgage -- Select Mortgage & Financial Services , Riley County Click to request assistance
McPherson KS - Kansas home equity loan -- Mortgage Company The , Mcpherson County Click to request assistance
McPherson KS - Kansas reverse mortgage -- Gateway Mortgage Group , Mcpherson County Click to request assistance
Merriam KS - Kansas home equity loan -- Vested Mortgage Group , Johnson County Click to request assistance
Mission KS - Kansas reverse mortgage -- Plaza Mortgage , Johnson County Click to request assistance
Mission KS - Kansas home equity loan -- Corbanc Mortgage , Johnson County Click to request assistance
Mission KS - Kansas reverse mortgage -- Acorn Mortgage Co Inc , Johnson County Click to request assistance
Mission KS - Kansas home equity loan -- First National Mortgage Sources , Johnson County Click to request assistance
Mission KS - Kansas home equity loan -- Home Mortgage Inc , Johnson County Click to request assistance
Mission KS - Kansas reverse mortgage -- Community National Mortgage Group Inc , Johnson County Click to request assistance
Mission KS - Kansas home equity loan -- Summit Home Mortgage Inc , Johnson County Click to request assistance
Mission KS - Kansas reverse mortgage -- First Security Mortgage Co , Johnson County Click to request assistance
Mission Hills KS - Kansas home equity loan -- Reserve Mortgage Corp , Johnson County Click to request assistance
Moundridge KS - Kansas reverse mortgage -- Citizens State Bank The , Mcpherson County Click to request assistance
Mount Hope KS - Kansas home equity loan -- First National Bank Of Southern Kansas , Sedgwick County Click to request assistance
Newton KS - Kansas reverse mortgage -- Clarion Mortgage Capital -- Formerly Steele Enterprises, Harvey County Click to request assistance
Newton KS - Kansas home equity loan -- First Bank , Harvey County Click to request assistance
Newton KS - Kansas reverse mortgage -- Residential Mortgage Company Inc , Harvey County Click to request assistance
Olathe KS - Kansas home equity loan -- A&F Mortgage Inc , Johnson County Click to request assistance
Olathe KS - Kansas reverse mortgage -- Premier Mortgage LLC , Johnson County Click to request assistance
Olathe KS - Kansas home equity loan -- Mortgage Investment Services Corp , Johnson County Click to request assistance
Olathe KS - Kansas reverse mortgage -- Premier Mortgage Funding , Johnson County Click to request assistance
Olathe KS - Kansas home equity loan -- First Eagle Home Mortgage , Johnson County Click to request assistance
Olathe KS - Kansas home equity loan -- Mortgage M D , Johnson County Click to request assistance
Olathe KS - Kansas reverse mortgage -- First National Mortgage Sources , Johnson County Click to request assistance
Olathe KS - Kansas home equity loan -- Trinity Mortgage Companies Inc , Johnson County Click to request assistance
Olathe KS - Kansas reverse mortgage -- Vested Mortgage Group , Johnson County Click to request assistance
Oskaloosa KS - Kansas home equity loan -- Home Quest Mortgage , Jefferson County Click to request assistance
Ottawa KS - Kansas reverse mortgage -- SCC Mortgage , Franklin County Click to request assistance
Overland Park KS - Kansas home equity loan -- Allied Home Mortgage , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Bridge Mortgage LLC Aff Of Clarion Mort Cap Inc , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Allied Home Mortgage Capital Corp , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Universal Mortgage Corp , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Mission Mortgage LLC , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- American Financial Mortgage , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Mortgage Enterprise Inc , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Gateway Mortgage , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Mortgage Alliance Corp , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Plaza Mortgage Services , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Essex Mortgage , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Direct Mortgage Inc , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Plaza Mortgage Corporate , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Mutual Mortgage , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Fidelity Mortgage Inc , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Diamond Mortgage Group LLC , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Premier Mortgage , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- First Financial Mortgage Corp , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Irwin Mortgage , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- Citywide Mortgage Associates Inc , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- Diamond Mortgage Group , Johnson County Click to request assistance
Overland Park KS - Kansas reverse mortgage -- The Mortgage Authority Inc , Johnson County Click to request assistance
Overland Park KS - Kansas home equity loan -- National Bank Of Kansas City , Johnson County Click to request assistance
Parsons KS - Kansas reverse mortgage -- Heartland Mortgage Group Inc , Labette County Click to request assistance
Pittsburg KS - Kansas home equity loan -- US Bank Home Mortgage , Crawford County Click to request assistance
Prairie Village KS - Kansas reverse mortgage -- Plaza Mortgage Services , Johnson County Click to request assistance
Prairie Village KS - Kansas home equity loan -- Plaza Mortgage Corporate , Johnson County Click to request assistance
Prairie Village KS - Kansas home equity loan -- Plaza Mortgage , Johnson County Click to request assistance
Prairie Village KS - Kansas reverse mortgage -- Inland Mortgage , Johnson County Click to request assistance
Saint George KS - Kansas home equity loan -- Blue Sky Mortgage , Pottawatomie County Click to request assistance
Salina KS - Kansas reverse mortgage -- Mortgage Company The , Saline County Click to request assistance
Salina KS - Kansas home equity loan -- Bank Of The West Federal Mortgage Loan , Saline County Click to request assistance
Salina KS - Kansas reverse mortgage -- Applebee Monty Mortgage Specialist , Saline County Click to request assistance
Shawnee KS - Kansas home equity loan -- Dependable Mortgage Solutions LLC , Johnson County Click to request assistance
Shawnee KS - Kansas reverse mortgage -- Olympic Mortgage , Johnson County Click to request assistance
Shawnee KS - Kansas home equity loan -- Eagle Nationwide Mortgage , Johnson County Click to request assistance
Shawnee KS - Kansas reverse mortgage -- Plaza Mortgage , Johnson County Click to request assistance
Shawnee Mission KS - Kansas home equity loan -- US American Notes , Johnson County Click to request assistance
Shawnee Mission KS - Kansas reverse mortgage -- Mortgage Consultants Inc , Johnson County Click to request assistance
South Hutchinson KS - Kansas home equity loan -- Bank Of Kansas , Reno County Click to request assistance
Tonganoxie KS - Kansas reverse mortgage -- Community National Mortgage Co , Leavenworth County Click to request assistance
Tonganoxie KS - Kansas home equity loan -- First State Bank & Trust , Leavenworth County Click to request assistance
Tonganoxie KS - Kansas reverse mortgage -- Sunset Mortgage , Leavenworth County Click to request assistance
Topeka KS - Kansas home equity loan -- Credit Union Mortgage Services , Shawnee County Click to request assistance
Topeka KS - Kansas reverse mortgage -- Wells Fargo Home Mortgage, Shawnee County Click to request assistance
Topeka KS - Kansas home equity loan -- Lyndon State Bank, Shawnee County Click to request assistance
Topeka KS - Kansas home equity loan -- Mortgage Specialist , Shawnee County Click to request assistance
Topeka KS - Kansas reverse mortgage -- Central National Bank Wanamaker Branch, Shawnee County Click to request assistance
Topeka KS - Kansas home equity loan -- Capitol Federal Savings Savings, Shawnee County Click to request assistance
Topeka KS - Kansas reverse mortgage -- Premier Mortgage LLC, Shawnee County Click to request assistance
Topeka KS - Kansas home equity loan -- Hilco Mortgage Company , Shawnee County Click to request assistance
Topeka KS - Kansas reverse mortgage -- Arrow Financial Services Inc, Shawnee County Click to request assistance
Topeka KS - Kansas home equity loan -- Kansas Super Chief Credit Union , Shawnee County Click to request assistance
Topeka KS - Kansas reverse mortgage -- Wells Fargo Home Mortgage , Shawnee County Click to request assistance
Topeka KS - Kansas home equity loan -- Scc Mortgage, Shawnee County Click to request assistance
Topeka KS - Kansas reverse mortgage -- Landmark National Bank, Shawnee County Click to request assistance
Topeka KS - Kansas home equity loan -- Credit Union 1 of Kansas Www.Cu1ks.Org, Shawnee County Click to request assistance
Topeka KS - Kansas reverse mortgage -- Capitol Federal Savings Savings, Shawnee County Click to request assistance
Topeka KS - Kansas home equity loan -- Central National Bank , Shawnee County Click to request assistance
Wamego KS - Kansas reverse mortgage -- Allied Home Mortgage Capital , Pottawatomie County Click to request assistance
Wellington KS - Kansas home equity loan -- Gateway Mortgage Group , Sumner County Click to request assistance
Wichita KS - Kansas reverse mortgage -- First Equity Mortgage Services Inc , Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- Wells Fargo Home Mortgage , Sedgwick County Click to request assistance
Wichita KS - Kansas reverse mortgage -- Mortgages Unlimited Inc , Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- Spectrum Mortgage Company , Sedgwick County Click to request assistance
Wichita KS - Kansas reverse mortgage -- Kansas Mortgage Center , Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- Gateway Mortgage , Sedgwick County Click to request assistance
Wichita KS - Kansas reverse mortgage -- Mortgage Centre , Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- Premier Capital Mortgage , Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- First Horizon Home Loans, Sedgwick County Click to request assistance
Wichita KS - Kansas reverse mortgage -- Hampel Paul Mortgage Broker , Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- Midwest Mortgage Service , Sedgwick County Click to request assistance
Wichita KS - Kansas reverse mortgage -- Birkle Dan Kansas Mortgage Center, Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- Executive Mortgage , Sedgwick County Click to request assistance
Wichita KS - Kansas reverse mortgage -- SNB Bank Of Wichita , Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- Gateway Mortgage , Sedgwick County Click to request assistance
Wichita KS - Kansas reverse mortgage -- Priority Mortgage Reverse Mortgage Division , Sedgwick County Click to request assistance
Wichita KS - Kansas home equity loan -- Allied Mortgage , Sedgwick County Click to request assistance
Wichita KS - Kansas reverse mortgage -- Pinnacle Mortgage , Sedgwick County Click to request assistance
Wichtita KS - Kansas home equity loan -- Credit Union Of America , Sedgwick County Click to request assistance
Winfield KS - Kansas reverse mortgage -- Cornerbank Mortgage , Cowley County Click to request assistance
Winfield KS - Kansas home equity loan -- Cooper 1 Mortgage , Cowley County Click to request assistance
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Contact Kansas Reverse Mortgage Services
For the convenience of the public, care providers are listed on this page to show services available in a particular area. We cannot verify the business practice or the background of providers listed on this page. As a result, we do not provide contact information. Members of the Kansas Care Planning Council, listed on this site, have agreed to abide by a code of ethics. If you wish to contact a member of the Kansas Care Planning Council regarding any of the eldercare services listed on this page, please fill out the form below and a council member will contact you. Please be aware that your information may be shared with other members of the Care Planning Council who might be able to help you as well. Read Our Disclaimer.
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About Reverse Mortgages
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.
A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".
Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.
For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.
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About Reverse Mortgages
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.
A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".
Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.
For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.
False Beliefs
- "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
- "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
- "I could end up owing more than my house is worth." The homeowner can never owe more than the value of the home at the time the loan is due.
- "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.
Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.
There are no income, asset or credit requirements. It is the easiest loan to qualify for.
A reverse mortgage is similar to a conventional mortgage. As an example:
- The bank does not own the home but owns a lien on the property just as with any other mortgage
- You continue to hold title to the property as with any other mortgage
- The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
- There is no penalty to pay off the mortgage early
The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:
- daily living expenses
- home repairs and improvements
- medical bills and prescription drugs
- pay-off of existing debts
- education, travel
- long-term care and/or long-term care insurance
- financial and estate tax plans
- gifts and trusts
- to purchase life insurance
- or any other needs you may have.
The amount of reverse mortgage benefit for which you may qualify, will depend on
- your age at the time you apply for the loan,
- the reverse mortgage program you choose,
- the value of your home, current interest rates,
- and for some products, where you live.
As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.
The loan is not due and payable until the borrower no longer occupies the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.
There are three reverse mortgage loan products available, the FHA - HECM (Home Equity Conversion Mortgage), Fannie Mae - HomeKeeper®, and the Cash Account programs. Over 90% of all reverse mortgages are HECM contracts.
The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs will be financed as part of the mortgage prior to your withdrawal of additional funds.
You must participate in an independent Credit Counseling session with a FHA-approved counselor early in the application process for a reverse mortgage. The counselor's job is to educate you about all of your mortgage options. This counseling session is at no cost to the borrower and can be done in person or, more typically, over the telephone. After completing this counseling, you will receive a Counseling Certificate in the mail which must be included as part of the reverse mortgage application.
You can choose 3 options to receive the money from a reverse mortgage:
1) all at once (lump sum);
2) fixed monthly payments (for up to life);
3) a line of credit; or a combination of a line of credit and monthly payments. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.
Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement. Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder attorney in your state.
If a senior homeowner chooses to repay any portion of the interest accruing against his borrowed funds, the payment of this interest may be deductible (just as any mortgage interest may be). A reverse mortgage loan will be available to a senior homeowner to draw upon for as long as that person lives in the home. And, in some cases, the lender increases the total amount of the line of credit over time (unlike a traditional Home Equity Line whose credit limit is established at origination). If a senior homeowner stays in the property until he or she dies, his or her estate valuation will be reduced by the amount of the debt.
At the death of the last borrower or the sale of the home, the loan is repaid from equity in the home. Any remaining equity (which is often the case) goes to the heirs. Almost all reverse mortgages are the HECM loan which is guaranteed by FHA mortgage insurance. If there is not enough equity to cover the loan, the insurance satisfies the loan by paying the deficit. With a HECM loan, the bank will never come after the heirs to satisfy the mortgage obligation.
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