Find the Best Reverse Mortgage Lenders in Indianapolis, IN

How to choose a reverse mortgage lender in Indianapolis

In Indianapolis, where about 11 percent of the population is 65 or older and home values are rising, senior homeowners living in neighborhoods like Carmel, Meridian Hills and Warren Park may find that a reverse mortgage makes sense. Reverse mortgages allow senior homeowners to tap into the equity in their homes and receive payments directly from lenders. These funds can generally be used for a number of different purposes, including paying monthly bills, buying a second home or financially assisting other family members.

The most common type of reverse mortgage is known as a Home Equity Conversion Mortgage (HECM). In order to qualify for an HECM in Indianapolis, you must:

• Be 62 or older
• Own or be close to owning the property outright
• Occupy the property as a principal residence
• Not be late on any federal debt
• Be able to pay property taxes, insurance, fees, etc.
• Participate in a government-approved HECM counseling session

With an HECM in Indianapolis, the borrower has the option to receive funds in a lump sum, in monthly payments, as a line of credit or in a combination of monthly payments and a line of credit. Another common type of reverse mortgage, known as a proprietary reverse mortgage, is privately funded and may be more suitable for Indianapolis homeowners with higher-valued homes.

Keep in mind that a reverse mortgage in Indianapolis is a loan that eventually will have to be repaid. Usually, reverse mortgages are repaid once the borrower dies or the home is sold.

When considering a reverse mortgage company in Indianapolis, compare fees and costs from all lenders, taking into account origination and closing costs, interest rates and closing fees. Be certain you can use the money from the loan for the purpose you desire.