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How To Get a Reverse Mortgage Kentucky

Local Companies

Old Colonial Mortgage LLC
502-423-5400
2302 Hurstbourne Village Dr Ste 1200
Louisville, KY

Webmyne
0235464
Hopkinsville
Kentucky, KY

Summit Mortgage Company Of The Bluegrass
859-219-9060
1718 Sharkey Way Suite 200
Lexington, KY

Countrywide Home Loans
859-260-1742
2380 Norman Ln
Lexington, KY

Priority Mortgage Associates, LLC
270-763-8111
2832 Shepherdsville Rd.
Elizabethtown, KY

Wells Fargo Home Mortgage
(859) 745-0733
114 S. Maple St
Winchester, KY

A+ Credit, LLC
502-459-2222
3801 Springhurst Blvd.
Louisville, KY

The Cecilian Bank
270-737-3750
2633 Leitchfield Rd
Elizabethtown, KY

Aaron Mortgage Co Hikes Point
502-451-3002
2950 Breckenridge Ln
Louisville, KY

Residential Mortgage Services
859-252-5626
191 Kentucky Avenue
Lexington, KY

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Reverse mortgages can be a way to help an elderly individual or couple receive the money they need to make the rest of their lives comfortable, to finance a medical need, or to get them out of a financial bind. With a reverse mortgage, a lender will pay you a lump sum or monthly payments and in return, the lender will have ownership over your home when you pass or move out of the home. Additionally, if you sell your home, the loan will need to be repaid in full. A reverse mortgage is not a decision that should be taken lightly. It seems like a great deal, but there are also many factors to consider. The steps below will help you through the process.

Decide which type of reverse mortgage fits you best. You can choose from a single-purpose reverse mortgage, which is given out by the government and nonprofit companies, a Home Equity Conversion Mortgage, which allows your mortgage to be insured by HUD, and a proprietary reverse mortgage, which is a fully private loan.
Make sure you meet the minimum requirements for the type of reverse mortgage you choose. These usually include being 62 or older, owning your own home (which may or may not have mortgage payments remaining on it), and using the home as your primary residence. Some programs may have their own requirements, such as income guidelines.
Determine what you can get from your home and if it is enough to fulfill your needs.
Determine how you will receive your funds. You can choose from lump sum payment, a line of credit (which you can access when you need), a monthly payment (which will be a set amount paid at the same time every month), or you can combine a number of methods if you need flexibility. Each of these options will have its own advantages or disadvantages depending on your situation.

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Author: Julie Bonner

Featured Local Company

Old Colonial Mortgage LLC

502-423-5400
2302 Hurstbourne Village Dr Ste 1200
Louisville, KY
http://www.ocmrates.com

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Regional Articles

- Reverse Mortgage Kentucky

A new term, reverse mortgage, is simply a loan against your home that you do not have to pay back for as long as you live there. That means that with a reverse mortgage, you can turn the value of your home into cash without having to move or to repay.

- How To Learn About Reverse Mortgages Kentucky
- Mortgage Life Insurance Kentucky
- Private Mortgage Insurance Kentucky
- Cash-out Mortgage Refinancing Kentucky
- A HUD Reverse Mortgage For Retirement Kentucky
- How can I cancel private mortgage insurance? Kentucky
- Independent Mortgage Advisors Kentucky
- What You Need to Know About Private Mortgage Insurance Kentucky
- Mortgage Basics Kentucky

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Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History