Understanding reverse mortgage facts and separating them from fiction is important if you want to be able to take advantage of the many benefits that this loan, also known as the Home Equity Conversion Mortgage (HECM), offers. There are a lot of people in IN who hear about the HECM program and never choose to even consider getting one because they are afraid to. They are afraid that they will end up losing their home. Or that they will be forced to leave by a certain date. Or that they will have to start making mortgage payments again. Or that they will end up costing their heirs any inheritance that they would receive when they pass away. Believe it or not, these are all fears that are generally unfounded. By learning the following reverse mortgage facts, you can gain a better understanding of what they are, and more importantly how getting one might benefit you.
Find out how a reverse mortgage loan can be part of a comfortable retirement. Click here for free information.
How It Works in Indiana
- With a reverse mortgage, there is no risk of losing your home, and you will never have to leave your home, provided that you pay your taxes and insurance (which you’re already doing) and that it’s your primary residence. You don’t have any monthly payments to worry about, so there’s no need to be concerned about possibly falling behind on payments. It’s your home, it remains your home, and you leave it only when you are ready to or must move (for example, for health reasons).
- With a reverse mortgage, you have the option of tapping into the equity in your home and using it however you see fit. That means you can cover expenses, go out to dinner more often, take a trip, fix up your home, or do anything else you want to. Does this cut into the equity in your home? Yes, it does. Will that reduces the amount of money you leave to your heirs when you pass away? Yes, but you can curtail the amount of the reduction by simply using the equity moderately. Just because you have access to the money doesn’t mean that you have to spend it.
- You must be at least 62 years of age or older in order to qualify for an Indiana reverse mortgage.
- You must either own your home outright or owe a small amount on your original mortgage in order to qualify for a reverse mortgage. You have to remember, a reverse mortgage is ultimately a loan, and like all loans, the lender needs to be able to make money on the deal in order for them to want to pursue it.
- You must meet with a counselor before being approved for a reverse mortgage. This step is done to ensure that you understand what a reverse mortgage is and what your obligations will be once you get one.
- You must also be able to demonstrate that you will be financially capable of caring for your home going forward. That means being able to pay for upkeep and repairs, as well as being able to pay any property taxes and insurance. The good news is that this generally isn’t a concern for most IN people.
Interested in an Indiana reverse mortgage? Click here for a free information kit!
The Top Indiana Reverse Mortgage Lenders
| Lender |
Loans |
Total Principal Limit |
| WELLS FARGO |
1,930 |
239,819,079 |
| AMERICAN ADVISORS GROUP |
1,839 |
287,754,340 |
| ONE REVERSE MORTGAGE LLC |
850 |
106,606,360 |
| FINANCE OF AMERICA REVERSE LLC |
815 |
141,008,755 |
| FINANCIAL FREEDOM SENIOR FUNDING CORP |
740 |
80,386,278 |
| SENIORS EQUITY INCOME INC |
617 |
65,062,694 |
| METLIFE BANK NATIONAL ASSOCIATION |
458 |
66,543,482 |
| MUTUAL OF OMAHA MORTGAGE INC. |
346 |
103,712,006 |
| HOMEOWNERS MORTGAGE SERVICE INC |
286 |
26,607,902 |
| MORTGAGE NETWORK INC |
228 |
31,683,470 |
| GMFS LLC |
222 |
32,549,300 |
| LIBERTY HOME EQUITY SOLUTIONS INC |
222 |
33,264,167 |
| REVERSE MORTGAGE SOLUTIONS INC |
189 |
29,767,182 |
| UNITY MORTGAGE CORP |
179 |
13,126,378 |
| FIRST MIDWEST BANK |
158 |
25,012,015 |
| SENIOR INCOME REVERSE MORTGAGE |
151 |
9,428,250 |
| WORLD ALLIANCE FINANCIAL CORP. |
150 |
20,554,340 |
| CUSTOM MORTGAGE INC |
149 |
13,666,103 |
| MORTGAGE.SHOP LLC |
144 |
14,990,600 |
| ROYAL UNITED MORTGAGE LLC |
141 |
21,117,900 |
Since 2012
| Lender |
Loans |
Total Principal Limit |
| AMERICAN ADVISORS GROUP |
1,691 |
269,959,140 |
| FINANCE OF AMERICA REVERSE LLC |
515 |
104,886,775 |
| ONE REVERSE MORTGAGE LLC |
445 |
60,028,200 |
| MUTUAL OF OMAHA MORTGAGE INC. |
346 |
103,712,006 |
| LIBERTY HOME EQUITY SOLUTIONS INC |
204 |
30,836,867 |
| REVERSE MORTGAGE SOLUTIONS INC |
189 |
29,767,182 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION |
137 |
30,640,039 |
| GMFS LLC |
132 |
19,985,000 |
| LONGBRIDGE FINANCIAL LLC |
129 |
30,670,750 |
| SYNERGY ONE LENDING INC. |
103 |
24,139,293 |
Find out how a reverse mortgage loan can be part of a comfortable retirement. Click here for free information.
Reverse Mortgage Interest Rates in Indiana
Current Rates
| Date |
Fixed Rate |
Adjustable Rate |
| 2019-01-01 |
NA |
5.09% |
| 2019-02-01 |
5.03% |
4.95% |
| 2019-03-01 |
NA |
5.05% |
| 2019-04-01 |
NA |
4.98% |
| 2019-05-01 |
NA |
5.02% |
| 2019-06-01 |
4.68% |
4.72% |
| 2019-07-01 |
4.99% |
4.67% |
| 2019-08-01 |
5.00% |
4.36% |
| 2019-09-01 |
NA |
4.43% |
| 2019-10-01 |
NA |
4.62% |
| 2019-11-01 |
NA |
4.46% |
| 2019-12-01 |
NA |
4.20% |
| 2020-01-01 |
NA |
4.22% |
| 2020-02-01 |
NA |
4.07% |
| 2020-03-01 |
NA |
4.15% |
| 2020-04-01 |
NA |
3.89% |
| 2020-05-01 |
NA |
3.70% |
| 2020-06-01 |
3.68% |
3.55% |
| 2020-07-01 |
NA |
3.54% |
| 2020-08-01 |
3.93% |
3.10% |
| 2020-09-01 |
3.22% |
3.18% |
| 2020-10-01 |
3.06% |
3.17% |
| 2020-11-01 |
3.37% |
2.97% |
| 2020-12-01 |
3.25% |
2.97% |
| 2021-01-01 |
3.43% |
2.84% |
| 2021-02-01 |
3.20% |
2.76% |
| 2021-03-01 |
3.06% |
2.50% |
| 2021-04-01 |
3.93% |
2.61% |
| 2021-05-01 |
NA |
2.48% |
| 2021-06-01 |
3.18% |
2.14% |
| 2021-07-01 |
NA |
2.06% |
| 2021-08-01 |
3.12% |
2.27% |
| 2021-09-01 |
NA |
2.49% |
| 2021-10-01 |
NA |
2.43% |
| 2021-11-01 |
3.06% |
2.35% |
| 2021-12-01 |
3.37% |
2.42% |
| 2022-01-01 |
3.43% |
2.41% |
| 2022-02-01 |
3.68% |
2.61% |
| 2022-03-01 |
3.43% |
3.01% |
| 2022-05-01 |
3.43% |
3.98% |
| 2022-04-01 |
4.31% |
3.45% |
| 2022-06-01 |
5.56% |
4.21% |
| 2022-07-01 |
4.06% |
4.76% |
| 2022-08-01 |
NA |
5.25% |
| 2022-09-01 |
NA |
5.71% |
| 2022-10-01 |
5.56% |
6.25% |
| 2022-11-01 |
5.93% |
6.84% |
| 2022-12-01 |
NA |
7.09% |
| 2023-01-01 |
NA |
7.22% |
| 2023-02-01 |
NA |
7.18% |
| 2023-03-01 |
NA |
7.47% |
| 2023-04-01 |
NA |
7.13% |
| 2023-05-01 |
NA |
7.12% |
| 2023-06-01 |
NA |
7.40% |
| 2023-07-01 |
NA |
7.64% |
| 2023-08-01 |
NA |
7.82% |
| 2023-09-01 |
NA |
7.62% |
| 2023-10-01 |
NA |
7.67% |
| 2023-11-01 |
NA |
7.78% |
| 2023-12-01 |
NA |
7.75% |
| 2024-01-01 |
NA |
7.73% |
| 2024-02-01 |
NA |
7.38% |
| 2024-03-01 |
NA |
7.41% |
| 2024-04-01 |
NA |
7.36% |
| 2024-05-01 |
NA |
7.54% |
| 2024-06-01 |
NA |
7.55% |
| 2024-07-01 |
NA |
7.52% |
| 2024-08-01 |
NA |
7.44% |
| 2024-09-01 |
NA |
6.69% |
Historic Rates
| Date |
Fixed Rate |
Adjustable Rate |
| 2016-01-01 |
4.91% |
3.52% |
| 2016-02-01 |
5.02% |
3.77% |
| 2016-03-01 |
5.02% |
3.87% |
| 2016-04-01 |
5.00% |
3.94% |
| 2016-05-01 |
5.06% |
4.03% |
| 2016-06-01 |
4.85% |
4.09% |
| 2016-07-01 |
4.98% |
4.18% |
| 2016-08-01 |
4.92% |
4.32% |
| 2016-09-01 |
5.02% |
4.39% |
| 2016-10-01 |
4.87% |
4.67% |
| 2016-11-01 |
4.75% |
4.64% |
| 2016-12-01 |
5.00% |
4.78% |
| 2017-01-01 |
5.06% |
4.82% |
| 2017-02-01 |
4.96% |
4.69% |
| 2017-03-01 |
5.06% |
4.59% |
| 2017-04-01 |
5.06% |
4.48% |
| 2017-05-01 |
5.06% |
4.46% |
| 2017-06-01 |
4.90% |
4.41% |
| 2017-07-01 |
5.06% |
4.34% |
| 2017-08-01 |
4.98% |
4.50% |
| 2017-09-01 |
5.06% |
4.49% |
| 2017-10-01 |
5.06% |
4.49% |
| 2017-11-01 |
5.05% |
4.64% |
| 2017-12-01 |
5.04% |
4.66% |
| 2018-01-01 |
5.00% |
4.71% |
| 2018-02-01 |
4.76% |
4.71% |
| 2018-03-01 |
4.87% |
4.60% |
| 2018-04-01 |
4.70% |
4.79% |
| 2018-05-01 |
5.06% |
4.69% |
| 2018-06-01 |
4.75% |
4.71% |
| 2018-07-01 |
4.74% |
4.65% |
| 2018-08-01 |
4.73% |
4.80% |
| 2018-09-01 |
4.87% |
4.71% |
| 2018-10-01 |
NA |
4.77% |
| 2018-11-01 |
4.56% |
4.64% |
| 2018-12-01 |
4.75% |
4.91% |
Top Cities in Indiana by Total HECM Loans Originated
| Rank |
City |
Zip |
Total |
| 1 |
CROWN POINT |
46307 |
194 |
| 2 |
GARY |
46404 |
152 |
| 3 |
MICHIGAN CITY |
46360 |
151 |
| 4 |
ELKHART |
46514 |
151 |
| 5 |
HOBART |
46342 |
131 |
| 6 |
INDIANAPOLIS |
46226 |
126 |
| 7 |
INDIANAPOLIS |
46220 |
125 |
| 8 |
INDIANAPOLIS |
46208 |
121 |
| 9 |
INDIANAPOLIS |
46205 |
121 |
| 10 |
VALPARAISO |
46385 |
121 |
| 11 |
INDIANAPOLIS |
46218 |
120 |
| 12 |
SOUTH BEND |
46614 |
114 |
| 13 |
LA PORTE |
46350 |
114 |
| 14 |
HIGHLAND |
46322 |
110 |
| 15 |
INDIANAPOLIS |
46227 |
108 |
| 16 |
INDIANAPOLIS |
46260 |
107 |
| 17 |
MERRILLVILLE |
46410 |
107 |
| 18 |
MUNCIE |
47304 |
106 |
| 19 |
VALPARAISO |
46383 |
102 |
| 20 |
GARY |
46407 |
102 |
| 21 |
INDIANAPOLIS |
46219 |
101 |
| 22 |
PORTAGE |
46368 |
98 |
| 23 |
GREENWOOD |
46143 |
98 |
| 24 |
JEFFERSONVILLE |
47130 |
96 |
| 25 |
FORT WAYNE |
46835 |
95 |
| 26 |
SCHERERVILLE |
46375 |
95 |
| 27 |
BROWNSBURG |
46112 |
95 |
| 28 |
NEW ALBANY |
47150 |
95 |
| 29 |
INDIANAPOLIS |
46203 |
94 |
| 30 |
CARMEL |
46033 |
94 |
HECM Housing Counselors
HOMESTEAD CS
671 N 36TH ST
LAFAYETTE, IN 47905-4475
(765) 423-1284
www.homesteadcs.org
CITY OF BLOOMINGTON – HOUSING AND NEIGHBORHOOD DEVELOPMENT (HAND)
401 N MORTON STREET
BLOOMINGTON, IN 47404-3729
(812) 349-3401
http://www.bloomington.in.gov/hand
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