Is a Kentucky Reverse Mortgage Right for Me?

This is an important question that you need to be certain about if you are thinking about getting a reverse loan on your home. When you get this loan, also known as a home equity conversion mortgage (HECM), on your home you are making a financial commitment that will change a few things regarding the ownership of your home. The important takeaway here is that the biggest change as long as you live in the home is that you are effectively exchanging your equity for cash. When the times comes for you to leave your home, then you will have to either pay back the money you borrowed through the reverse mortgage, or you will have to sell your home to pay the money back. Again, this will have no effect on you in any way so long as you live in your home.

Find out how a reverse mortgage loan can be part of a comfortable Kentucky retirement. Click here for free information.

Do You Qualify in KY?

Before deciding whether or not you want to pursue a HECM loan, the first thing you need to do is find out if you even meet the criteria to qualify for one.

  • Are you at least 62 years old?
  • Do you own your home outright or owe very little on your mortgage?
  • Can you demonstrate an ability to financially take care of the home going forward
  • Are you willing to meet with a HUD approved advisor to go over your options before taking out a reverse mortgage?

If you answered yes to these questions, then you likely qualify for a reverse mortgage. Now, you have to decide if it’s the right move for you and if it will have the kind of positive impact on your life that makes it worth doing.

Do You Wish You Had More Money at Your Disposal in Kentucky?

Of course, everyone always wishes they had more money. In the context here, do you have enough money to be able to live life comfortably? If you have a healthy retirement account, a pension, and social security benefits, then you are probably pretty comfortably financially speaking. On the other hand, if you lack a lot of retirement savings and other financial resources, and are having trouble paying your bills each month, then you are in an entirely different type of situation. In this situation, it’s very possible that a HECM loan can help.

Are You Ready to Do the Things You Have Been Putting Off Your Entire Life?

How many times in life have you had to deny doing something you really wanted to because you couldn’t afford it? If you are anything like the average person then that’s probably come up more than a few times. Life is hectic and challenging, and expensive. You’ve probably sacrificed for years to make your mortgage payments, raise a family, and be financially responsible. Now, it’s time you thought about what you want to do. Do you want to spend the rest of your life living the same way? Or, do you want to give yourself the financial freedom it takes to be able to finally do the things you have never been able to do before?

Interested in a reverse mortgage? Click here for a free information kit!

Biggest Kentucky Reverse Mortgage Companies

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,394 236,190,753
WELLS FARGO 791 116,418,318
ONE REVERSE MORTGAGE LLC 694 95,176,227
STOCK YARDS BANK MORTGAGE COMPANY 491 68,853,435
FINANCIAL FREEDOM SENIOR FUNDING CORP 228 28,400,067
VAN DYK MORTGAGE CORPORATION 182 33,818,753
METLIFE BANK NATIONAL ASSOCIATION 166 26,101,490
FINANCE OF AMERICA REVERSE LLC 137 21,937,700
REVERSE MORTGAGE SOLUTIONS INC 129 20,819,100
LIBERTY HOME EQUITY SOLUTIONS INC 115 18,335,700
RESIDENTIAL MORTGAGE SERVS INC 113 13,012,616
REVERSE MORTGAGE USA INC 83 11,811,700
REVERSE MORTGAGE FUNDING LLC 78 17,433,544
LEXINGTON INVESTMENT MORTGAGE CO LLC 63 9,342,460
PROFICIO MORTGAGE VENTURES LLC 62 11,226,800
WORLD ALLIANCE FINANCIAL CORP. 61 8,948,785
LONGBRIDGE FINANCIAL LLC 52 12,932,650
TRI COUNTY MORTGAGE CO 51 3,931,748
LIVE WELL FINANCIAL INC 50 8,284,000
FIFTH THIRD BANK 41 5,939,530

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,267 216,452,453
ONE REVERSE MORTGAGE LLC 372 54,934,500
VAN DYK MORTGAGE CORPORATION 136 25,895,793
REVERSE MORTGAGE SOLUTIONS INC 119 19,702,600
LIBERTY HOME EQUITY SOLUTIONS INC 107 16,675,200
REVERSE MORTGAGE FUNDING LLC 78 17,433,544
PROFICIO MORTGAGE VENTURES LLC 57 10,343,800
REVERSE MORTGAGE USA INC 55 7,433,700
LONGBRIDGE FINANCIAL LLC 52 12,932,650
FIRSTBANK 41 7,869,700

Find out how a reverse mortgage loan can be part of a comfortable Kentucky retirement. Click here for free information.

Interest Rates for Kentucky Reverse Loans

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 NA 4.95%
2019-02-01 4.56% 5.30%
2019-03-01 4.75% 4.88%
2019-04-01 NA 4.95%
2019-05-01 4.75% 4.69%
2019-06-01 NA 5.18%
2019-07-01 NA 4.96%
2019-08-01 4.68% 4.55%
2019-09-01 NA 4.29%
2019-10-01 NA 4.50%
2019-11-01 3.93% 4.71%
2019-12-01 NA 4.61%
2020-01-01 NA 4.36%
2020-02-01 NA 4.42%
2020-03-01 NA 4.36%
2020-04-01 NA 4.23%
2020-05-01 NA 3.99%
2020-06-01 NA 3.36%
2020-07-01 NA 3.71%
2020-08-01 NA 3.39%
2020-09-01 NA 3.33%
2020-10-01 NA 3.15%
2020-11-01 NA 3.07%
2020-12-01 3.93% 2.96%
2021-01-01 3.06% 2.96%
2021-02-01 3.31% 2.73%
2021-03-01 3.31% 2.59%
2021-04-01 3.06% 2.40%
2021-05-01 NA 2.54%
2021-06-01 3.68% 2.20%
2021-07-01 3.25% 2.17%
2021-08-01 3.06% 2.23%
2021-09-01 3.31% 2.54%
2021-10-01 NA 2.49%
2021-11-01 NA 2.23%
2021-12-01 3.18% 2.50%
2022-01-01 NA 2.70%
2022-02-01 NA 2.66%
2022-03-01 NA 2.87%
2022-05-01 NA 3.88%
2022-04-01 3.18% 3.72%
2022-06-01 NA 4.25%
2022-07-01 4.68% 4.95%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 4.75% 3.71%
2016-02-01 4.99% 3.69%
2016-03-01 5.06% 3.86%
2016-04-01 4.91% 3.95%
2016-05-01 5.06% 4.14%
2016-06-01 5.06% 4.30%
2016-07-01 NA 4.17%
2016-08-01 5.06% 4.32%
2016-09-01 5.06% 4.43%
2016-10-01 4.78% 4.59%
2016-11-01 5.06% 4.67%
2016-12-01 5.06% 4.82%
2017-01-01 5.06% 4.85%
2017-02-01 4.69% 4.70%
2017-03-01 4.87% 4.69%
2017-04-01 5.04% 4.51%
2017-05-01 5.04% 4.43%
2017-06-01 NA 4.36%
2017-07-01 4.78% 4.46%
2017-08-01 5.01% 4.49%
2017-09-01 5.02% 4.53%
2017-10-01 5.06% 4.57%
2017-11-01 5.06% 4.57%
2017-12-01 5.06% 4.63%
2018-01-01 5.06% 4.60%
2018-02-01 5.06% 4.49%
2018-03-01 5.06% 4.77%
2018-04-01 NA 4.79%
2018-05-01 4.74% 4.86%
2018-06-01 NA 4.65%
2018-07-01 4.87% 4.85%
2018-08-01 NA 4.99%
2018-09-01 NA 4.99%
2018-10-01 4.43% 5.01%
2018-11-01 NA 5.12%
2018-12-01 NA 5.07%

Top Cities in Kentucky by Total HECM Loans Originated

Rank City Zip Total
1 LOUISVILLE 40206 1,871
2 LEXINGTON 40502 459
3 PADUCAH 42001 105
4 BOWLING GREEN 42104 102
5 OWENSBORO 42301 102
6 ASHLAND 41101 87
7 SOMERSET 42501 85
8 NICHOLASVILLE 40356 71
9 RICHMOND 40475 68
10 FLORENCE 41042 67
11 WINCHESTER 40391 63
12 ELIZABETHTOWN 42701 62
13 GEORGETOWN 40324 62
14 SHEPHERDSVILLE 40165 55
15 LONDON 40741 55
16 COVINGTON 41011 54
17 FRANKFORT 40601 52
18 PARIS 40361 51
19 HOPKINSVILLE 42240 50
20 BARDSTOWN 40004 49
21 VERSAILLES 40383 47
22 MURRAY 42071 45
23 PROSPECT 40059 44
24 LA GRANGE 40031 43
25 MOUNT WASHINGTON 40047 41
26 HARRODSBURG 40330 40
27 MAYFIELD 42066 38
28 DANVILLE 40422 37
29 HENDERSON 42420 37
30 GLASGOW 42141 37

HECM Housing Counselors

KENTUCKY LEGAL AID
1700 DESTINY LN
BOWLING GREEN, KY 42104-1063
(270) 782-1924
http://www.klaid.org

More Local Info