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 1027 161,153,385
WELLS FARGO 791 116,418,318
ONE REVERSE MORTGAGE LLC 683 93,317,727
STOCK YARDS BANK MORTGAGE COMPANY 491 68,853,435
FINANCIAL FREEDOM SENIOR FUNDING CORP 228 28,400,067
VAN DYK MORTGAGE CORPORATION 173 31,666,960
METLIFE BANK NATIONAL ASSOCIATION 166 26,101,490
REVERSE MORTGAGE SOLUTIONS INC 129 20,819,100
FINANCE OF AMERICA REVERSE LLC 126 18,828,700
RESIDENTIAL MORTGAGE SERVS INC 113 13,012,616
LIBERTY HOME EQUITY SOLUTIONS INC 111 17,378,700
REVERSE MORTGAGE USA INC 83 11,811,700
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
TRI COUNTY MORTGAGE CO 51 3,931,748
LIVE WELL FINANCIAL INC 50 8,284,000
REVERSE MORTGAGE FUNDING LLC 46 8,142,000
FIFTH THIRD BANK 41 5,939,530
FIRSTBANK 41 7,869,700

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 900 141,415,085
ONE REVERSE MORTGAGE LLC 361 53,076,000
VAN DYK MORTGAGE CORPORATION 127 23,744,000
REVERSE MORTGAGE SOLUTIONS INC 119 19,702,600
LIBERTY HOME EQUITY SOLUTIONS INC 103 15,718,200
PROFICIO MORTGAGE VENTURES LLC 57 10,343,800
REVERSE MORTGAGE USA INC 55 7,433,700
REVERSE MORTGAGE FUNDING LLC 46 8,142,000
FIRSTBANK 41 7,869,700
LIVE WELL FINANCIAL INC 40 7,143,500

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%

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 1735
2 LEXINGTON 40502 413
3 PADUCAH 42001 96
4 BOWLING GREEN 42104 90
5 OWENSBORO 42301 87
6 ASHLAND 41101 80
7 SOMERSET 42501 67
8 RICHMOND 40475 66
9 FLORENCE 41042 59
10 NICHOLASVILLE 40356 59
11 ELIZABETHTOWN 42701 55
12 GEORGETOWN 40324 54
13 WINCHESTER 40391 53
14 COVINGTON 41011 52
15 FRANKFORT 40601 50
16 LONDON 40741 49
17 SHEPHERDSVILLE 40165 47
18 HOPKINSVILLE 42240 46
19 VERSAILLES 40383 45
20 PARIS 40361 43
21 MURRAY 42071 42
22 BARDSTOWN 40004 40
23 MAYFIELD 42066 37
24 LA GRANGE 40031 37
25 MOUNT WASHINGTON 40047 37
26 PROSPECT 40059 37
27 HARRODSBURG 40330 36
28 HENDERSON 42420 36
29 CORBIN 40701 32
30 MOUNT STERLING 40353 32

HECM Housing Counselors

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

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