Reverse Mortgage Loans in Indianapolis
Looking to get more out of the investment you have put into your home? If you are a senior, you can convert some of the equity in your home into cash with a reverse mortgage loan in Indianapolis.
What Are the Benefits of an Indianapolis Reverse Mortgage?
With a reverse mortgage loan, you can make your house work for you. By converting the equity to cash, you can enjoy greater financial flexibility in your life. Here are the advantages:
- You can use the money any way you want. You are not obligated to put it toward any use. You can pay bills with it, put it toward your grandkids’ college funds, make repairs to your house, or simply use it to boost your overall standard of living. It is completely up to you.
- You get to stay in the house that you have worked so hard for your entire life.
- It is possible to use a reverse mortgage to delay collecting social security payments. This can entitle you to larger payments when you do begin to collect.
- You can choose an option for funds disbursement that works for your needs. That means you can opt to receive the money as a lump sum, or you can set it up to work as a line-of-credit. You can also receive monthly payments for a set length of time or for the indefinite future.
- In many circumstances, the money you receive through a reverse mortgage is entirely tax-free.
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Who Can Get a Reverse Mortgage in Indianapolis?
Here are the basic requirements to qualify for an Indianapolis reverse mortgage:
- One of the borrowers on the loan needs to be age 62 or higher.
- You need to own at least 50% of the equity in the property you are releasing it from.
- The home in question has to be your primary residence.
- You must continue financial upkeep on the home. That means that you must be current on your property taxes, homeowners association payments, homeowners insurance, and so on.
- You will need to pass an assessment of your tax history. Your income and credit also will be considered.
If you do qualify for a reverse mortgage, you can finally enjoy the financial freedom you have been longing for in your golden years.
Is a reverse mortgage right for you? There are several considerations you need to go over before making your decision, as it can impact your heirs. But for many seniors in Indianapolis, a reverse mortgage can be a ticket to greater contentment.
Call Grandview Lending Today to Apply for a Reverse Mortgage in Indianapolis
Have questions about Indianapolis reverse mortgages, or ready to apply? Give Grandview Lending a call today at 317.255.0062 and we will set up a consultation to discuss your situation and needs. We work closely with each of our clients to ensure that they can meet their financial goals. Let us help you enjoy a higher standard of living in the house that you love!