1-866-840-0279Connecticut Reverse Mortgages
A Connecticut reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.
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ConnecticutUse the interactive map or the state selector to find more reverse mortgage information about your state.
How a Reverse Mortgage Works in Connecticut
Proceeds received from a CT reverse mortgage can be used for a number of options, like the following:
Constitution State residents that are interested in finding out more about this source of retirement income can visit GoodLife’s reverse mortgage guide. The free download explains everything you need to know about the HECM program — plus, if you still have questions, you can always reach out to one of our Reverse Mortgage Specialists.
Reverse Mortgage Qualifications & Requirements
If you’re curious whether you qualify, be sure to read the reverse mortgage eligibility page to better understand the requirements and how they may apply to your specific financial situation. If you still have questions, you are always free to reach out to a GoodLife Reverse Mortgage Specialist, who will be happy to help.
Connecticut Reverse Mortgage Calculator
Check out our reverse mortgage calculator for a free estimate of how much home equity you may be able to access to increase your cash flow.
Connecticut Reverse Mortgage Process
When you work with GoodLife, you benefit from our quick, painless reverse mortgage application process. In just 4 simple steps, you can be on your way to receiving the funding you need, so you can focus on what makes you happy in retirement. Here’s what the process entails:
Consultation
First, you can start by reading the information on our site, and speaking with a Reverse Mortgage Specialist to find out everything you need to know about HECM loans.
Counseling
Next, the FHA mandates that all HECM applicants meet with a HUD-approved counselor. The counselor must be third-party, to help you make the most informed decision you can.
Application
After being okayed by the counselor, you will be able to apply for the loan. During this phase, an FHA-approved appraiser will come to value your home and ensure compliance.
Funding
Once your application is approved, you can begin to receive funding either as a lump sum, monthly payments, or as a line of credit.
Reverse Mortgages in Connecticut: FAQs
What if I still have an existing mortgage?
Connecticut borrowers who still owe money on a mortgage are eligible to apply for a HECM loan. However, you must still own significant equity in the home in order to be considered eligible — usually over 50%. Note as well that reverse mortgage proceeds will first go toward paying off the home before being disbursed as cash or credit to you.
Are there monthly payments required on a CT reverse mortgage?
Monthly payments are not due on a CT reverse mortgage. Reverse mortgages only become due and payable after a maturation event, such as the death of the borrower or the borrower moving out of the home. Once the loan matures, either the borrower or their heirs will be responsible for the loan or the value of the home, whichever is less.
Which properties in Connecticut qualify for a reverse mortgage?
Whether you live in Hartford, New Haven, or somewhere in the famous New England countryside, we are committed to helping you finance your reverse mortgage. The following properties are considered eligible:
- Single-family homesÂ
- Townhomes
- FHA-approved condominiums
- Two- to four-unit properties
Note that properties with more than four units are considered commercial, and so are ineligible. HECM guidelines also maintain that borrowers live in the home as their primary residence throughout the term of the loan.
Download the Reverse Mortgage Guide
Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!
