Iowa Reverse Mortgages

An Iowa reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.

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How a Reverse Mortgage Works in IA

An Iowa reverse mortgage enables homeowners in the Hawkeye State to access the equity stored in their home without having to sell or vacate the property. Also known as a home equity conversion mortgage (HECM), a reverse mortgage works by converting a portion of the equity into tax-free cash in the form of loan proceeds. The funds may be spent however you like, such as:
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Supplementing fixed income in retirement
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Deferring Social Security benefits
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Paying for medical bills and expenses
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Helping to afford the cost of living
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Financing home renovations
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Exploring travel, leisure, and hobbies

For more information, read through our comprehensive reverse mortgage guide or contact a trained GoodLife Specialist for assistance.

To learn more about the structure of a reverse mortgage in Iowa, download GoodLife’s reverse mortgage guide for additional information.


Reverse Mortgage Qualifications & Requirements

The HECM program offers government-backed financing overseen by the U.S. Dept. of Housing and Urban Development (HUD) and insured through the Federal Housing Administration (FHA). They establish reverse mortgage requirements in IA and apply the same guidelines to homeowners across the U.S. To meet the federally-established reverse mortgage eligibility criteria, you must:

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Be at least 62 years old
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Own substantial equity in their home
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Live in the property as their primary residence
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Attend a HUD-approved counseling session
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Maintain FHA property standards
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Stay current on financial obligations such as property tax and mortgage insurance

Iowa reverse mortgage qualification depends on a variety of factors, so reach out to one of our friendly GoodLife professionals who can help confirm you’re the right fit for a HECM loan.

Do you qualify for an Iowa reverse mortgage?


Iowa Reverse Mortgage Calculator

Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.

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Reverse Mortgage Calculator
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Based on your home value, you may want to speak with us about a jumbo loan.
You may be eligible for:
Qualification is based on the age of the youngest borrower, appraised property value, and current interest rates. Outstanding financial obligations and closing costs may impact the amount of your available loan proceeds.
At Closing
Lump Sum At Fixed Rate
This option allows you to receive a fixed interest rate on loan proceeds by taking a large, one-time payout at the time of close.
Lump Sum At Variable Rate
By taking a portion of loan proceeds in a lump sum at the time of close, you can later withdraw additional funds at a variable interest rate.
Line of Credit
A HECM credit line offers greater flexibility by allowing you to access loan proceeds as-needed. You only pay interest on the money you use, and the line of available credit grows over time.
Contact our licensed reverse mortgage experts for an exact quote
Learn more with a free guide

Iowa Reverse Mortgage Process

If you’re looking for a reverse mortgage company in Iowa, turn to GoodLife, the top-rated lender on Trustpilot. We simplify the reverse mortgage application process by breaking it down into four steps and provide you with guided assistance from start to finish.


A GoodLife Reverse Mortgage Specialist will learn about you, your goals, and your HECM candidacy. We’ll explain how a reverse mortgage works in full detail, so you can make an informed decision regarding your financial future.


HUD requires all potential borrowers to meet with an approved counselor who will go over the information we provide, acting as an objective third-party. They’ll also answer any additional questions you may have about obtaining a reverse mortgage in IA or the requirements involved.


GoodLife handles every part of the application process in-house, which helps save you time and money by cutting out the middlemen. We’ll arrange an official property appraisal that’s used to help us determine the size of the loan you may be eligible for, and verify that your home is safely maintained to FHA standards.


Once we approve your application, we originate and underwrite the loan in-house and move quickly to disperse the cash proceeds in your preferred form of payment: lump sum, monthly installment, or line of credit.

Reverse Mortgages in IA: FAQs

Which properties in Iowa qualify for a reverse mortgage?

Homeowners who own substantial equity in a single-family home, two- to four-unit multi-family properties, townhouses, and FHA-approved condominiums.

What if I still have an existing mortgage?

You may qualify for a reverse mortgage in Iowa even if you still owe money on an existing mortgage. Many of our customers use their HECM funds to pay off their existing mortgage and eliminate monthly payments to increase their cash flow.

Are there monthly payment requirements for an IA reverse mortgage?

No, borrowers do not have to repay their reverse mortgage loan until it reaches maturity and becomes Due and Payable, but you can make monthly payments to the balance and interest if you choose without a prepayment penalty. However, you are required to pay mortgage insurance and property taxes to stay current on the loan.

If you’d like more information about reverse mortgage requirements in Iowa, reach out to a GoodLife Specialist who will gladly assist. You can also read our reverse mortgage FAQ for answers to common questions.

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!

Download Your Free Guide Today

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