Kentucky Reverse Mortgages

A Kentucky 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 KY

A Kentucky reverse mortgage enables homeowners in the Bluegrass State to tap into home equity and increase their monthly cash flow without having to sell or vacate the property. Also known as a home equity conversion mortgage (HECM), reverse mortgages allow eligible borrowers to convert a portion of their home equity into cash in the form of tax-free loan proceeds. The funds obtained from a KY reverse mortgage can be spent however you like, offering benefits 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 a detailed explanation of reverse mortgages in KY, refer to our comprehensive reverse mortgage guide. You can also reach out to a friendly GoodLife Specialist who will gladly answer all your questions.

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

REVERSE MORTGAGE GUIDE

Reverse Mortgage Qualifications & Requirements

The reverse mortgage requirements in Kentucky are consistent with those found across the states because the HECM program is backed by the government, overseen by the U.S. Dept. of Housing and Urban Development (HUD), and insured through the Federal Housing Administration (FHA). Federal guidelines on reverse mortgage eligibility require that borrowers 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
Additional factors may impact your eligibility for a reverse mortgage in KY, so speak to a GoodLife expert who can help determine your qualification for this form of government-backed financing.

Do you qualify for an Kentucky reverse mortgage?

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Kentucky 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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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.
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PAYOUT OPTION
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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.
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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.
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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.
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Kentucky Reverse Mortgage Process

Those looking for a reverse mortgage company in Kentucky should turn to GoodLife, the top-rated lender across the nation on Trustpilot. We offer the best rates in the industry that can either meet or exceed our competitors’ rates — guaranteed. Our unique business position allows us to handle the entire reverse mortgage application process in-house, saving you time and money. There are four steps that we’ll help guide you through:

Consultation

First, we’ll learn about you and your goals, then we’ll teach you about the HECM program and how reverse mortgages work. Our mission is to improve the lives of others by helping them achieve greater financial freedom, but we’re committing to ensuring this type of loan is the right fit for the right person, at the right time.

Counseling

According to HUD’s guidelines, all applicants must attend an approved counseling session to speak with someone who will go over the information that we provide and confirm your eligibility for a HECM. They’ll act as an objective third-party and can answer any additional questions you may have.

Application

Next, we’ll arrange a certified appraisal to confirm your property is safely maintained to FHA standards. The appraiser will also estimate the value of your home to help us determine how much equity we can help you access through loan proceeds.

Funding

After the application is approved, we’ll expediently originate and fund the loan. You can choose how you would like to receive your money: as a monthly installment, line of credit, or one lump sum.

Reverse Mortgages in KY: FAQs

What if I still have an existing mortgage?

Pending that you own substantial equity in the home and meet all eligibility criteria, you can still qualify for a KY reverse mortgage. The loan proceeds will first be used to settle the remaining balance on your existing mortgage, then you can spend the leftover funds however you like.

Are there monthly payments required on a KY reverse mortgage?

No, borrowers are not required to make payments toward the reverse mortgage balance or accrued interest until the loan reaches maturity. However, you’ll need to keep up with property taxes, mortgage insurance, and home maintenance as needed.

Which properties in Kentucky qualify for a reverse mortgage?

You may qualify for a reverse mortgage in Kentucky if you own substantial equity in a single-family home, townhome, FHA-approved condominium, or two- to four-unit property. Properties with more than five units are considered commercial, rather than residential, so they’re ineligible for financing. The property also must be occupied as your primary residence, meaning vacation homes are ineligible.

If you’d like to know more about reverse mortgages in Kentucky, we can help. Contact a GoodLife Specialist for a free consultation with no pressure to commit. You can also refer to our reverse mortgage FAQ for answers to commonly asked questions.

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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!

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