Mississippi Reverse Mortgages
A Mississippi reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.
Use the interactive map or the state selector to find more reverse mortgage information about your state.
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How a Reverse Mortgage Works in MS
For eligible Mississippi homeowners, a HECM (home equity conversion mortgage, commonly known as a reverse mortgage) can be a helpful resource to help fund their retirement. Reverse mortgages allow homeowners to tap into the equity they own in their home, and use that money to fund a wide variety of retirement needs:
A reverse mortgage can help you supplement retirement funds that might come from other sources, like your 401k, IRA, or Social Security. If you want to find out more, GoodLife’s reverse mortgage guide contains extensive information on how Reverse Mortgages work, so you can proceed with confidence.
Reverse Mortgage Qualifications & Requirements
Reverse mortgage loans are regulated by the federal government. The Federal Housing Administration (FHA) insures them, and lenders are overseen by the Department of Housing and Urban Development (HUD). That means Mississippi reverse mortgages must comply with the standards these agencies have put into place:
Looking for further resources? Read through our guide to reverse mortgage eligibility for a deeper understanding.
Mississippi 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.
Mississippi Reverse Mortgage Process
Those looking for a fast, secure, and effective Mississippi reverse mortgage will appreciate GoodLife’s years of experience helping retirees acquire the funding they need. Our reverse mortgage application process is simple, requiring just four steps to complete:
One of our trained Reverse Mortgage Specialists will explain the reverse mortgage qualifications in Mississippi and discuss the terms of your loan. We will also help you to decide whether a Mississippi reverse mortgage is right for you.
HUD requires all reverse mortgage applicants to meet with an approved third-party counselor to help ensure that a reverse mortgage is the best choice for the borrowers.
After you’ve met with the HUD-approved counselor and submitted your application, an FHA-approved appraiser will survey your home. They will see whether it meets FHA standards, and then determine the amount the home is worth, which will in part determine the value of your loan.
Once your application has been processed and approved, you may choose to sign it. At that point, we will disburse your loan proceeds as a lump sum, a line of credit, or in monthly installments.
Reverse Mortgages in MS: FAQs
How are interest rates determined?
Interest rates can vary depending on current conditions, and an individual loan’s rate can be fixed or variable. An HECM lender will use an index and margin to determine the appropriate rate for your loan.
Do you make monthly payments on a reverse mortgage?
Borrowers have the option to make payments on a MS reverse mortgage. However, monthly payments are not required until a maturation event. For instance, the borrower might move out of the property, or pass away. If that occurs, the loan becomes Due and Payable.
How are reverse mortgages calculated?
Three factors will play into the value of your HECM loan: 1) the youngest borrower’s age; 2) the property’s appraised value; 3) current interest rates.
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!