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Ohio Reverse Mortgages
An Ohio reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.
Select State:
OhioUse the interactive map or the state selector to find more reverse mortgage information about your state.
How a Reverse Mortgage Works in Ohio
A reverse mortgage in Ohio can be used for purposes like the following:
You can refer to GoodLife’s reverse mortgage guide to find out more about the HECM program and how it might work for your retirement finances.
Reverse Mortgage Qualifications & Requirements
Ohio reverse mortgages must abide by the regulations imposed by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). According to these federal bodies, eligible loan applicants must:
Be at least 62 years of age
To better understand the requirements, be sure to review our page on reverse mortgage eligibility. You can also always speak with a GoodLife Reverse Mortgage Specialist for more clarification on your specific situation.
Consultation
GoodLife will review the reverse mortgage qualifications in Ohio with you, and discuss the terms of your loan. We will also help you ensure that a reverse mortgage is the best option for your finances.
Counseling
The HUD requires all reverse mortgage applicants to meet with an approved counselor before receiving any funding. After meeting with this third-party counselor, you may move on to the next phase of the process.
Application
During this stage, an appraiser will survey your home to verify that it meets FHA standards. They will also determine the amount the home is worth so we can determine how much you may be qualified to borrow.
Funding
After your application is completed, submitted, and approved, you may choose to receive your loan proceeds as a lump sum, a line of credit, or as a series of monthly payments.
From Toledo to Athens and everywhere in between, you can get started on your Buckeye State reverse mortgage journey by speaking to one of our Reverse Mortgage Specialists.
Reverse Mortgages in Ohio: FAQs
What if I still have an existing mortgage?
If you own substantial equity in the home and meet all eligibility criteria, you may still qualify for an OH reverse mortgage. Your funding will first be used to pay down the balance on your existing mortgage, however, before we can begin to issue you the remaining amount.
Are there monthly payments required on an OH reverse mortgage?
Monthly payments are not required on an OH reverse mortgage until a maturation event, at which point the loan becomes Due and Payable. This includes the homeowner moving or passing away. However, borrowers do have the option to begin making payments prior to this date if they choose.
Which properties in Ohio qualify for a reverse mortgage?
Several types of property are eligible for an Ohio reverse mortgage, including single-family homes, townhomes, FHA-approved condominiums, or two- to four-unit properties. Properties with more than four units are ineligible for financing, as these are considered commercial properties. Vacation homes are also ineligible due to the requirement that states the property must serve as your primary residence.
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!
