Iowa Reverse Mortgages
An Iowa 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.
Please select your state below to see more information.
How a Reverse Mortgage Works in IA
For more information, read through our comprehensive reverse mortgage guide or contact a trained GoodLife Specialist for assistance.
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:
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.
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.
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.
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!