Kansas Reverse Mortgages
A Kansas 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 KS
For a detailed explanation of Kansas reverse mortgages, check out our comprehensive reverse mortgage guide. You can also contact a friendly GoodLife Specialist who will gladly answer all your questions.
Reverse Mortgage Qualifications & Requirements
The reverse mortgage requirements in Kansas are consistent with those found across the states. 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:
Kansas 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.
Kansas Reverse Mortgage Process
If you’re looking for a reverse mortgage company in Kansas, we can help. We’re proud to be the top-rated lender on Trustpilot and 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, and we move quickly to fund the loan so you can receive fast access to cash.
First, we’ll learn about you and your financial 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.
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.
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.
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 KS: FAQs
Which properties in Kansas qualify for a reverse mortgage?
You may qualify for a reverse mortgage in Kansas if you own substantial equity in a single-family home, townhome, FHA-approved condominium, or two- to four-unit property. The property must be your primary residence, so vacation homes are ineligible.
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 KS reverse mortgage. A portion of the loan proceeds will first be used to settle the remainder of your existing mortgage, then you can spend the leftover funds however you like.
Are there monthly payments required on a KS reverse mortgage?
No, borrowers are not required to make payments toward the reverse mortgage balance or interest until the loan reaches maturity. However, you’ll need to keep up with property taxes, mortgage insurance, and home maintenance as needed.
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!