1-866-840-0279Kentucky 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
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.
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:
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.
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.
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!
