Louisiana Reverse Mortgages

A Louisiana 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 Louisiana

Home Equity Conversion Mortgages (often called HECM loans) administered through the FHA are a safe and effective way for retirees to supplement retirement cash flow. They enable qualified Louisiana homeowners to access a portion of their home equity (the portion of your home’s value that you own), providing funds to cover a variety of retirement costs.

The money from a reverse mortgage in LA can be used for a variety of items, including the following:

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Supplemental source of income alongside fixed income like Social Security or pensions
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Medical bills, regular copays, deductibles, and devices
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Daily costs like groceries, clothing, and home goods
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Repairs, renovations, and accessibility upgrades to your home
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Leisure, hobbies, travel, and other retirement fun

Bayou State residents who are curious to find out more about this source of retirement funding can read through GoodLife’s reverse mortgage guide. The free download covers what you need to know about the HECM plan. And remember, you can always contact one of our Reverse Mortgage Specialists if you have any more questions.

To learn more about the structure of a reverse mortgage in Louisiana, download GoodLife’s reverse mortgage guide.

REVERSE MORTGAGE GUIDE

Reverse Mortgage Qualifications & Requirements

The HECM program is insured and overseen by divisions of the Federal Government: the Department of Housing and Urban Development (HUD), and the Federal Housing Administration (FHA). These agencies operate at the federal level, which means that the requirements they put in place for the HECM program are applicable across state lines, including in Louisiana. They include:

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Borrowers must be at least 62 years of age
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Borrowers must have substantial equity in their home
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Borrowers must meet with a HUD-approved third-party counselor
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Borrowers must occupy the property as their primary residence
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Borrowers must be current on debts and other financial obligations
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Borrowers are required to maintain their home to all FHA standards

The GoodLife reverse mortgage eligibility can help you better understand whether you qualify for the HECM program. If you still have questions, however, we encourage you to reach out to a GoodLife Reverse Mortgage Specialist, who is equipped to answer more of your specific questions.

Do you qualify for a Louisiana reverse mortgage?

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Louisiana Reverse Mortgage Calculator

Check out our reverse mortgage calculator for a free estimate of how much home equity you may be able to access to increase your cash flow.

Reverse Mortgage Calculator
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Qualification is based on the age of the youngest borrower, appraised property value, and current interest rates. Outstanding financial obligations and closing costs may impact the amount of your available loan proceeds.
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PAYOUT OPTION
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Lump Sum At Fixed Rate
This option allows you to receive a fixed interest rate on loan proceeds by taking a large, one-time payout at the time of close.
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Lump Sum At Variable Rate
By taking a portion of loan proceeds in a lump sum at the time of close, you can later withdraw additional funds at a variable interest rate.
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Line of Credit
A HECM credit line offers greater flexibility by allowing you to access loan proceeds as-needed. You only pay interest on the money you use, and the line of available credit grows over time.
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Contact our licensed reverse mortgage experts for an exact quote
Learn more with a free guide

Louisiana Reverse Mortgage Process

GoodLife’s reverse mortgage application process is made to be fast, plainless, and easy to understand. We can walk you through the four simple steps that it takes to start receiving your reverse mortgage proceeds. Here’s what the process entails:

Consultation

To learn what you need to know about HECM loans, start by reading the details on our website and speaking with a Reverse Mortgage Specialist.

Counseling

Following that, all HECM applicants must meet with a HUD-approved counselor. The advisor must be a neutral third party in order to assist you in making the best decision possible.

Application

You will be allowed to apply for the loan after the advisor has given his or her approval. An FHA-approved appraiser will come to your home to value it and ensure compliance during this process.

Funding

After your application has been accepted, you can start receiving funds in the form of a lump sum, monthly payments, or a line of credit.

Reverse Mortgages in Louisiana: FAQs

What if I still have an existing mortgage?

Borrowers in Louisiana who owe money on an existing mortgage may still apply for a HECM loan. To be deemed qualifying, you must have a considerable amount of equity in your home — normally over 50%. It’s also worth noting that the proceeds from a reverse mortgage will first be used to pay off the house before being distributed to you as cash or credit.

Are there monthly payments required on a LA reverse mortgage?

A reverse mortgage in Louisiana does not require monthly payments. Reverse mortgages are only due and payable after a maturity event, such as the borrower’s death or the borrower’s permanent departure from the house. When the loan has reached maturity, the borrower or their surviving heirs are liable for the loan or the home’s value, whichever is less.

Which properties in Louisiana qualify for a reverse mortgage?

We are committed to assisting you with your reverse mortgage financing whether you live in Baton Rouge, New Orleans, or even deep in the bayou — and a number of property types are considered eligible for reverse mortgages. They include:

  • Single-family homes 
  • Townhomes
  • FHA-approved condominiums
  • Two- to four-unit properties

Note: Properties with more than four units are deemed commercial and are thus disqualified. Borrowers must also remain in the home as their primary residence for the duration of the loan, according to HECM guidelines.

For more information on Louisiana reverse mortgages, refer to GoodLife’s informative reverse mortgage FAQ. You can also contact one of our Reverse Mortgage Specialists to find out more.

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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!

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