Mississippi Reverse Mortgages

A Mississippi 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 MS

For eligible Mississippi homeowners, a HECM (home equity conversion mortgage, commonly known as a reverse mortgage) can be a helpful resource to help fund their retirement. Reverse mortgages allow homeowners to tap into the equity they own in their home, and use that money to fund a wide variety of retirement needs:

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Every day cost of living: everything from groceries to utilities and transportation costs
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Medical expenses: copays, prescription costs, hospital stays, surgeries and more
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Leisure: travel, hobbies, crafts, or exercise — whatever your favored retirement pastimes might be

A reverse mortgage can help you supplement retirement funds that might come from other sources, like your 401k, IRA, or Social Security. If you want to find out more, GoodLife’s reverse mortgage guide contains extensive information on how Reverse Mortgages work, so you can proceed with confidence.

To learn more about the structure of a reverse mortgage in Mississippi, download GoodLife’s reverse mortgage guide for additional information.

REVERSE MORTGAGE GUIDE

Reverse Mortgage Qualifications & Requirements

Reverse mortgage loans are regulated by the federal government. The Federal Housing Administration (FHA) insures them, and lenders are overseen by the Department of Housing and Urban Development (HUD). That means Mississippi reverse mortgages must comply with the standards these agencies have put into place:

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Reverse mortgage applicants must be at least 62 years old.
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The property must serve as the homeowner’s primary residence.
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Applicants own the equity in the property.
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Homeowners must be current on all outstanding debts.
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Applicants must attend an HUD-approved counseling session prior to receiving funds.
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The home must be kept up to FHA standards and pass inspection by an FHA appraiser.

Looking for further resources? Read through our guide to reverse mortgage eligibility for a deeper understanding.

Do you qualify for a Mississippi reverse mortgage?

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Mississippi 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.

Reverse Mortgage Calculator
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you may qualify for
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

Mississippi Reverse Mortgage Process

Those looking for a fast, secure, and effective Mississippi reverse mortgage will appreciate GoodLife’s years of experience helping retirees acquire the funding they need. Our reverse mortgage application process is simple, requiring just four steps to complete:

Consultation

One of our trained Reverse Mortgage Specialists will explain the reverse mortgage qualifications in Mississippi and discuss the terms of your loan. We will also help you to decide whether a Mississippi reverse mortgage is right for you.

Counseling

HUD requires all reverse mortgage applicants to meet with an approved third-party counselor to help ensure that a reverse mortgage is the best choice for the borrowers.

Application

After you’ve met with the HUD-approved counselor and submitted your application, an FHA-approved appraiser will survey your home. They will see whether it meets FHA standards, and then determine the amount the home is worth, which will in part determine the value of your loan.

Receive funding

Once your application has been processed and approved, you may choose to sign it. At that point, we will disburse your loan proceeds as a lump sum, a line of credit, or in monthly installments.

Reverse Mortgages in MS: FAQs

How are interest rates determined?

Interest rates can vary depending on current conditions, and an individual loan’s rate can be fixed or variable. An HECM lender will use an index and margin to determine the appropriate rate for your loan.

Do you make monthly payments on a reverse mortgage?

Borrowers have the option to make payments on a MS reverse mortgage. However, monthly payments are not required until a maturation event. For instance, the borrower might move out of the property, or pass away. If that occurs, the loan becomes Due and Payable.

How are reverse mortgages calculated?

Three factors will play into the value of your HECM loan: 1) the youngest borrower’s age; 2) the property’s appraised value; 3) current interest rates.

Didn’t see your question? Check out our reverse mortgage FAQ. Or, feel free to reach out to a Reverse Mortgage Specialist who can walk you through what you need to know.
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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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