A Guide for Seniors

Indiana seniors may find economic relief in a reverse mortgage. These financial products give mature homeowners the chance to access the equity in their homes for cash and lines of credit. Many seniors have no other source of income.

Find out where you can find lenders in your area and if there exist any low-cost single-purpose mortgage products.

HUD Reverse Mortgage Loans

Federally insured Home Equity Conversion Mortgages offered through the Housing and Urban Development office (HUD) constitute over 90% of all reverse mortgages in the country. For the most part these products satisfy the needs of the average senior homeowner. If you are considering a HUD reverse mortgage, use the HUD-approved lender list to find a reputable and experience HECM lender.

FHA Mortgage Loan Limits in Indiana

The FHA lending limits set on homes differs from county to county. These figures are not only essential for conventional mortgages, but they also determine who may qualify for the HECM. Throughout Indiana the FHA limits are consistently about the national average. A couple of counties that stand out as exceptions are those around Cincinnati and the Gary areas, where home values are slightly higher than the national average. These FHA limits make it possible for homeowners with slightly higher values to qualify for the HECM.

Property Tax Deferrals and Deferred Property Loans

Three main types of reverse mortgages exist: the federally insured HECM, the proprietary reverse loan, and the single purpose reverse mortgage. This last one is typically provided by state or local governments for property taxes or home improvements. However, products like these are commonly called property tax deferrals (PTDs) or deferred property loans (DPLs). They are strikingly similar to many reverse mortgages in features and borrower requirements.

  • The State of Indiana has gone through significant property tax reform in the last few years and has proposed a complete abolishment of the taxes by 2009. In the interim the state provides property tax deferral programs for borrowers age 65 and older, homeowners and with very little or no income. These unique loans take advantage of the home equity that borrowers have accumulated and come interest free for an initial 5-years.
  • A few local Indiana municipalities sponsor a deferred property loan (DPL) for seniors that must make necessary improvements or repairs to meet code. If you are interested, check with your city or town government offices for programs. Usually seniors must be 65 and older, with little income and primary homeowner.

Reverse Mortgage Providers in Indiana

You’ll find dozens of reverse mortgage lenders in Indiana. Some are available nationally while others remain hometown favorites. Below are a couple of the popular lenders in the state, but there are literally dozens, even hundreds of experienced providers.


This is one of the largest reverse mortgage lenders in the nation with offices coast to coast. Borrowers may choose from the three main types of reverse mortgage products: the federally insured Home Equity Conversion Mortgage (HECM), the Fannie Mae Home Keeper and the EverBank Reverse Select. The Reverse Select product is a jumbo mortgage—which means borrowers with very high home equity for with high value homes are not limited to local FHA mortgage limits.

First Internet Bank of Indiana

A HUD-approved lender, so you know they offer the HECM. Use their site to get current interest rates and for further information on mortgages of all kinds.


ReverseMortgage.Pro is regionally known and provides Indiana senior borrowers with a wide range of reverse mortgage options. Choose from variable and fixed rate HUD HECMs, Fannie Mae Home Keeper and a jumbo proprietary reverse mortgage available in fixed interest.