Find the Help You Need to Access the Equity in Your Home
Reverse mortgage borrowers must locate lenders within their home state. But how do you know which types of lenders are out there and who’s reputable and experienced?
First, the FHA and HUD are not lenders, but they point you in the direction of plenty of good and qualified providers in Kansas. Second, you’ll find hundreds of other types of mortgage and banking lenders including nationwide and local favorites that are willing to offer you all the options you need to make to an informed decision.
FHA Lenders and Loan Limits
Well over 90% of reverse mortgage borrowers has one of HUD’s Home Equity Conversion Mortgages. But HUD is not a direct lender. HUD approves lenders across the nation to provide the HECM, which is packaged with across the board interest rates and other requirements that do not differ from place to place. The one factor that does reflect regional differences is the FHA mortgage limit set according to county home values.
In Kansas every single county in the state is limited to the FHA national average for mortgage limits. What does this mean for seniors shopping for reverse mortgages in Kansas? For most it means nothing. The average FHA limit is typically adequate for the average homeowner. However it stands to reason that somewhere in Kansas are homeowners whose homes are in the high value range, they would be worth well beyond what the FHA sets as a county limit. Seniors in this position often opt for a private lender reverse mortgage that features very high limits or no limits at all.
Before you shop for a HECM make sure to consult the HUD-approved lender list for a reputable and experienced loan professional near you.
State of Kansas Single Purpose Reverse Mortgages
Does Kansas state government or local municipalities offer any low-cost single purpose reverse mortgages?
These types of products are often used by government entities to allow seniors to defer property taxes or make otherwise costly improvements or repairs to homes. You might see them called property tax deferral and deferred property loan or rehabilitation loans.
- Kansas voters have tried to establish a formal statewide property tax deferral for seniors, but without success. Homeowners are encouraged to ask locally for information on tax deferral.
- The same is true of deferred property loans for improvements: check with your city or town government. For example: Wichita offers senior homeowners the option to use their equity for a deferral loan, which pays for home repairs and improvements. Borrowers may have up to $35,000. The loan becomes due when the borrower dies or moves permanent residence.
Kansas Senior Homeowners: Find Reverse Mortgage Providers in Your Area
This is a very small sample of the types of lenders you’ll find in Kansas.
Advent Financial Services
Licensed for business in eight states, this HUD-approved lender offers Kansas senior homeowners an opportunity to finance a reverse mortgage, either a common HECM or a proprietary reverse mortgage that offers increased flexibility for high-value homes.
EverBank Reverse Mortgage
EverBank is one of the leading lenders that provides reverse mortgages to Kansas seniors. This nationally recognized lender features three of the most common reverse mortgage products: the federally insured HECM is well-suited to most average homeowners; the Fannie Mae Home Keeper is very similar in many ways to the HECM with a couple of flexible options—first that it is designed with a higher limit, also suitable for homeowners that wish to use the cash to buy a new home; and it also embraces all condominiums, unlike the HECM; and EverBank’s Reverse Select, a jumbo reverse mortgage for homeowners with high-value homes, available in fixed and variable rate versions.
The Mortgage Company
This Kansas based family business specializes in all types of mortgages and is a HUD-approved lender. The Mortgage Company will make reverse mortgage recommendations based upon your financial situation and future goals.