Nationwide and Local Lenders
Mississippi senior homeowners, where do you look for reputable and experienced reverse mortgage lenders? You’ll discover a few different types of lenders: retail banks, mortgage lenders and brokers, and government lenders.
FHA Reverse Mortgage Loan Limits
Any borrower interested in the HUD Home Equity Conversion Mortgage (HECM), which currently is the single most used reverse mortgage in the country, will invariably learn how the FHA limits affect the federally insured reverse mortgage.
In Mississippi the FHA has set county-by-county limits that are consistent with the national average.
The U.S. Department of Housing and Urban Development (HUD) administers the Home Equity Conversion Mortgage (HECM), but this agency is not a direct lender. Neither is the FHA. But the HECM is an important product for senior homeowners and HUD maintains an approved lender list, which includes companies that have done a HECM within the past year, so borrowers are confident in an experienced lender.
Finding a Single-Purpose Reverse Mortgage Lender in Mississippi
Common single-purpose reverse mortgages make use of a homeowner’s equity to pay property taxes or make home repairs. These “loans” require little or no fees (in contrast to other types of reverse mortgages) and are fitted with similar requirements—no payments; loan only becomes due upon sale or owner’s death.
About half of all states provide a formal, statewide property tax deferral program, similar to a single-purpose reverse mortgage—some specifically designed for homeowners age 65 and older. However, Mississippi offers no such formal property tax deferral program—the state does offer tax relief in the form of Homestead tax credits for eligible homeowners.
This does not necessarily mean that seniors are unable to find such programs in the state. If you have minimal income and own your own home, check with your local tax assessor’s office for any available elderly property tax deferral loans.
Another common type of low-cost equity-based loan is a rehabilitation property loan. In most cases these are administered by local municipalities and give low-income seniors the cash to make necessary improvements or repairs. Again, check with your local government offices or housing authority for similar programs.
General Reverse Mortgage Providers for Mississippi Seniors
Below are only a few examples of the types of reverse mortgage lenders available in Mississippi.
Eagle Mortgage
Eagle Mortgage is an example of a small-town favorite. Local senior homeowners have a lender they know and can trust with their financial future. Eagle offers a range of reverse mortgage options depending upon borrower needs and goals.
Financial Freedom
This company is nationally known and reputed to be the largest volume mortgage lender in the country. FF’s claim to fame is its proprietary jumbo reverse product, the Cash Account Advantage. But Financial Freedom also provides seniors with the HUD Home Equity Conversion Mortgage and the Fannie Mae Home Keeper.
Trustmark Banking and Financial Solutions
Trustmark is an example of a retail lender that does not just specialize in reverse mortgages, but offers a wide range of products from personal banking to wealth management.