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To qualify for a reverse mortgage in Indiana, homeowners must meet specific criteria:
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Yes, you can sell your home. The reverse mortgage balance will need to be paid off using the proceeds from the sale.
Whether you are looking to supplement your retirement income, cover healthcare expenses, or simply enjoy life without financial stress, this guide will equip you with the knowledge necessary to make informed decisions about reverse mortgages in Indiana.
These are private loans not insured by the FHA. They may be suitable for homeowners with higher-value properties who want to access more equity.
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If you outlive your reverse mortgage, you can continue to live in your home as long as you meet the loan requirements, such as paying property taxes and homeowners insurance.
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Reverse mortgages offer several advantages for seniors, including:
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HECM is the most common type of reverse mortgage, insured by the Federal Housing Administration (FHA). It offers various payment options and is available to homeowners 62 years and older.
Generally, reverse mortgage proceeds are not considered taxable income.
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