Is reverse mortgage a right fit for you? Find out why
Reverse Mortgage in Louisville, Kentucky
Reverse mortgage lets homeowners turn their home equity into cash income without having to make monthly mortgage payments.
Why a Reverse Mortgage?
A reverse mortgage pays off your existing mortgage by allowing you access to the home equity you’ve worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit!
Process of a Reverse Mortgage
- Complete our simple Reverse Mortgage Qualifier
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
Frequently Asked Questions
How many times can I get a reverse mortgage?
There can only be one existing reverse mortgage at a time for borrowers. Yet, borrowers who have paid a reverse mortgage may apply for another one. Additionally, borrowers who already have a reverse mortgage can refinance it into a different reverse mortgage.
What is the drawback of getting a reverse mortgage?
However, a reverse mortgage has a number of drawbacks, including up-front and recurring expenses, a variable interest rate, a growing loan total, and a decrease in home equity.
Can I sell my house with a reverse mortgage?
Yes, you can use a reverse mortgage to sell a house. Although you are free to sell the house whenever you want, your lender cannot force you to do so. Nonetheless, your reverse mortgage will become due when you sell the house, and you will be required to pay the loan balance along with interest and fees.
Ready for a Reverse Mortgage?
Get pre-approved with LightPoint Mortgage in as little as 30 minutes.