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Louisiana Reverse Mortgages

 

Alexandria LA - Louisiana reverse mortgage -- Hgs Fidelity Mortgage, Rapides Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- 1st Continential Mortgage of La LLC, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- South Coast Funding Mortgage LLC, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- American Dream Mortgage LLC, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Nationwide Home Lending, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Americas Mortgage Resource Inc, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Wells Fargo Home Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- A Amvest Mortgage Co, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Andrew Crawford Sunset Mortgage Company LP, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Amstar Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- National Mortgage Network, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Commerce Mortgage SE, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Action Mortgage Lending LLC, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- 1st Continental Mortgage of Br, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Amvest Mortgage Comp, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Triton Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- A One Mortgage Lending LLC, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- A 1 Mortgage Services, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Trinity United Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Ameri Home Mort, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Countrywide Home Loans, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Wells Fargo Home Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Sigma Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- NorStar Mortgage Group, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Acadian Residential Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Allied Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Louisiana Mortgage Lenders, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Artisan Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Mortgage Solutions of Lousiana, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Coast Capital Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- 1st Metropolitan Mortgage, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Standard Mortgage Corporation, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana reverse mortgage -- Amera Mortgage Services, East Baton Rouge Parish      Click to request assistance
Baton Rouge LA - Louisiana home equity loan -- Anytime Mortgage, East Baton Rouge Parish      Click to request assistance
Columbia LA - Louisiana reverse mortgage -- Homeland Federal Savings Bank, Caldwell Parish      Click to request assistance
Crowley LA - Louisiana home equity loan -- Crowley Loan & Mortgage Inc, Acadia Parish      Click to request assistance
Crowley LA - Louisiana reverse mortgage -- Acadia Mortgage and Loan Inc, Acadia Parish      Click to request assistance
Deridder LA - Louisiana home equity loan -- A 1 Mortgage Services, Beauregard Parish      Click to request assistance
Deridder LA - Louisiana reverse mortgage -- Fairway Independent Mortgage Corp, Beauregard Parish      Click to request assistance
Deridder LA - Louisiana home equity loan -- Eustis Mortgage Corp, Beauregard Parish      Click to request assistance
Deridder LA - Louisiana home equity loan -- City Savings Bank, Beauregard Parish      Click to request assistance
Ferriday LA - Louisiana reverse mortgage -- Tower Loan, Concordia Parish      Click to request assistance
Gonzales LA - Louisiana home equity loan -- Global Home Mortgage, Ascension Parish      Click to request assistance
Gonzales LA - Louisiana reverse mortgage -- Citifinancial, Ascension Parish      Click to request assistance
Gonzales LA - Louisiana home equity loan -- Prime Mortgage Services Inc, Ascension Parish      Click to request assistance
Gonzales LA - Louisiana reverse mortgage -- A Plus Mortgage Service, Ascension Parish      Click to request assistance
Greenwood LA - Louisiana home equity loan -- Hearthstone Mortgage Svcs, Caddo Parish      Click to request assistance
Lafayette LA - Louisiana reverse mortgage -- Louisiana Real Estate Mortgage Inc, Lafayette Parish      Click to request assistance
Lafayette LA - Louisiana home equity loan -- Prestige Mortgage, Acadia Parish      Click to request assistance
Lafayette LA - Louisiana reverse mortgage -- Cajun Loan & Mortgage, Acadia Parish      Click to request assistance
Lafayette LA - Louisiana home equity loan -- Coast Capital Mortgage, Acadia Parish      Click to request assistance
Lafayette LA - Louisiana reverse mortgage -- Priority Mortgage Lending Inc, Acadia Parish      Click to request assistance
Lafayette LA - Louisiana home equity loan -- Countrywide Home Loans, Lafayette Parish      Click to request assistance
Lafayette LA - Louisiana reverse mortgage -- Megamerica Mortgage Group of L, Lafayette Parish      Click to request assistance
Lafayette LA - Louisiana home equity loan -- Southwest Regional Mortgage Inc, Lafayette Parish      Click to request assistance
Lafayette LA - Louisiana home equity loan -- Hometown Mortgage Company, Evangeline Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- Bayou Mortgage Corporation, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- Lake Charles Finance & Mortgage, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- Cameron State Bank - Real Estate Mortgage, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- Citifinancial, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- Brennan Mortgage, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- Citifinancial, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- Grey Crest Mortgage, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- American Mortgage Connection, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- Southern Mortgage Company, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- Louisiana Real Estate Mortgage, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- Citifinancial, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- 1st Mortgage, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- David Shirley Home Mortgate Professionals LLC, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- David Shirley Home Mortgate Professionals LLC, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- AFI Mortgage, Beauregard Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- North American Home Funding, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- Dunn Mortgage, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana reverse mortgage -- Moffett Mortgage Co L L C, Calcasieu Parish      Click to request assistance
Lake Charles LA - Louisiana home equity loan -- Southern Funding Mortgage, Calcasieu Parish      Click to request assistance
Monroe LA - Louisiana reverse mortgage -- Preferred Mortgage of Monroe, Ouachita Parish      Click to request assistance
Monroe LA - Louisiana home equity loan -- Specialty Mortgage of Louisiana, Caldwell Parish      Click to request assistance
Natchitoches LA - Louisiana reverse mortgage -- Fairway Mortgage, Natchitoches Parish      Click to request assistance
Natchitoches LA - Louisiana home equity loan -- Brennan Mortgage, Natchitoches Parish      Click to request assistance
Natchitoches LA - Louisiana home equity loan -- Citifinancial, Natchitoches Parish      Click to request assistance
Natchitoches LA - Louisiana reverse mortgage -- The Mortgage Place, Natchitoches Parish      Click to request assistance
Natchitoches LA - Louisiana home equity loan -- National Loan Company, Natchitoches Parish      Click to request assistance
Natchitoches LA - Louisiana reverse mortgage -- Fairway Independent Mortgage Corp, Natchitoches Parish      Click to request assistance
New Iberia LA - Louisiana home equity loan -- Teche Federal Bank, Acadia Parish      Click to request assistance
New Iberia LA - Louisiana reverse mortgage -- Unlimited Mortgage & Associates LLC, Iberia Parish      Click to request assistance
New Iberia LA - Louisiana home equity loan -- Mestayer Mortgage, Iberia Parish      Click to request assistance
New Iberia LA - Louisiana reverse mortgage -- Magnolia Mortgage Inc, Iberia Parish      Click to request assistance
New Orleans LA - Louisiana home equity loan -- Standard Mortgage Corporation Reverse Mortgage Dept, Orleans Parish      Click to request assistance
Paincourtville LA - Louisiana home equity loan -- Community Loans, Ascension Parish      Click to request assistance
Prairieville LA - Louisiana reverse mortgage -- Benchmark Mortgage of Louisiana, Ascension Parish      Click to request assistance
Prairieville LA - Louisiana home equity loan -- Pelican State Mortgage, Ascension Parish      Click to request assistance
Prairieville LA - Louisiana reverse mortgage -- Chateau Mortgage of Louisiana Inc, Ascension Parish      Click to request assistance
Prairieville LA - Louisiana home equity loan -- Ascension Mortgage S, Ascension Parish      Click to request assistance
Prairieville LA - Louisiana reverse mortgage -- Superior Mortgage Services LLC, Ascension Parish      Click to request assistance
Prairieville LA - Louisiana home equity loan -- Homefront Mortgage LLC, Ascension Parish      Click to request assistance
Prairieville LA - Louisiana reverse mortgage -- Gulf Mortgage Group LLC, Ascension Parish      Click to request assistance
Prairieville LA - Louisiana home equity loan -- Regions Mortgage Inc, Ascension Parish      Click to request assistance
Shreveport LA - Louisiana reverse mortgage -- Titan Mortgate Group, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- Country Home Mortgage, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana reverse mortgage -- Allied Home Mortgage Capital Corporation, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- Foremost Mortgage Corporation, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana reverse mortgage -- Benchmark Mortgage Company, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- Benchmark Mortgage Company, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- Brennan Mortgage, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana reverse mortgage -- Acceptance Capital Mortgage Corporation, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- Crestar Mortgage Corporation, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana reverse mortgage -- Bankers Mortgage Center, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- Citifinancial, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana reverse mortgage -- Benchmark Mortgage, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- 1st Continental Mortgage, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana reverse mortgage -- All Fund Mortgage, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- Bluestar Mortgage LLC, Caddo Parish      Click to request assistance
Shreveport LA - Louisiana home equity loan -- Affirmative Mortgage Company, Caddo Parish      Click to request assistance
Thibodaux LA - Louisiana reverse mortgage -- Mortgage Direct, Ascension Parish      Click to request assistance
Ville Platte LA - Louisiana home equity loan -- Capital Mortgage Services, Evangeline Parish      Click to request assistance

 

Contact Louisiana Reverse Mortgage Services

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About Reverse Mortgages

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

 
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About Reverse Mortgages

 

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

False Beliefs

  • "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
  • "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
  • "I could end up owing more than my house is worth." The homeowner can never owe more than the value of the home at the time the loan is due.
  • "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.

There are no income, asset or credit requirements. It is the easiest loan to qualify for.

A reverse mortgage is similar to a conventional mortgage. As an example:

  • The bank does not own the home but owns a lien on the property just as with any other mortgage
  • You continue to hold title to the property as with any other mortgage
  • The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
  • There is no penalty to pay off the mortgage early

The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:

  • daily living expenses
  • home repairs and improvements
  • medical bills and prescription drugs
  • pay-off of existing debts
  • education, travel
  • long-term care and/or long-term care insurance
  • financial and estate tax plans
  • gifts and trusts
  • to purchase life insurance
  • or any other needs you may have.

The amount of reverse mortgage benefit for which you may qualify, will depend on

  • your age at the time you apply for the loan,
  • the reverse mortgage program you choose,
  • the value of your home, current interest rates,
  • and for some products, where you live.

As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.

There are three reverse mortgage loan products available, the FHA - HECM (Home Equity Conversion Mortgage), Fannie Mae - HomeKeeper®, and the Cash Account programs. Over 90% of all reverse mortgages are HECM contracts.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs will be financed as part of the mortgage prior to your withdrawal of additional funds.

You must participate in an independent Credit Counseling session with a FHA-approved counselor early in the application process for a reverse mortgage. The counselor's job is to educate you about all of your mortgage options. This counseling session is at no cost to the borrower and can be done in person or, more typically, over the telephone. After completing this counseling, you will receive a Counseling Certificate in the mail which must be included as part of the reverse mortgage application.

You can choose 3 options to receive the money from a reverse mortgage:

1) all at once (lump sum);

2) fixed monthly payments (for up to life);

3) a line of credit; or a combination of a line of credit and monthly payments. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.

Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement. Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder attorney in your state.

If a senior homeowner chooses to repay any portion of the interest accruing against his borrowed funds, the payment of this interest may be deductible (just as any mortgage interest may be). A reverse mortgage loan will be available to a senior homeowner to draw upon for as long as that person lives in the home. And, in some cases, the lender increases the total amount of the line of credit over time (unlike a traditional Home Equity Line whose credit limit is established at origination). If a senior homeowner stays in the property until he or she dies, his or her estate valuation will be reduced by the amount of the debt.

At the death of the last borrower or the sale of the home, the loan is repaid from equity in the home. Any remaining equity (which is often the case) goes to the heirs. Almost all reverse mortgages are the HECM loan which is guaranteed by FHA mortgage insurance. If there is not enough equity to cover the loan, the insurance satisfies the loan by paying the deficit. With a HECM loan, the bank will never come after the heirs to satisfy the mortgage obligation.