Reverse Mortgages Missouri

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For comprehensive reverse mortgage information, please see the links on the right. For a Free Discounted Quote, see below.

Missouri Reverse Mortgage Statistics

In 2007, 1,164 FHA reverse mortgages were funded in Missouri. The 2005 median house value for the state was $165,000. It is likely that the current median house value is just slightly above the 2005 amount, due to the run up and subsequent decline of values in the state. Almost thirteen percent of the Missouri’s nearly six million residents are age 65 or greater. Homeownership is high compared to many states at 70.6%.

FHA Reverse Mortgage

The FHA reverse mortgage program name is the Home Equity Conversion Mortgage, or HECM for short. This program was created by congress in the 1980’s to provide seniors with access to the equity that they have built up in their homes. Seniors have the options of withdrawing some of their equity as lump sum of cash, on a regular basis in small amounts or only whenever they see fit (through the popular line of credit option). Once the loan process has been completed, the homeowner can change the option they chose at any time.

Common Uses of Home Equity

The reverse mortgage places no restrictions on the homeowner’s use of the funds. By far the most common purpose for the money is to pay off existing mortgage debt. This frees the senior from the burden of monthly payments for the rest of their lives. Others use the money to make improvements, upgrades or to catch up on basic maintenance to their homes. Many seniors report that they do not intend to change their lifestyle in any significant way, but may use some of the money to travel more often or to provide a little more “breathing room” in their monthly budget.

FutureSafe Financial welcomes inquires for informational purposes, for those seeking quotes and to start the application process.