Compare Indiana's Best Reverse Mortgages
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Indiana Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Indiana||Avg. Home Value|
Indiana Lending Limits
Indiana is the 17th most populous state in the U.S. and the 38th largest in terms of land area. Approximately 6,666,818 people resides in the state in 2017, with the largest numbers living in the Indianapolis area and the northwest part of the state. Approximately 1,026,689 people Indiana are 65 and over, and the state’s homeownership rate is 70%.
As long ago as 8,000 B.C., migratory tribes inhabited the area that would one day become Indiana. Once Europeans reached the area, France and Britain vied to control this frontier land, with Britain eventually succeeding. Even after the area was open to settlement, fights with the native tribes were common until 1811’s Battle of Tippecanoe. “The Crossroads of America” became the 19th state in 1816.
Since 1825, Indianapolis has been the state capital, and is currently the largest city in the state — with a population of 863,002. Because of its central location, the city was founded specifically to become the capital, and later became a major hub of transportation thanks to the roads and rail lines constructed there. Today, the city is known for hosting the Indianapolis 500 each May, which brings approximately 300,000 people to the city. The city was also the birthplace of Wonder Bread and hosted Elvis’ very last concert.
Following Indianapolis, the next largest cities are Fort Wayne and Evansville.
Fort Wayne has 264,488 residents and is known as the home of the very first professional baseball game. The driving industries behind Indiana’s economy are agriculture, manufacturing, and the service industry. As the state boasts the largest limestone deposit in the world, mining is also a major industry. The largest companies in Indiana are Anthem, Eli Lilly and Co., and Cummins.
Having four distinct seasons, Indiana falls under the humid continental climate category. All of the state gets snow and rain, with the south being a bit warmer and wetter in the summer and slightly less snowy in the winter. The average high temperature in Indiana is 85 degrees Fahrenheit in July, and the average low temperature is 19 degrees Fahrenheit in January.
The average home value in the state is $133,700, and prices are expected to rise an additional 3.7% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $822,375 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
Indiana Approved Reverse Mortgage Counseling Agencies
|Agency Name||Phone||Agency ID||Address||Languages||Website|
|CITY OF BLOOMINGTON - HOUSING AND NEIGHBORHOOD DEVELOPMENT (HAND)||812-349-3401||80266||401 N Morton Street|
BLOOMINGTON, Indiana 47404-3729
|HOMESTEAD CS||765-423-1284||84879||671 N 36th St|
Lafayette, Indiana 47905-4475
|GREENPATH FINANCIAL WELLNESS||888-860-4167||83515||245 W Edison Rd|
Mishawaka, Indiana 46545-8305
Did you know? Indiana state does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.