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Indiana Reverse Mortgage Facts

Indiana Lending Limits

Indiana Reverse Mortgage Lending Limits

Indiana is the 17th most populous state in the U.S. and the 38th largest in land area. As of 2024, it had a population of approximately 6.83 million people. The largest concentrations of residents are found in the Indianapolis metropolitan area and the northwest part of the state, particularly around the Chicago metro region. About 1.05 million of Indiana’s residents are aged 65 and over, and the homeownership rate is approximately 70%.

A Look at Indiana’s Rich History

Indiana’s roots go back thousands of years to migratory tribes who inhabited the region as early as 8,000 B.C. European explorers, particularly from France and Britain, later arrived in the area and vied for control. Conflicts with native tribes, such as the Battle of Tippecanoe in 1811, played a major role in shaping the state’s early history. Indiana, known as “The Crossroads of America,” officially became the 19th state of the Union in 1816.

Indianapolis, Indiana’s state capital and largest city since 1825, has grown to approximately 887,000 residents in 2024. Strategically located at the state’s center, Indianapolis became an important transportation hub. The city is best known for hosting the iconic Indianapolis 500, which draws nearly 300,000 spectators annually. Indianapolis also holds a notable place in pop culture, including being the birthplace of Wonder Bread and the site of Elvis Presley’s last concert.

Other significant cities in Indiana include Fort Wayne, with a population of around 270,000, and Evansville. Fort Wayne is famous for hosting the first professional baseball game, while Evansville is a key economic center in the southern part of the state. Indiana’s economy is diverse, with major industries including agriculture, manufacturing, and services. The state is home to the world’s largest limestone deposits, contributing significantly to its mining sector. Major companies such as Eli Lilly and Co., Cummins, and Anthem are headquartered in Indiana.

Climate and Lifestyle in Indiana

Indiana experiences four distinct seasons, with a humid continental climate that includes warm summers and cold, snowy winters. The southern part of the state is generally warmer and experiences more rainfall than the north. The average high temperature in July is around 85°F, while the average low in January is 19°F, making the state a year-round mix of different weather conditions.

Reverse Mortgage Opportunities in Indiana

As of January 2024, the average home value in Indiana is approximately $237,900. Given this median value, most homes in Indiana fall below the federal reverse mortgage lending limit of $1,149,825, which applies to HECM (Home Equity Conversion Mortgage) loans. For homeowners valued above this limit, jumbo reverse mortgage programs are available to provide greater borrowing power and access to additional home equity.

Indiana Approved Reverse Mortgage Counseling Agencies

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.

Additional Resources:
Reversemortgage.org NRMLA Members in Indiana
HUD.GOV Approved Lenders Search