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Reverse Mortgages in Indiana: A Comprehensive Guide

If you’re an Indiana homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Indiana, including key facts, the latest statistics, top lenders, and essential protections.

Top 20 Reverse Mortgage Lenders in Indiana

Indiana Reverse Mortgage Lending Limits

Indiana is the 17th most populous state in the U.S., with an estimated population of about 6.8 to 6.9 million people as of 2026. Population centers are concentrated in the Indianapolis metropolitan area and northwest Indiana, which is closely tied to the Chicago metro region.

Approximately 1.6 to 1.7 million Indiana residents are age 62 and older, and homeownership rates among this age group are high, generally around 80%. That translates to roughly 1.3 to 1.4 million homeowners age 62+ statewide, making Indiana a strong market for reverse mortgages and other retirement-focused housing solutions.

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 approximately 270,000 residents, and Evansville, a major economic center in the southern part of the state. Fort Wayne is known for its early role in professional baseball history and remains an important regional hub for healthcare, manufacturing, and logistics. Evansville serves as a commercial and transportation center for southwestern Indiana and neighboring portions of Kentucky and Illinois.

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 206, the average home value in Indiana is approximately $265,400. Given this median value, most homes in Indiana fall below the federal reverse mortgage lending limit of $1,249,125, 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.

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