Wyoming Reverse Mortgage

When planning for retirement, citizens of Wyoming may want to consider using a Wyoming reverse mortgage. A reverse mortgage is a special type of loan available to Wyoming residents ages 62 and older. This loan allows you to take your home equity as cash so you can enjoy a financially stable retirement. Best of all, you will retain ownership over you house and will continue to live there, without making any monthly payments toward the loan. You will only need to repay the loan once you have vacated the house.

Types of Wyoming Reverse Mortgage Loans Available

Three types of Wyoming reverse mortgage loans are available to senior citizens of Wyoming. The first option is a FHA-HECM loan. These loans are federally insured so that there will be no loss to the lender or borrower. There are minimal fees involved, flexible payment options, and line of credit options available to the borrower.

The second type of Wyoming reverse mortgage is the Homekeeper loan. These loans are guaranteed by the private mortgage company, Fannie Mae. Homekeeper loans are available through various lenders and have line of credit options as well. The maximum lending limit for these loans is higher than FHA loans, but additional fees may also apply.

The third type of reverse mortgage loan in Wyoming is the Cash Account loan. Cash Accounts are desirable and are only offered in 23 other states. These loans have no maximum lending limit and higher home equity release options. They offer line of credit options and flexible payment options as well.