Loan Sources for Senior Homeowners

If you’re a senior citizen living in Louisiana whom do you look to for a reverse mortgage or information? Dozens of providers exist throughout the state. You’ll find retail as well as government lending sources.

FHA Limits Lenders and Borrowers

FHA mortgage limits are set on a county-by-county basis across the country and have everything to do with limits for the federally insured reverse mortgage, the Home Equity Conversion Mortgage administered by HUD.

Across Louisiana the FHA limit is fairly consistent and close to the national average. Even counties adjacent to Baton Rouge and New Orleans are unremarkable. Average homeowners have little problem with the FHA limits as they are set, but it stands to reason that there are likely many other homeowners with high-value homes that must seek alternative reverse mortgages that offer high limits.

HUD Lenders

The HUD HECM is available from many lenders across the state—but not from HUD or the FHA directly; these entities are not financial lenders. Find a reputable and experienced HECM provider with the HUD-approved lender list.

Reverse Mortgage Lenders for Property Taxes and Home Improvement

State and local governments offer single purpose reverse mortgages to senior homeowners that need the cash for a particular use. Most common are those tools offered for property tax deferral (PTD) or deferred property loans (DPL) that cover the cost of improvement or repair.

• Louisiana offers no statewide PTD program, but homeowners age 65 and older are urged to contact their local tax collector’s office and ask about any local programs. Typically these types of programs are designed for low-income senior citizens and are a lien against the home’s equity, like a reverse mortgage. PTDs do not become due until the borrower sells the home, moves to another permanent residence or dies.
• Locally borrowers will find a few types of Rehabilitation Deferral Loans that make use of home value for lending purposes. Most of these programs may be centrally located to the area most damaged by Hurricane Katrina. If you are a senior citizen and need to make critical home repairs, check with your town or city government for any types of deferral loans.

Reverse Mortgage Providers in Louisiana

Below are just a few of the dozens of different lenders in the state.

Bank of New Orleans

This hometown institution has been operational in the area for well over a century. Besides a spectrum of financial tools and services BNO provides senior borrowers with a variety of reverse mortgages.

Griffin Financial Mortgage, LLC

Griffin Financial provides senior citizen homeowners with a flexible variety of reverse mortgage products: the government insured Home Equity Conversion Mortgage (HECM), Fannie Mae Home Keeper and Financial Freedom’s Cash Account program.

Standard Mortgage

This company is another locally based business. Borrowers may access a variety of state-of-the-art reverse mortgage products, including the federally insured HECM.