Wyoming Reverse Mortgages

Find a Knowledgeable Financial Company in WY

Reverse mortgages can be excellent financial vehicles for seniors that would like to tap into the equity in their homes. Wyoming homeowners age 62 and over are not unlike senior homeowners anywhere else: they feel pinched by cost of living expenses, their income has likely dropped off in retirement or semi-retirement, they have high debt to pay off, and could be concerned about possible emergencies and medical expenses. Their biggest asset—their home–could only pay-off when sold; until now.

Imagine: you can keep your home, remain living in it for as long as you’d like and still create a cash-flow based on the equity you’ve accumulated.

FHA Lender Limits and Wyoming Reverse Mortgage Loans

Many seniors look to the U.S. Department of Housing and Urban Development’s (HUD) Home Equity Conversion Mortgage (HECM). This financial product is financially suitable for the large majority of homeowners and is federally insured. Lenders use local FHA limits as key factors to determine how suited a borrower is to the HECM.

The Federal Housing Administration (FHA) sets mortgage limits county-by-county across the nation. Limits reflect local home values, types of residences and other regional factors. Most homeowners qualify for the HECM given their county FHA limit. Those homeowners too limited by the HECM include those with very high-value homes. More often than not these high-end borrowers seek proprietary or jumbo reverse mortgages that bundle extra flexibility for high equity.

Of the 23 counties in Wyoming only a couple are remarkably higher than the national average for FHA mortgage limits: Sublette—slightly higher—and Teton, more than $420,000 higher than other counties in the state.

Find a WY HUD Lender

HUD and the FHA administer the HECM, but they do not lend out money, make loans or take applications for the reverse mortgage. These government agencies work in concert to oversee the national housing industry, provide current consumer information and homebuyer and homeowner programs.

The HUD-approved lender list, however, is one of the most useful resources. The list is searchable by state and by HECM lender and available either via HUD’s website or from a mortgage counselor.

Never pay money to obtain the HUD lender list.

Single Purpose Reverse Home Mortgages for Wyoming Seniors

Wyoming provides a type of single purpose reverse mortgage in limited counties for senior homeowners.

  • The Wyoming Property Tax Deferral is available in two counties: Teton and Sheridan. The county tax assessors’ offices administer the programs. Qualified seniors must be 65 or older and own their home. The program lets seniors leverage up to 50% of their home’s value to pay for property taxes. The loan is deferred until the home is sold or the owner dies and 4% interest accrues annually.

Other counties participate in elderly and disabled tax relief programs, but they are not reverse mortgages.

Types of Reverse Home Mortgage Providers Licensed in Wyoming

Reverse mortgage lenders are a bit limited in Wyoming, but here is a sample of the types of companies you’ll find licensed to originate reverse mortgages.

  • Cherry Creek Mortgage Company in Cody, Wyoming offers customers a full suite of mortgage products and services including reverse mortgages. Cherry Creek is HUD-approved and guides eligible senior homeowners with the HECM.
  • Oaktree Funding Corporation is headquartered in California with a branch office in Cheyenne. This is a HUD-approved lender and as such has experience with the federally insured Home Equity Conversion Mortgage.
  • Wells Fargo is one of the largest national retail banking corporations and traditionally provides personal and business solutions. The Home Mortgage division offers a comprehensive selection of mortgages and two flexible reverse mortgages: the HUD HECM and the Fannie Mae Home Keeper.