In 2024, there were 38 active reverse mortgage loans in Boone County, Indiana. The average home value in Boone County is $465,734.87.

Click here to get a reverse Mortgage Quote in Boone County, Indiana

To avoid scams, make sure you are working with a licensed lender in Indiana. South River Mortgage is a fully licensed lender in Indiana. The IN state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Department of Financial Institutions, Mortgage Lending License in IN, and our state license identifier is 62995.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Boone County

Boone County, located in Indiana, is a picturesque area known for its charming small towns, scenic landscapes, and friendly community atmosphere. With a population of approximately 66,000 residents, the county offers a mix of rural and suburban living, making it a popular choice for families and retirees alike. The county is also known for its historical significance, with landmarks such as the Thorntown Historic District and the Maple Lawn Cemetery providing a glimpse into its past. For seniors looking to tap into the equity of their homes, Boone County presents opportunities for utilizing reverse mortgages. With an average home value of $465,734.87, seniors can take advantage of the equity built up in their properties to supplement their retirement income. Combined with the relatively low average property tax of $3,841.86 and a competitive average interest rate of 3.56%, Boone County offers a favorable environment for seniors considering a reverse mortgage as a financial option.

Reverse Mortgage Loan Origination in Boone County

Reverse Mortgage Home Values in Boone County

Reverse Mortgage Interest Rates Boone County

There are approximately 38 active reverse mortgage loans in Boone County. The average interest rate in Boone County is 7.72% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Boone County was $487,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Boone County, Indiana »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Boone County, IN

With the average home value of $487,000.00, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Boone County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Boone County

You can now purchase a home with a reverse mortgage in {county}, IN. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »