In 2024, there were 56 active reverse mortgage loans in Floyd County, Indiana. The average home value in Floyd County is $339,550.95.

Click here to get a reverse Mortgage Quote in Floyd 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 Floyd County

Floyd County, Indiana is located in the southern part of the state, with a population of approximately 78,556 residents. Known for its picturesque landscapes and historic charm, Floyd County offers a mix of urban and rural living. The county’s moderate climate provides residents with four distinct seasons, making it an attractive place to call home for those who enjoy experiencing changing weather patterns. Floyd County has a rich historical background, being home to the historic town of New Albany, known for its stunning architecture and hometown feel. The average home value in Floyd County is $339,550.95, with an average property tax of $2,172.13 and an average interest rate of 3.73%. Seniors in Floyd County may find reverse mortgages to be a valuable financial tool, allowing them to tap into the equity of their homes to supplement their income in retirement.

Reverse Mortgage Loan Origination in Floyd County

Reverse Mortgage Home Values in Floyd County

Reverse Mortgage Interest Rates Floyd County

There are approximately 56 active reverse mortgage loans in Floyd County. The average interest rate in Floyd County is 7.57% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Floyd County was $321,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Floyd 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 Floyd County, IN

With the average home value of $321,000.00, 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 Floyd 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 Floyd 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 »