In 2024, there were 49 active reverse mortgage loans in Monroe County, Indiana. The average home value in Monroe County is $317,834.86.

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

Monroe County, located in the state of Indiana, is home to a diverse population and a temperate climate with four distinct seasons. Known for being the site of Indiana University, the county is a hub of cultural and educational activities, attracting students and academics from around the world. Its rich history includes being the birthplace of renowned novelist Kurt Vonnegut and home to historical landmarks such as the Wylie House Museum and the Monroe County Courthouse. With an average home value of $317,834.86 and property taxes averaging $1,788.91, Monroe County offers a mix of suburban and rural living options. The county’s average interest rate of 0.03467346939 makes it an attractive location for those looking to invest in real estate. For seniors looking to leverage their home equity, Monroe County offers opportunities for reverse mortgages. A reverse mortgage allows homeowners aged 62 and over to convert a portion of their home’s equity into cash, providing financial flexibility and security in retirement. With the county’s favorable property values and interest rates, seniors can explore the option of a reverse mortgage to access funds for living expenses, healthcare costs, or other financial needs. Partnering with a reputable lender can help seniors navigate the complexities of reverse mortgages and make informed decisions about their financial future in Monroe County.

Reverse Mortgage Loan Origination in Monroe County

Reverse Mortgage Home Values in Monroe County

Reverse Mortgage Interest Rates Monroe County

There are approximately 49 active reverse mortgage loans in Monroe County. The average interest rate in Monroe County is 7.5% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Monroe County was $242,142.86 in 2024.

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

With the average home value of $242,142.86, 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 Monroe 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 Monroe 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 »