Homeowners 62 and older in Overland Park, Olathe, Leawood, Lenexa, Shawnee and the rest of Johnson County can use a reverse mortgage to tap home equity without a monthly mortgage payment.
Why Johnson County homeowners look at reverse mortgages
Johnson County home values are among the highest in Kansas, and many owners who bought decades ago hold large amounts of equity. A reverse mortgage can turn some of that equity into retirement income or a standby line of credit while you stay in the home.
For higher-value homes, Steve can also compare proprietary (jumbo) reverse mortgages, which are not limited by FHA’s lending cap.
Areas covered
Overland Park, Olathe, Leawood, Lenexa, Shawnee, Prairie Village, Mission, Merriam, Gardner, Spring Hill and De Soto.
How it works if you live in Johnson County
- Start with a call or text to see if a reverse mortgage fits
- Complete HUD-approved counseling, usually by phone
- Appraisal by a local appraiser who knows Johnson County home values
- Meet in person in Johnson County or at your home by appointment
- Sign closing papers at home or a nearby title office
Questions from Johnson County homeowners
My home is worth more than the FHA limit. Can I still get a reverse mortgage?
Yes. A HECM uses the value only up to FHA’s limit, and a proprietary (jumbo) reverse mortgage may let you access more equity on a higher-value home. Steve can compare both.
Can I use a reverse mortgage to downsize within Johnson County?
Yes. A HECM for Purchase lets you buy your next home with a larger down payment and no required monthly mortgage payment afterward.
Do I need to pay off my mortgage first?
No. Your existing mortgage is paid off from the reverse mortgage proceeds at closing, as long as there is enough equity.
Talk to a real person in Kansas City
Steve Clune is a licensed loan officer for Kansas and Missouri. Call or text with your questions. If you miss him, send a text and he’ll get back to you.