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A Kentucky reverse mortgage is based solely on the value of the home and whether or not there is still a lien on the loan. The rules behind the HUD home equity conversion mortgage apply to the state of Kentucky and all counties within the state. This essentially means that reverse mortgage’s that are designed for senior borrowers throughout the state are backed by the Housing and Urban Development administration and loan limits that are set by the Federal Housing Administration.

Counties in Kentucky currently have their loan limits set based on the national average. However, seniors who currently have a large amount of equity in their home may not qualify for the government backed programs currently available.

This does not disqualify seniors from seeking out and obtaining the funding, it simply means they will have to use traditional financing through major lenders to obtain the funds. However, the benefits of the mortgage still apply using traditional methods. This includes tax-free income if the borrower so chooses. Capital gains are not charged to the consumer if they choose the lump-sum amount. No matter which scenario, a Kentucky reverse mortgage is available for those who currently have equity in their home.