Senior
homeowners age 62 and older can use a reverse mortgage to
convert the equity in their homes into monthly streams
of income and/or a line of credit. The reverse mortgage
loan is commonly known as Home Equity Conversion Mortgage
or HECM. Senior homeowners who meet the eligibility criteria
can complete a reverse mortgage application by contacting
a FHA-approved lending institution.
"The
money you get from a reverse mortgage is actually money
you already had, money that was in a sense sitting unused
in your home."
Reverse
Mortgage Requirements:
Must
be age 62 years of age or older
Must
own your property
Live
in your property as primary residence
Participation
in a consumer information session given by a HUD-approved
housing counseling agency.
Mortgage
Amount Based On:
Age
of the youngest borrower if more than one
Current
interest rate
Lesser
of appraised value or the FHA insurance limit
Financial
Requirements:
No
income or credit qualifications are required of the borrower
No
repayment as long as the property is the primary residence
Closing
costs may be financed in the mortgage
Property
Requirements:
Single
family home or 1-4 unit home with one unit occupied by
the borrower (which can also be FHA-approved condominiums
or manufactured homes and leased land)
Meet
FHA property standards and flood requirements
Interested
In Speaking With A Qualified FHA
Lender?
At
FHA-Lending.Org, you'll have access to the small group of
qualified FHA Lenders available in the United States.
