FHA Reverse Mortgages

The facts about FHA Reverse Mortgages...

Recently there has been big news in the home mortgage arena, especially for seniors! Seniors who have paid into their home mortgages for years can now have the option to see the benefits of a FHA reverse home mortgage. These new FHA reverse mortgages are allowing many older people to begin to benefit from the equity they have gained from making timely mortgage payments over many years. With the FHA reverse mortgage you will be able to turn your equity into readily available funds. This is what distinguishes the FHA reverse mortgage loan from all other loans out there and it makes it valuable to senior homeowners.

Tapping into your investment is the safe and smart way to make your retirement secure and worry-free. The FHA reverse mortgage does not require repayment for the life of the loan as long as you remain living in the home as your primary residence. You remain the owner, keep the taxes current, maintain the property, keep your homeowners insurance paid, and the FHA reverse mortgage makes payments to you, on your terms, for as long as you decide in your loan agreement. It is that simple!

The FHA (HUD’s Federal Housing Administration) created one of the first reverse home mortgages. The FHA reverse mortgage applies to you even if you did not purchase your home with a FHA-insured mortgage initially. To be eligible for the FHA reverse mortgage you must be at least 62 years or older, own your home outright, or owe a low mortgage balance which can be paid off with the new loan, and live in your home as a primary residence. That is all it takes to qualify for the FHA reverse mortgage.

With the new FHA reverse mortgage you will have the option of a fixed-rate or variable-rate, and the FHA requires that each borrower has had adequate support from a qualified and approved reverse mortgage counselor that is supervised by the Department of Housing and Urban Development (HUD). There is no safer way to feel secure in your equity, investment, and financial future than with the FHA reverse mortgage. You paid for years into your home, isn’t it about time that your home paid you back?