HUD Reverse Mortgages

The facts about HUD Reverse Mortgages...

Recently the HUD (Department of Housing and Urban Development) has been big in the news, in the area of their new reverse home mortgage. This program is especially created for senior homeowners. Seniors who have paid into their home mortgages for years can now have the option to see the benefits of a HUD approved and developed reverse home mortgage. These new HUD 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. What makes the HUD reverse mortgage surpass all other loans available to homeowners?

With the HUD reverse mortgage you will be able to turn your equity into readily available funds, to use at your discretion. Tapping into your investment, that large investment being the home you have paid for, is the safest and smartest way to make your retirement secure and worry-free. The HUD 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 recent, 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!

HUD’s Federal Housing Administration created one of the first reverse home mortgages. The HUD-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 HUD 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 HUD reverse mortgage.

With the new HUD reverse mortgage you will have the option of a fixed-rate or variable-rate, and the HUD requires that each borrower has had adequate support from a qualified and approved reverse mortgage counselor. These counselor services are 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 HUD reverse mortgage. You paid for years into your home, isn’t it about time that your home paid you back?