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A Guide To Aging In Place
Learn How To Use A Reverse Mortgage To Buy A House
See the Top 10 Home Improvements for Seniors
Find Out What The 2008 COLA Increase Means To You
Just The FAQs: Answers to Common Questions About Reverse Mortgages
See the Top 10 Reasons Seniors Get Reverse Mortgages
See the Top 10 Myths About Reverse Mortgages
Learn About Using A Reverse Mortgage As An Estate Planning Tool
Learn About Reverse Mortgage Safeguards
Learn About Pros and Cons of Reverse Mortgages
Using Reverse Mortgages For Health Care
FHA Reverse Mortgage Information Home
Welcome to FHA Home Reverse Mortgage where you can find information related to the FHA HECM reverse mortgage program whether you are looking for information about an Arizona Reverse Mortgage or a Wyoming Reverse Mortgage -- or any other state in between!
Just a few of the important topics when thinking about a FHA Reverse Mortgage include:
- Learn How To Use A Reverse Mortgage To Buy A House
- See the Top 10 Home Improvements for Seniors
- Find Out What The 2008 COLA Increase Means To You
- See the Top 10 Reasons Seniors Get Reverse Mortgages
- See the Top 10 Myths About Reverse Mortgages
- Learn About Using A Reverse Mortgage As An Estate Planning Tool
- Learn About Reverse Mortgage Safeguards
- Learn About Pros and Cons of Reverse Mortgages
- Changes in the typical Reverse Mortgage borrower
- National Council on Aging Study: Use Your Home to Stay at Home
So whether you are spending your retirement worried about whether or not you can afford retirement or are thinking of a reverse mortgage as an estate planning tool, we have assembled some of the most vital information for seniors right here.
FHA Reverse Mortgage Qualifications
To qualify for an FHA reverse mortgage, you must:
- Be age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums are acceptable
- Participate in a consumer information session given by an approved HECM counselor
FHA Reverse Mortgage Counseling
To assist you in making an informed decision of whether a reverse mortgage will meet your needs, it is required that you attend a consumer education and counseling session by a HUD-approved HECM Counselor.
FHA HECM counselors will discuss program eligibility requirements and provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your needs.
A FHA HECM is Different
A reverse mortgage loan is different that a traditional home loan because instead of making mortgage payments, a reverse mortgage actually pays you every month.
- No monthly mortgage payments
- Title remains in your name
- Tax-Free money can be used in any way you choose
- Option for a credit line to handle life emergencies or unexpected expenses
- No income, credit or health requirements
- Eliminate debt by paying off mortgages and credit cards
Is a FHA Reverse Mortgage A Loan?
A reverse mortgage is still a home loan, but instead of you paying the mortgage company, they pay you! Whether you choose a line of credit, monthly payments or a lump sum, you retain title and the ownership of your home.
As long as you live in your home and keep your taxes and insurance paid, you can never be forced out. The federal government also guarantees your reverse mortgage, which means that you don't ever have to make a payment, you can never owe more than your house is worth and your heirs can make the decision on whether to sell or move into the house.
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