Can I qualify for FHA's HECM reverse mortgage?

Posted by OscarNOW , , , , , , , , , , , , , 9:04 PM

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

Posted by OscarNOW on 9:04 PM. Filed under , , , , , , , , , , , , , . You can follow any responses to this entry through the RSS 2.0

0 comments for �Can I qualify for FHA's HECM reverse mortgage?�

   

Leave comment

FB

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Reverse Mortgage Solutions

FLICKR PHOTO STREAM

2010 Reverse Mortgage Information. All Rights Reserved. - Web Design SimplexDesign