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Article Directory :: Finance & Investment Articles
FHA Insured Reverse Mortgage.
As a senior you have worked hard all your life to provide a quality lifestyle for your family. Most Americans have the majority of their net worth tied up in the equity of their home. Many are still paying a mortgage. To access that equity and maintain your quality of life without making payments the federal government has made available the FHA insured reverse mortgage to make life easier for senior Americans. This is a loan offered through financial institutions not the federal government, but the program would not be possible and would not have all of its safe guards without the insurance through FHA (the Federal Housing Administration).
How to Qualify for a Reverse Mortgage.
To be eligible for Reverse - HECM Mortgage you must:
*** You must be 62 years of age or older.
*** Own your home.
*** Have a low mortgage balance or no mortgage at all.
*** Live in your home.
*** Complete counseling from a HUD approved HECM counselor.
*** Own a Home that meets FHA guidelines.
*** There are no credit qualification criteria.
*** There are no income qualification criteria.
What Types of Homes are Eligible?
To be eligible for a FHA insured HECM Mortgage, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible. The homes must be without deferred maintenance that would be a safety risk to the occupants.
How Do I Receive Payments?
Once you have qualified and actually receive the loan you have a number of options to consider to get the equity from your home. The option you choose is based on your financial situation. For instance some people do not need extra cash, they just want to stop making a mortgage payment. Some seniors can handle all of their bills but have no reserves for emergencies and can not pay their property taxes when they are do. Some seniors need additional cash for day to day living expenses. Whatever your situation is their is an option to help you enjoy your golden years without worrying about your finances.
Your options include:
$$$ Receive monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
$$$ Receive a lump sum payment of all the proceeds at closing.
$$$ Open a line of credit that can be used for whatever you want and whenever you want. The money in the line of credit is available to you until you exhaust it all.
$$$ Combination of the three. You can choose to set up a line of credit and an annuity. You can withdraw a portion of your line of credit at closing to do a project immediately while still having funds available for future.
Regardless of how you choose to use the money from your FHA insured reverse mortgage as a senior you can enjoy the quality of life you deserve without worrying about finances and taking advantage of the equity in your home without making payments.
Louis Jeffries has been a Mortgage Banker for 20 years. Contact Louis louisj@alldominionmortgage.com for a personal consultation on reverse mortgages or Visit the Blog Reverse Mortgage
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