Reverse Mortgage Loans

Who is Eligible ?

Reverse Mortgage loans are available in all 50 States. To be eligible
for a FHA Reverse Mortgage Loan:

You and any other current owners of your home, must be aged 62 or
over, and live in your home as your primary residence;

Your home must be a 1 to 4 family home, condo or planned unit
development.

Your home must be at least 1 year old and meet HUD's minimum
property standards, but you can use a Reverse Mortgage to pay for
any repairs that may be required.

You must discuss the program with a housing counselor from a HUD
approved counseling agency. We can provide you with a list of
counselors in your area. There is "NO CHARGE" for counseling and
many agencies are willing to counsel you by phone.

FHA Reverse Mortgage Loans versus other reverse mortgage
loans

FHA Reverse Mortgage Loans generally provide the largest loan
advances of any reverse mortgage. Often they provide a lot more
cash than any other program. they also give you the most choices in
how you can have the cash paid to you.

The money you get can be used for any purpose. FHA Reverse
Mortgage Loans can be much less costly than the other reverse
mortgages and they can be used for any purpose.

Generally, the only reverse mortgage that cost less are offered by
State and Local governments. These loans can typically be used for
one specific purpose only, for example to repair your home or pay
your property taxes.

Repaying an FHA Reverse Mortgage

As with most reverse mortgages, you must repay a the loan in full
when the home is sold or when none of the original borrowers live in
the home.

You allow the property to deteriorate, except for reasonable wear and
tear, and you fail to correct the problem.

All borrowers permanently move to a new primary residence.

All borrower fails to live in the home for 12 months in a row.

Property taxes or hazard insurance go unpaid for an extended period
of time.

The FHA Reverse Mortgage Loan

For many borrowers 62 and older, it's become the best financing
option. Reverse mortgages allow Homeowners to turn home equity
into cash without selling their homes, giving up ownership in their
properties or burdening themselves with a monthly mortgage
payment. Best of all the loan is guaranteed by the Federal Housing
Administration (FHA) a division of The United States Department of
Housing and Urban Development (HUD)

What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity 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
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage also know as a HECM Loan (Home Equity
Conversion Mortgage) provides these benefits, and it is federally-insured as well.

Can I qualify for a HUD reverse mortgage?

To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.

For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage