Get Help on FHA Reverse Mortgage for Seniors Today
FHA Reverse Mortgage for Seniors : Get Specialist Help Online
You may think of applying for a FHA reverse mortgage loan if you have attained the age of 62 and are in need of money urgently. Interest rates offered on FHA reverse mortgages are low and so monthly payments are affordable. However, to get the best rate, you may need expert guidance.
HECM Reverse Mortgage for Seniors : Who Can Be Eligible?
You can apply for a reverse mortgage loan online if your property is a:
Getting New FHA Reverse Mortgage for Seniors – How The Process Works?
Here’s some important information regarding how the process for getting a FHA reverse mortgages works.
HUD FHA Reverse Mortgage for Seniors : Requirements
To qualify for a FHA reverse home mortgage loan, you must:
- Be at least 62 years in age and own a property that is your primary residence.
- Have repaid large amount of principal loan dues if still not owning property completely.
- Not have been delinquent on any federal debt payments.
- Show financial capacity to repay additional debt including property taxes, insurance premium fees and homeowner association charges.
- Have actively participated in consumer information session provided by a HUD approved housing counsellor.
As per the updated new FHA reverse home mortgage for senior's eligibility guidelines, only the following categories of homes could be eligible for loan workouts.
- Single as well as 2 to 4 unit family homes wherein borrower is primary occupant.
- Residential or commercial property under consideration is a HUD approved condominium project.
- All types of manufactured homes that meet all requirements stipulated by the FHA.
- All verifiable documents pertaining to monthly or annual income, living expenses, debts and credit history.
- All verifiable documents relating to regular payment of yearly property taxes as well as flood and hazard insurance premium payments.
Besides, if you opt for an Adjustable Rate Mortgage (ARM), you have the chance to choose one of the below mentioned loan repayment plan options.
- Tenure – Monthly payment schedule with equal instalments as long as one of the borrowers is a primary occupant in the property.
- Term – Equated monthly mortgage instalments for a fixed period of time.
- Line Of Credit – Secure credit facility within a specified limit for making unscheduled payments.
- Modified Tenure – Combination of scheduled monthly instalments and line of credit as long as borrower occupies the property.
- Modified Term – Combination of scheduled monthly mortgage instalments and line of credit for a fixed period of time chosen by borrower.
However, if you choose a Fixed Rate Mortgage (FRM) then you will be offered a single disbursement lump sum payment plan.
Getting FHA Reverse Mortgages (HECM) for Seniors : Determine the Cost
It is possible to pay the Home Equity Conversion Mortgage (HECM) costs by getting them rolled into the loan proceeds. Nevertheless, if you pay the HECM costs from your pocket, it will serve to reduce the loan amount being borrowed.
Typically, HECM charges may include the following types of fees.