For those people who have hung up their hats and called it a day on their careers, am FHA reverse mortgage could be something worth looking into. With Social Security not paying what it used to, especially with inflation rates being what they are, more and more seniors are looking to their homes for a source of additional income. With the help of HUD, they can now use the equity theyve built to secure loans that require no repayment.
There are several requirements for those looking to take advantage of an FHA reverse mortgage.
One, the homeowner looking for the mortgage must be at least sixty-five years old, and have full ownership of the home. The home must be the primary residence, rather than a vacation house or something of the like.
Finally, the house and the property surrounding it must meet a few minimum property standards, as set forth by the federal government.
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If the homeowner succeeds in qualifying for an FHA reverse mortgage, they then have a number of choices as to how they will receive the money. They can choose to receive the payments all at once, on a month-to-month basis, or simply have it waiting for them as a fund for credit.
If needed, the first choice need not be permanent (unless it was the lump sum). Factors such as the borrowers age can determine how much can be borrowed against the home. The older the borrower, the more money he will be able to get. The value of the home itself is, of course, a major part of how much HUD will be willing to allow the homeowner to borrow. Current interest rates and the likelihood of the property increasing in value over the next few years will also play a role in determining how much money is lent.
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The Ins and Outs of an Fha Reverse Mortgage