You do not get 100% of the equity you have in your home via a reverse mortgage. You get a percentage of that equity based on the age of the youngest borrower at the closing of the loan. A reverse mortgage, as discussed in previous articles, is different from a regular mortgage. For the reason why you do not draw most or all of your equity out against a reverse mortgage, … [Read more...] about Can I get a 100% FHA HECM Mortgage?
fha reverse mortgage
Reverse mortgage loans are a popular option for senior citizens to tap the home equity equity in their homes. While there are a number of mortgage lender offering various reverse mortgage programs with different eligibility and qualification guidelines, the Home Equity Conversion Mortgage (HECM) is the only one insured by the U.S. Federal Government. Any approved FHA lender has … [Read more...] about FHA Reverse Mortgage Eligibility Requirements
The reverse mortgage program is getting popular with seniors and one of the questions that is often asked is: "how much can I borrow with the FHA reverse mortgage program?" The amount of money you can get from a Reverse Mortgage on your home depends on the following things: The type of HECM loan - Standard or Saver. The age of the youngest homeowner (borrower). The … [Read more...] about How much can I borrow with a FHA Reverse Mortgage?
With the reverse mortgage program being popular with many seniors, one of the questions that many people ask is: "what are the most common uses of reverse mortgages?" Reverse mortgages can provide seniors a means to access the built-up wealth in their homes and use it for just about anything. What one may use a reverse mortgage for is directly dependent on the objectives … [Read more...] about Common Uses of Reverse Mortgages
Getting a reverse mortgage is as much a lifestyle decision as it is a financial decision. As in almost all major decisions that one must make in life, opting for a reverse mortgage has pros and cons to consider. While not exhaustive, some of the elements to consider for and against the decision to go forward, or not, are listed below: Pros - Reasons to consider a Reverse … [Read more...] about Reverse Mortgage Pros and Cons