Borrowers of FHA-insured loans can apply for higher loan amounts in 2017 in light of an increase in housing prices. The 2017 FHA loan limits correspond with the rise of conforming loan limits next year as announced by the Federal Housing Finance Agency. The increased loan limits for FHA forward mortgages will be felt in most counties in the U.S. while all areas in the … [Read more...] about 2017 FHA Loan Limits: Increased Forward, Reverse Mortgage Limits
fha reverse mortgages
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?
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?