Many people who are retired or are planning to retire soon have seen the $2 trillion loss in retirement savings over the past 15 months influence their planning for their golden years.
We have a seen an increase in the number of people right here in Arizona who are interested in whether or not the FHA Reverse Mortgage Program (aka the FHA Home Equity Conversion Mortgage program) is a valid option for them.
A reverse mortgage isn’t for everyone, but if interest is any indication, more and more people seem to be evaluating this as a possible solution to help them meet their monthly obligations during their retirement years.
Highlights of the FHA Reverse Mortgage Program
Borrower Requirements:
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Age 62 years of age or older |
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Own your property |
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Occupy your property as primary residence |
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Participation in a consumer information session given by an approved HECM counselor |
Mortgage Amount Based On:
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Age of the youngest borrower |
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Current interest rate |
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Lesser of appraised value or the FHA insurance limit |
Financial Requirements:
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No income or credit qualifications are required of the borrower |
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No repayment as long as the property is the primary residence |
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Closing costs may be financed in the mortgage |
Property Requirements:
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Single family home or 1-4 unit home with one unit occupied by the borrower |
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HUD-approved condominiums |
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Manufactured homes and leased land |
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Meet FHA property standards and flood requirements |
Learn more about FHA Reverse Mortgages on HUD’s website or call us directly!