Question:

How can I get an FHA / HUD reverse mortgage?

Answer:

The FHA / HUD reverse mortgage is called a HECM - Home Equity Conversion Mortgage. With HECM FHA/HUD program seniors over 62 are able to generate income streams based on the equity of their homes.

In order to get an FHA/HUD reverse mortgage (HECM), you will have to be a homeowner and occupy your home and you are obligated to attend a HECM information session.

The amount to receive with an FHA/HUD reverse mortgage depends on your age or on the age of the youngest co-borrower, and will be less than the original home value, usually not over 80% of your equity, if you are over 85, and not more than 60% if you are 65.

Credit and income requirements are waived, closing costs may be included in the loan and repayment is not due while any of the co-borrowers remains living in the house.

If you have a small outstanding mortgage balance, it can be accommodated with the FHA/HUD reverse mortgage HECM.

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