Question:

Can I get a federally-insured reverse mortgage?

Answer:

The loan for seniors offered by HUD /FHA is a federally-insured reverse mortgage. If you cover the requirements, and you most probably do, a HECM (home equity conversion mortgage) may be the right decision for you even despite the mortgage insurance premium you will have to pay for with a federally-insured reverse mortgage.

How to qualify for a federally-insured reverse mortgage?

The HECM requirements generally say that you have to own your house and live there permanently; you are 62 or older, and if you have a remaining mortgage on the house the balance needs to be small.

Your home has to be approved - one to four unit dwellings qualify automatically, as well as mobile homes and townhouses; some others have to be FHA-approved. Even if your current mortgage is not FHA insured, you are eligible to apply for an FHA-insured reverse mortgage.

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Common misspellings: mortage and morgage