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.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.8/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: