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The FHA Home Loan Company provides reverse home loans for senior borrowers who meet the HECM criteria. These unique mortgages offer homeowners cash or monthly paychecks in return for the equity accrued in the property. Reverse home mortgage products have expanded significantly in the last few years, so discuss your financial goals with one of our reverse loan executives. Unlike traditional home loans, a reverse mortgage does not require any repayment for the funds as long as the borrower remains living in the home.
Qualifying Requirements and Benefits of a FHA Reverse Mortgage:
- Borrower must be at least 62 years of age
- Must have at least 25% equity in your home. (ie. 75% LTV)
- No Income Requirements
- No Credit Requirements (no fico score minimum)
- No restrictions on the value of the property used for qualifying
For more information read more about > FHA's Home Equity Conversion Options for Seniors (hosted on AARP.org) |
