Reverse Mortgage Loan in Staten Island, NY
The FHA Reverse Mortgage Loan
Who is Eligible?
You and any other current owners of your home must be aged 62 or over, and live in your home as your primary residence;
Your home must be a 1 to 4 family home, condo or planned unit development.
Your home must be at least 1 year old and meet HUD’s minimum property standards, but you can use a reverse mortgage loan to pay for any repairs that may be required.
You must discuss the program with a housing counselor from a HUD-approved counseling agency. We can provide you with a list of counselors in your area.
FHA reverse mortgage loans versus other reverse mortgage loans
FHA reverse mortgage loans generally provide the largest loan advances of any reverse mortgage. Often they provide a lot more cash than any other program. They also give you the most choices in how you can have the cash paid to you.
The money you get from a reverse mortgage loan can be used for any purpose. FHA reverse mortgage loans can be much less costly than the other reverse mortgages and they can be used for any purpose.
Generally, the only reverse mortgage that cost less is offered by State and Local governments. These loans can typically be used for one specific purpose only, for example, to repair your home or pay
your property taxes.