Reverse Mortgage

Reverse Mortgage

The FHA Reverse Mortgage Loan

For many borrowers 62 and older, it’s  become the best financing
option. Reverse mortgages allow Homeowners to turn home equity
into cash without selling their homes, giving up ownership in their
properties or burdening themselves with a monthly mortgage
payment. Best of all the loan is guaranteed by the Federal Housing
Administration (FHA) a division of The United States Department of
Housing and Urban Development (HUD)
 
Who is Eligible ?
Reverse Mortgage loans are available in all 50 States. To be eligible
for a FHA Reverse Mortgage Loan:
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 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  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 are 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.
 
Contact:Joseph Failla
Phone: (917) 294-1506
E-Mail: ffunding@aol.com
www.failla.com