When you need reliable financing, an FHA reverse mortgage loan might be your best option, especially if you are 62 or older. These loans allow you to turn your home equity into cash without giving up ownership of your property or burdening yourself with a new monthly mortgage payment. Bests of all, FHA reverse mortgages in Staten Island, NY, are guaranteed by the Federal Housing Administration (FHA), a division of the U.S. Department of Housing and Urban Development (HUD.) To learn more about this option and find out if it’s right for you, contact Failla Funding today.

FHA reverse mortgage loans are widely available, but you must meet certain requirements. First, you and any other current owners must be 62 or older and live in the property as your primary residence. The property must be a 1 to 4 family home, condo, or planned unit development. It should be at least one year old and meet HUD’s minimum property standards. Our team can explain those standards to you if there is any confusion. You may use the loan to fund any required repairs.

Finally, you must discuss the program with a HUD-approved counselor. Talk to our team to get a list of counselors in your area.

With so many reverse mortgage options on the market, why is the FHA option your best choice? The answer varies for every client, but generally, FHA loans provide the largest advances, which means they give you more cash than other programs. They also offer more choices for how to get the cash paid to you.

You can use the money received from an FHA reverse mortgage for any purpose, and they tend to be much less costly than other choices over time. While you may be able to find an even more affordable reverse mortgage option offered by the state or local government, these programs usually strictly dictate how you can use the money.