FHA Reverse Mortgage – An FHA reverse mortgage is designed for homeowners age 62 and older. It allows the borrower to convert equity in the home into income or a line of credit. The FHA reverse mortgage loan is also known as a home equity conversion mortgage (hecm), and is paid back when the homeowner no longer occupies the property.
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If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s HECM program. The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity.
A reverse mortgage costs nothing up-front. But as with any mortgage, there are costs associated like origination fees, title costs, servicing fees, and other charges. In addition, hecms require fha mortgage insurance premiums. The good news is that these costs can be factored into the cost of the loan,
In the United States, the fha-insured hecm (home equity conversion mortgage) aka reverse mortgage, is a non-recourse loan. In simple terms, the borrowers are not responsible to repay any loan balance that exceeds the net-sales proceeds of their home.
FHA reverse mortgage guidelines state that the loan need not be repaid until the borrower moves, sells, or dies, at which point the loan matures. If the loan exceeds the value of the property at the time it becomes due and payable, the borrower (or their heirs) will owe no more than the actual value of the property.
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NON-FHA HOMES You may qualify for an FHA HECM loan or reverse mortgage whether you originally purchased the home with a conventional loan or an FHA home loan. One condition of the FHA reverse mortgage is that you aren’t allowed to owe more on the loan than the appraised value of.