What is an FHA Reverse Mortgage?
A FHA Reverse Mortgage is a government insured loan for senior homeowners made under specific guidelines set by U.S. Department of Housing and Urban Development. It enables homeowners aged 62 and older to tap into their home equity while maintaining ownership, without making any payments.
Amounts available from Reverse Mortgages are based on your age and the value of your home. For example, a homeowner aged 75 whose home is worth $375,000 would qualify for approximately $225,000 through this program, to be spent however they wish. By letting your home pay you back, the equity you control opens new opportunities. Take a trip, upgrade your home, and enjoy extra monthly cash now without ever making a monthly payment or being forced to leave the security of the home you've worked so hard to own.
- The money you receive can be used any way you wish
- Pay off an existing mortgage (which is required if any exists) in order to eliminate monthly payments
- Pay off existing bills such as credit card debt
- Make home improvements or repairs
- Or simply enjoy your golden years with financial independence