CHICAGO, Sept 10 (Reuters) – If you’ve been thinking about getting a reverse mortgage. posing risk for the Federal housing administration insurance fund, which backstops the loans. But for.
For homeowners who were looking to the federal government’s reverse mortgage program to supply lots. more than 60 percent of what’s available, he or she will get hit by higher mortgage insurance.
The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. 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.
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The final requirement of a FHA-insured reverse mortgage is maintaining the home’s condition. The home must remain in good repair throughout the course of the loan, as determined by the loan servicer.
The Federal Housing Administration-insured reverse mortgage program is getting a comprehensive makeover as the agency attempts to stanch past losses and prevent future ones to its Mutual mortgage insurance fund, writes Jack Guttentag-aka the Mortgage Professor-in a recent column.
Retirement: Reverse mortgages get a makeover Your Money from Kiplinger March 27, 2016. Low rates on savings and longer life expectancies have sent retirees scrambling for new sources of income. Enter the reverse mortgage, which allows homeowners to convert their home equity into cash. Over their 29-year history, reverse mortgages have earned a.
Federal mortgage insurance pays off the balance if there’s a deficit. and you’ve got to look at your expenses,” Colangelo said. “If you get a reverse mortgage and have enough breathing room to.
Reverse Mortgages Get a Makeover. store. tighter rules on Reverse Mortgages.. you’ll pay an initial mortgage insurance premium equal to 0.5% of the appraised value of the home if you take 60.
HUD raising up-front fees for reverse mortgages. since fiscal year 2009 to the Federal Housing Administration, which insures reverse mortgages, a loan available to homeowners age 62 and older.
Federally insured reverse mortgage rules are getting a makeover. If you are considering applying for a reverse mortgage, take note: The Federal Housing Authority has made changes to its Home Equity Conversion Mortgage program (HECM) effective April 1, 2013.