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.
Non FHA/HUD reverse mortgages, asked by a NewRetirement member, has been answered by a retirement professional or other member. Get answers to your questions about Private or Jumbo Options, Reverse Mortgages.
Your first home loan option is an FHA loan. FHA loans are backed by the Federal Housing Administration, protecting lenders ..
Currently, borrowers with very high home values can access at least one non-FHA reverse mortgage option. Several additional lenders, however, have said they will be offering private reverse mortgage products in 2014. If you are seeking a reverse mortgage, keep in mind that the HECM is just one type of reverse mortgage.
What Us A Reverse Mortgage The reverse mortgage would remain intact so long as any of the original borrowers remain living in the property. For purposes of the reverse mortgage, a surviving spouse is not an "heir", they are an original borrower/owner if they were on the title and loan when it was originally done.
As with all non-fha reverse mortgage loans, it may be necessary for individuals to have FHA reverse mortgage insurance. It helps to minimize risks to the lender. Seniors who need a source of income during their lifetime and they do not plan to sell their home or will it, will benefit the most from an FHA reverse mortgage loan.
The link below takes you to the fha-approved lender search for all FHA lenders. To find reverse mortgage lenders only, you must: Select your state; Scroll down; Uncheck Title I Property Improvement and; Check HECM. Search for reverse mortgage lenders. Return to FHA Reverse Mortgages Home
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With program changes stifling loan volume for the standard FHA-insured reverse mortgage, it seems lenders have finally found the push they needed to delve into the realm of private reverse mortgages.
The HECM reverse mortgage is a non-recourse loan, which means. Currently, borrowers with very high home values can access at least one non-FHA reverse mortgage option. Several additional lenders, however, have said they will be offering private reverse mortgage products in 2014.
Getting Approved For A Fha Home Loan How to Get Pre-approved for an FHA Loan Online | Sapling.com – The reason for getting pre-approved for an FHA loan is so that you do not go through the home finding process just to find out that you do not qualify for an FHA loan. So follow these steps to make sure that you do qualify for the FHA loan and if so go ahead and fill out the pre-approved online FHA loan.
Reverse Mortgages – A non-recourse loan | One Reverse Mortgage – A reverse mortgages insured by the FHA are non-recourse loans. This is a good thing for borrowers of the program because it means that when the home is sold and it does not cover the balance.