Find! FHA Experts

FHA Reverse Mortgage Information
Apply for a FHA Loan
FHA Mortgage Rates
What is an FHA Loan
FHA vs. Conventional
FHA loan limits
FHA Mortgage Insurance
Required Documentation
FHA Closing Costs
Purchase vs. Refinance
FHA Streamline Refinance
FHA Refinance Loan
FHA Cash Out Refinance
FHA Hybrid Arm's
Hope 4 Homeowners H4H
FHA Jumbo Loan Program
Reverse Mortgages
FHA Secure Program
203-K Rehab Loans
203-K Streamline Loans
Find a 203-k Consultant
FHA Kiddie Condo's
Officer next door
Teacher next door
MIP Refund explanation
FHA HUD homes
Home Buying Guides
Message Boards
FHA/VA Blog
 
Get the answers to all your 'bottom line' questions on our Mortgage Calculators Page.
Website Awards
Business Links
Link Exchange
FHA Mortgage Leads
About Us
Privacy Policy
Equal Housing Opportunity.
Equal Housing Opportunity Logo 

 

  www.FHAinfo.com 
2692 Madison Rd. Suite N1 #249, Cincinnati, OH 45208 ---  Contact Us

Copyright © FHA Info 2001-2012
All Right Reserved

 

         FHA Reverse Mortgages for Seniors        


FHA Reverse Mortgages

Home Equity Conversion Mortgage    

The Home Equity Conversion Mortgage (HECM) is the oldest and most popular  fha reverse mortgage product, accounting for an estimated 90 percent of the total market. Available since 1989, HECMs are insured by the federal government through the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development.

The amount of available proceeds you can qualify for under the FHA Reverse Mortgages HECM program depends on your age, appraised home value, and current interest rates. The older you are, and the more valuable your home the more funds you qualify for. Another factor is your home's location. The size of a FHA Reverse Mortgages HECM depends on the maximum lending limit, which varies by county.  If your home's value exceeds the FHA lending limit, the amount of money you are eligible to receive will be calculated as if the value of the home is the area limit. Many of the upfront fees associated with the Reverse Mortgages HECM are capped by FHA.

Currently, you pay a mortgage insurance premium (MIP) equal to 2 percent of the maximum claim amount (the value of the home or FHA county lending limit, whichever is less), plus an annual premium thereafter equal to 0.5 percent of the loan balance. The MIP is paid directly to FHA in exchange for guaranteeing the loan.    The MIP guarantees that if the company managing your account - commonly called the loan “servicer” - goes out of business, the government will step in and make sure you have continued access to your loan funds. Furthermore, the MIP guarantees that you will never owe more than the value of your home when the FHA Reverse Mortgage HECM must be repaid. 

HUD limits the fee that a lender can earn to 2 percent of the maximum claim amount (again, this number is equal to the value of the home or FHA county lending limit, whichever is less). In addition to these two primary fees, you will also pay other standard closing costs associated with getting a mortgage, including title insurance, attorneys fees, recording taxes, etc.

Apply for your FHA Reverse Mortgages Apply Now via the internet


 

How to Qualify
Understanding fha loan credit guidelines
Credit Guidelines
fha loan income guidelinesIncome Guidelines
overcome credit problems to get approved for a fha loanOvercoming Credit Problems
FHA loan case studies


Case Studies

FHA loan underwriting


What are compensating factors ?

How much money do you need for a fha home loan

How much money do I need?

Where can you get Free down payment moneyWhere to get down payment money