Are you a homeowner and older than age sixty-two? Would you like to have an additional steady stream of income each month or a lump sum of money to make repairs to your home or pay bills? A FHA Reverse Mortgage may be what you are looking for.
What is a FHA Reverse Mortgage?
This is essentially a low interest loan that takes advantage of your home’s equity. This is great opportunity to tap into money that you have already accrued in your home in a time when money is scarce for many. With this type of loan, you do not have to pay it back until the last surviving homeowner passes away or moves out. At that time, the estate has about a year to pay back the loan or the home must be sold to settle the balance.
Does all of this sound too good to be true? It sounds like an answer to pray for people that have been dependent on money from General Motors or from stocks that have simply failed. It is essentially just get money that is already yours. You may have make mortgage payments most of your life so you could own your house. Now may be the time for your house to pay you back. And that is what a HUD Reverse Mortgage will do. You will get monthly payments not make them.
Are you eligible for a FHA Reverse Mortgage?
A FHA Reverse Mortgage is perfect for people that own their home free and clear or even if you have a balance of sixty-five percent or less of the value of the home. Either way, you could qualify for the loan and get the money you need to pay your bills or take the vacation you have always wanted.
The great thing about a HUD Reverse Mortgage is that you do not have to make monthly payments like you would with a home equity loan. Instead, you are the one that is getting the monthly payments. They are giving you your money and you are free to use the money when you need to for things that you truly need or simply want. This type of loan does not have some of the strict guidelines that home equity loans require, such as creditworthiness. Your income is not taken into consideration at all, in most circumstances.
If you qualify for a HUD Reverse Mortgage, you are able to start receiving the money right away. What better time could there be for that? So, if you are sixty-two or older and have a home that is at least sixty-five percent paid for, now is the time to act. Go get the money that is yours to begin with and get that FHA Reverse Mortgage today.
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