The FHA reverse mortgage for seniors is designed for homeowners age 62 and older. It allows them to convert the equity in their homes into monthly streams of income, a line of credit, or cash. The FHA reverse mortgage loan must be repaid when they no longer occupy the home. Homeowners are required to receive FHA reverse mortgage loan counseling and consumer education by an approved FHA reverse mortgage loan counselor so they can confirm that this fha reverse mortgage loan program meets their needs and has the value that they are looking for.
A certified HECM FHA reverse mortgage loan counselor will discuss program eligibility, considerations and alternatives to obtaining a HECM FHA reverse mortgage loan. Upon the completion of FHA reverse mortgage counseling, a senior homeowner and their family should be able to make an informed decision of whether the reverse mortgage will meet there needs.
Homeowners who qualify for an FHA reverse mortgage loan can complete a reverse mortgage application by contacting a FHA-approved reverse mortgage lending institution. If you need assistance locating a FHA-approved lender, you may request a list from a reverse mortgage counselor.
