FHA tightens the rules on reverse mortgages

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.

FHA Reverse Mortgage: An FHA reverse mortgage is designed for homeowners age 62 and older. It allows the borrower to convert equity in the home into income or a line of credit.

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Through a new rule announced Wednesday, the Federal Housing Administration (FHA) is making it easier for condo owners to get reverse mortgages and other FHA financing. The FHA published a final regulation and policy implementation guidance this week establishing a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified [.]

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Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by.

The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity. The amount that will be available for withdrawal varies by borrower and depends on: Age of the youngest borrower or eligible non-borrowing spouse;

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Fha Reverse Mortgage Guidelines Eligibility Requirements 12:40 pm Dawn In general, to be eligible for a reverse mortgage, the youngest borrower on title must be 62 years old or older and have sufficient home equity.

You can use the listing below to see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing. The lender will discuss other requirements of the HECM.

But a reverse mortgage loan changes the rules because there is no payment and no risk of foreclosure. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

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HUD determined just over 18 percent of FHA-insured reverse mortgage borrowers were at risk of losing their homes as of November. A number of reforms implemented over the past several years sought to.