October 19, 2006 11:58 AM
How Can You Qualify For A HUD Reverse Mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can contact the Housing Counseling Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area.
Source: HUDRelated Entries
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10/19/06 | Deciphering Reverse Mortgage Cost: Origination Fee
10/19/06 | Deciphering Reverse Mortgage Cost: Appraisal Fee
10/19/06 | Deciphering Reverse Mortgage Cost: Mortgage Insurance Premium
10/19/06 | Reverse Mortgage FAQ: Payment Options In HUD Reverse Mortgage
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08/21/06 | House-Rich and Cash-Poor? Reverse Mortgage May Be Good For You.
08/20/06 | Reverse Mortgage: The Cost Rundown
08/19/06 | Reverse Mortgage Is Tax-Free, But Sometimes Not Tax Deductible
08/18/06 | Reverse Mortgages: More Money for the Elder
08/17/06 | Is a Reverse Mortgage Right for You?
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08/15/06 | ABC offers ABC of Reverse Mortgage
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08/15/06 | Top Ten Things to Know About Reverse Mortgage
08/15/06 | What Is Reverse Mortgage?
10/19/06 | Drawbacks Of Reverse Mortgage
10/19/06 | 9 Steps To Get Reverse Mortgage
10/19/06 | Deciphering Reverse Mortgage Cost: Origination Fee
10/19/06 | Deciphering Reverse Mortgage Cost: Appraisal Fee
10/19/06 | Deciphering Reverse Mortgage Cost: Mortgage Insurance Premium
10/19/06 | Reverse Mortgage FAQ: Payment Options In HUD Reverse Mortgage
10/19/06 | Reverse Mortgage FAQ: Difference Between A Reverse Mortgage And A Home Equity Loan
10/09/06 | Typical Costs and Interest Rates of Reverse Mortgage
08/25/06 | Top 10 Things You Should Know About Reverse Mortgage
08/23/06 | When You Shouldn't Consider Reverse Mortgage
08/22/06 | Three Types of Reverse Mortgages
08/21/06 | House-Rich and Cash-Poor? Reverse Mortgage May Be Good For You.
08/20/06 | Reverse Mortgage: The Cost Rundown
08/19/06 | Reverse Mortgage Is Tax-Free, But Sometimes Not Tax Deductible
08/18/06 | Reverse Mortgages: More Money for the Elder
08/17/06 | Is a Reverse Mortgage Right for You?
08/16/06 | How Reverse Mortgage (RM) Will Affect Your Medicaid
08/15/06 | ABC offers ABC of Reverse Mortgage
08/15/06 | Save Your Retirement With a Reverse Mortgage
08/15/06 | Top Ten Things to Know About Reverse Mortgage
08/15/06 | What Is Reverse Mortgage?
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