Reverse Mortgage Rates, Income, California, Connecticut, Florida, Idaho, Nevada, New Mexico
If you want some equity out of your home and can afford to make the monthly payments, this program is not for you. If you want to access part of the equity in your home (it must be your primary residence, you must live there 183 days out of the year) and you don’t want to make monthly payments… this program is for you.
The majority of reverse mortgages are insured by FHA (FHA is an insurer and not a lender). The FHA program is the most popular because the FHA insurance is what makes this program win-win for the borrower and for the lender because it removes the risk and liability, which means the lender is willing to lend what ever amount FHA will insure. It is a totally non-recourse loan, which means that the balance can never exceed the property value. Let me show you the differences.
Read more > July 7, 2007, 3:54 pm