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rules for reverse mortgage

Home Equity Conversion Mortgages, also known as FHA HECM loans or FHA reverse mortgages, now have an FHA-required mandate for a second appraisal when circumstances warrant. FHA reverse mortgages with case numbers assigned between October 1, 2018 and September 20, 2019 will require a second appraisal in cases where the FHA determines there has been an inflated property valuation.

Most reverse mortgages must be repaid (including all unpaid interest and fees) when they leave the home permanently. This includes when they sell the home or die. However, most reverse mortgages are owner-occupier loans only so that the borrower is not allowed to rent the property to a long-term tenant and move out.

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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. The FHA reverse mortgage loan is also known as a Home Equity Conversion Mortgage (HECM), and is paid.

A reverse mortgage may not be your best option You must be 62 or older to qualify If there are multiple borrowers, the youngest borrower must be at least 62. You must have significant equity in your home

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While reverse mortgages don’t have income or credit score requirements, they still have rules about who qualifies. You must be at least 62, and you must either own your home free and clear or have.

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If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify Are reverse mortgages helpful or Hazardous? Often considered a loan of last resort for older retirees, reverse mortgages are there for homeowners who worry about outliving their savings

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The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s HECM program.