The FHA reverse mortgage loan is known as HECM – Home Equity Conversion Mortgage.
A FHA reverse mortgage is of course guaranteed by the FHA.
There are some general requirements that a borrower must meet in order to qualify for a FHA reverse mortgage loan. Below I have listed just the very basic FHA reverse mortgage qualifications for borrowers interested in utilizing this financial tool.
Qualifications for FHA Reverse Mortgage
- At least 62 years or older
- One - Four Unit dwellings
- Own the home, or the existing traditional forward mortgage is close to be paid off more specifically it can be paid with the proceeds obtained from the reverse mortgage loan.
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