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How The New FHA Reverse Mortgage Saves Costs The new FHA reverse mortgage program has an ideal timing. Many seniors suffer from the hard recession, dropped share prices and rising living costs, including the medicines. What they need is a source to grow the daily income. For many the home equity is the only source, which FHA has understood. FHA reverse mortgage was developed after FHA noticed, that many seniors first sold their bigger homes and bought smaller ones. Then they signed the reverse loans against the smaller ones. What happened was, that they paid the closing costs two times. New HECM Reverse Mortgage For Home Purchase Saves Costs. New FHA reverse mortgage gives an opportunity to buy a new home with the reverse mortgage without selling the old home. The allowed home types are single family homes, condos or a small multi family residences. Seniors can reveal some of the existing equity into cash. As long as the property is their primary home, they will enjoy about the monthly payments, which are tax free. Plus they can rent out the old home and to get an extra disposable monthly cash. The lender follows the payment instructions of the borrower. The alternatives are the monthly payments, lump sum, credit line or the combination of these all. Here Is, How You Can Get The New FHA Reverse Mortgage. First, you have to be at least 62 years old and own a home, where you live permanently and where you have equity left. Altogether three seniors can become borrowers, but then everybody must fulfil the requirements. A borrower must go through the counselor meeting, where he has a chance to ask advice. How Much A Senior Can Get With The New FHA Reverse Mortgage? Usually the loan sum is 35 - 55 % of the home equity. However, it is not wise to take a very small reverse loan, because the costs can take the major part of the equity. The loan sum is not fixed, but depends on the appraised value of the home, on the level of the interest rate and on the age of the borrower, or if they are many, on the age of the youngest borrower. The ceiling is in all cases $ 625.500. A Senior Can Get Rid Of The Monthly Mortgage Payments. When a senior wants to buy a smaller home with FHA reverse mortgage and to sell an old home, where he has mortgage left, he will honestly improve his monthly financial situation. First, he will pay away the old mortgage, then he will take a reverse loan against the equity of the new home plus he will get an extra sum of cash money. In the end of the day, he will not pay any monthly mortgage payments. If The Market Is Soft, A Senior Can Postpone The Sale Of The Present Home. Let us assume, that a senior wants to buy a smaller home with the reverse loan, but does not want to sell the old home, because the market prices are down. So he decides to wait until the prices rebound. What he can do is, that he can rent out the present home and buy a new one with HECM reverse mortgage for home purchase and to wait until the prices recover. A senior Can Never Owe More, Than The Value Of The Home. This makes a new FHA reverse mortgage riskless to the borrower and to his heirs. The only collateral, which the loan has is the home equity. The running time will end, when the last borrower will sell the home, move away or pass away. Then the home will be sold and the selling price is used to pay the loan capital, interests and all the costs. If it does not cover the whole sum, the mortgage insurance will pay the rest.
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