Why is it new?
The US Federal Housing Authority (FHA) has made significant changes in what kind of reverse mortgages they offer.
FIXED RATE FOR THE DURATION OF THE REVERSE MORTGAGE
LOWER COST UPFRONT TO OBTAIN THE REVERSE MORTGAGE
MORE CASH AVAILABLE AT TIME OF SETTLEMENT
Reverse Mortgages are guaranteed and insured by FHA. Today's Reverse Mortgage Program is endorsed by the strictest watchdog group of all for Seniors- AARP
What is a Reverse Mortgage?
It is money you and your spouse will get from the equity in your home that never has to be paid back as long as you occupy the property as your primary residence.
How do we qualify for a Reverse Mortgage?
You and your spouse must be 62 yrs. of age and reside in the home as a primary residence and have equity in the property.
There are no income requirements, no credit checks and NO MONTHLY PAYMENTS.
The money you receive is tax freeIt does not affect Social Security or Medicare Benefits