Reverse Mortgages (FHA Insured)

 If you are 62 or older, a reverse mortgage insured by the Federal Housing Administration could allow you to refinance to eliminate your monthly mortgage debt, increase your cash flow, or purchase a more comfortable home closer to family and friends.

Beginning January 1, 2009, the Department of Housing and Urban Development expanded reverse mortgage programs from refinances only to include a  reverse program for new purchases.  The Purchase Reverse Program is intended to enable senior homeowners to relocate near family and friends or purchase a home that better meets their physical needs.

Some benefits of the program include:

• no monthly payments
• no income or credit criteria
• gifts are acceptable for down payment

Existing one-to-four unit properties are eligible for reverse mortgage purchases and must be the borrower's primary residence.  Please contact one of our mortgage consultants to see if a reverse mortgage purchase is beneficial to you.