| FHA reverse mortgages are safe and might be perfect for a senior needing
more income. The FHA reverse
mortgage can be just what a low income property owner over the age of 62 needs.
This type of mortgage is designed
specifically so a senior whose home is paid for or nearly so does not need to sell their
property to finance living expenses. The home does not have to be sold until the senior
moves out. Repeat, the loan is not due until the senior moves out. Hud's list of WA approved Reverse
Mortgage Lenders
Read an excellent
355 page book available at local libraries, "Your New Retirement Nest Egg" by Ken Scholen, A consumer Guide
to the New Reverse Mortgages.
Another good book is "Home-Made
Money: Consumer's Guide to Home Equity Conversion. Publication D 12894; 44 page booklet,
free from AARP. |
Facts about FHA-insured reverse mortgages:
- your home is not sold- it stays in your name
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- loan is due only when you move
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- remaining equity to you or your heirs
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In King County the maximum loan is
$160,950.
The youngest borrower must be at least
62. The home must be your primary residence.
You must attend a free information
session from an FHA approved housing agency. |
