HUD Reverse Mortgage

The Department of Housing and Urban Development (HUD) was one of the first organizations to start the reverse mortgage. The HUD reverse mortgage is a federally insured private loan. It is a plan that HUD started to give older people more security. The HUD reverse mortgage helps many seniors supplement their social security incomes.

A reverse mortgage is a type of mortgage made for people that are 62 or older. A reverse mortgage is a little different in that it doesn’t have to be paid back for as long as the senior lives, and occupies the home. In essence it allows the homeowner to convert the equity in his house into cash.

Finding out if Your Home Eligible for an HUD Reverse Mortgage

Your home needs to be a single family dwelling or a two to four unit property, but you must own it and occupy it. Townhouses and condominiums do qualify.Some manufactured homes are eligible, but not all. How will the HUD Reverse Mortgage be paid back? If and when you decide to sell your home or you no longer use it as your primary residence then the loan will become due or if you pass away then your estate will repay the loan plus interest.

Understanding a HUD Reverse Mortgage

Eligibility for a HUD reverse mortgage has a couple of requirements. First, the borrower must be a homeowner and be at least 62 years of age.

The borrower should own his house outright or have a very low mortgage that can be paid off at closing and he or she must live in the house In order to receive a HUD reverse mortgage there are no requirements as to how you originally purchased the house.

In other words, you did not have to have a FHA mortgage to qualify for an HUD reverse mortgage.

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