April 2, 2024
FHA Home Equity Conversion Mortgages In 2024
As further news comes in about improving housing market conditions (however slowly the market may improve), some homeowners are again thinking about their options, including FHA refinance loans and programs that let borrowers take the equity in their homes out in cash. For those reviewing FHA loans, options can include cash-out refinancing as well as an option for those 62 or older who own their homes or have nearly paid them off. FHA Reverse Mortgage Facts The FHA reverse mortgage allows a qualified borrower to get cash at closing time on a loan that is not due until the borrower dies, sells the home, or stops using it as their home address. Borrowers do not make mortgage payments with an FHA reverse mortgage. However, there are payments to be made. | more...