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Some FHA borrowers are eligible for a reverse mortgage that allows them to convert a part of their home equity into cash. The FHA reverse mortgage has some unique differences from a traditional home equity loan for qualified borrowers.

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April 24, 2018
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Can FHA Help Get Cash for Home Equity?

FHA Common Question #31

According to FHA loan guidelines, some borrowers are eligible for what is known as a reverse mortgage. This allows the borrower to convert a part of the equity in the home into cash. The FHA reverse mortgage has some unique differences from a traditional home equity loan that can be a huge benefit to anyone who qualifies for the FHA reverse mortgage.

One of the best; no payment is necessary until the borrower does not use their home as the "principal residence" or primary dwelling. If the home is converted from the primary dwelling, for example, into a rental property or if the borrowers move into an assisted living community. This feature of the FHA reverse mortgage is quite helpful for those who qualify.

NEXT:  Are There Reverse Mortgage Requirements?

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FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!