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The FHA reverse mortgage plan is aimed at people sixty-two years old or older. FHA loan guidelines require the borrower to have already paid off the home or owe very little on the home.

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October 23, 2017
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Are There Reverse Mortgage Requirements?

FHA Common Question #32

The FHA reverse mortgage plan is aimed at people sixty-two years old or older. FHA loan guidelines require the borrower to have already paid off the home or owe very little on the home. One of the rules for this type of loan is that the amount owed must be paid off with part of the proceeds from the reverse mortgage. The borrower must also dwell in the home as the primary living space.

Applicants are also required to get FHA approved counseling prior to being approved for the loan. The FHA reverse mortgage may have a few additional steps to take before getting the process completed, but the end result is well worth that extra effort.

NEXT:  Can Non-FHA Loans Become Reverse Loans?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
Changes to FHA Loan Rules on Collections and Judgments

October 7, 2017 - In general, FHA loan rules require the lender to determine that judgments are resolved or paid off prior to or at closing. Judgments of a non-borrowing spouse in a community property state must be resolved or paid in full, with the exception of obligations excluded by state law.

Is There a No Money Down FHA Loan Option?

October 2, 2017 - The FHA Single-Family Home Loan program does not feature a no money down option. However, there are state and local programs that may offer assistance to home buyers, first-time home buyers, or home buyers who are in financial need.

FHA Loans, Disability Pay, and Proof of Income

September 25, 2017 - There are many common questions about FHA home loans, and more than a few uncommon ones. Income verification is one area where FHA loan applicants may experience the need for more information.

Are My Tax Returns Required for an FHA Loan?

September 20, 2017 - When you apply for an FHA home loan, there's a list of documents and documentation needed to process an FHA loan application. These are the minimum needed to establish an accurate picture of a borrower's credit and payment history.

Rules for FHA Loans Following a Short Sale

September 9, 2017 - FHA loan rules for new loans following a short sale may seem complex--the rules that apply to you often depend on the status of your mortgage loan prior to the short sale. But, when is a new FHA home loan possible following a short sale?