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FHA guidelines do not require you to have purchased your existing home in order to qualify for the FHA reverse mortgage. Check with your FHA lender to see if your dwelling qualifies.

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October 23, 2019
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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Can Non-FHA Loans Become Reverse Loans?

FHA Common Question #33

FHA guidelines do not require you to have purchased your existing home in order to qualify for the FHA reverse mortgage. Provided you meet all the requirements (age 62 or older, occupying the home as the primary residence, etc) to qualify for a reverse mortgage, you can get approved so long as your property meets HUD requirements. Your new mortgage will be an FHA insured loan, regardless of the status of the prior loan.

The approved dwellings for an FHA reverse mortgage include Townhouses, detached homes, units in condominiums and some manufactured homes. Check with your FHA lender to learn more about FHA guidelines on building types or to see if your dwelling qualifies.

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FHA Loan Articles and Mortgage News

FHA Rules on Cash Back at Closing Time

October 12, 2019 - FHA cash-out refinance loans are specifically designed to give cash back to the borrower at closing time once the original mortgage has been paid in full and other loan expenses are accounted for. Certain circumstances might be exempt from the $500 cash back limit on non-cash-out FHA refis. 

Double Check Your FHA Home Loan Paperwork

October 11, 2019 - A Loan Estimate is a document that should reflect what you have been discussing/negotiating with your loan officer and there should be no difference between what you agreed to and what the document contains. There are several areas to pay close attention to.

What a Low FHA Interest Rate Means for Your Budget

October 9, 2019 - Those new to house hunting don’t necessarily understand what a lower interest rate means for your monthly budget. It’s obvious that a lower rate means spending less money on the mortgage overall, but do you know how much you could save depending on the rate?

Home Loan Safety Tips

October 7, 2019 - The Department of Housing and Urban Development has an entire page dedicated to warning people about a type of home loan scam known as the loan modification scam. This is one of many different types of mortgage fraud, mortgage scams, and con games involving real estate.

What Can Affect Your Home Loan Appraisal?

October 6, 2019 - There are several areas that can affect whether your dream home is able to be purchased or not and your FHA appraiser is the one tasked with determining if the issues below will interfere with loan approval or not.