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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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June 23, 2018
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FHA.com is a private company, 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

How to Prepare for an FHA Cash-Out Refinance Loan

June 11, 2018 - For those who want to cash in on the value built up in the home over time, the FHA cash-out refinance is an important option to consider. Be prepared for a new credit check and request copies of your credit reports. Then examine your FICO scores and your credit history carefully.

Is an FHA Manufactured Home Loan Right for You?

June 8, 2018 - Is an FHA manufactured home loan right for you? That is a question well worth asking, especially for those concerned that such loans may not be available in certain housing markets. Supply and demand plays an important role in how some lenders approach certain types of FHA loan transactions.

FHA Loan Options to Build or Buy

June 6, 2018 - How many FHA loan options to build or buy are out there for those who need a new home? The number and type of options may surprise you. FHA home loans can be used to buy condo units, mobile/manufactured homes, existing construction properties and also new construction.

FHA Loan Rules for Luxury Items

June 5, 2018 - Regarding luxury items and features in a home, the first and most basic issue is the existence of the pool, barbecue pit, or other similar upgrades. FHA loan rules do not forbid the purchase of a home with these features, but they must meet FHA standards where applicable.

FHA Home Loan Rules for Closing Costs

June 2, 2018 - Closing cost guidelines come into play regarding what expenses are considered part of the borrower’s required cash to close. Closing costs can include a lender’s origination fees, pre-paid items such as per diem interest, and discount points where applicable.

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!