FHA Reverse Mortgage
FHA Reverse Mortgage products are a large part of my practice as a Certified Mortgage Planning Specialist. While an FHA reverse mortgage is not the only choice for seniors over 62, an FHA reverse mortgage is something to consider. Please read my personal experience with an FHA reverse mortgage. Email questions on an FHA Reverse Mortgage. FHA Reverse mortgage products offer benefits to seniors that a traditional mortgage can not and are a part of my mortgage planning process.
There are many websites claiming to be FHA reverse mortgage "specialists" offering only the FHA reverse mortgage. I believe that is a disservice to my client. I will continue to offer traditional mortgage products with the FHA reverse mortgage as I believe that offering only one type of mortgage may not be the best answer to my client's situation. I prefer to look at my client's specific situation and suggest the most appropriate solution. It may be an FHA reverse mortgage or it may not. Any mortgage should be a solution to a problem, not a product to be sold. That having been said, lets look at what an FHA reverse mortgage really is.
More than anything else, an FHA reverse mortgage can give you peace of mind by allowing you to maintain your independence. FHA reverse mortgage products are, designed to allow seniors to maintain their independence with dignity. An FHA reverse mortgage allows you to use the equity in your home to maintain and even improve your lifestyle. An FHA reverse mortgage will NOT cause you to lose your home and I have used an FHA reverse mortgage many times to give seniors the ability to stay in their home when other alternatives have failed. Funds made available to you are not taxable and will not affect your Medicare eligibility. They can be an effective estate and financial planning tool that can be shown to increase the size of your estate as well as to reduce taxes on your estate. They require no income, credit score, or health qualification but are based on your age and the equity in your home.
There are several loan types available to you and one may be a better choice depending on your specific set of circumstances
Fixed rate Home Equity Conversion Mortgage. From the Federal Housing Administration
Adjustable rate Home Equity Conversion Mortgage. From the Federal Housing Administration
Home Keeper. From Fannie Mae
Cash Account Advantage. From Financial Freedom
I offer a printed side by side comparison of them so you will be able to see which option best meets your needs. The benefits can vary between them and we want to be sure you select the one that meets your needs. Please call (888) 648-1714 or email me to ask about this free no obligation analysis.
Learn more about FHA Reverse Mortgage Myths
Learn more about their use as an Estate Planning Tool
Learn more about the use of an FHA Reverse Mortgage for Long Term Care Planning
To learn more about this solution, please take a moment to view my Equity Income presentation