Is there some mystical magic to an FHA Residential Real Estate Loan? Or a Reverse Mortgage? No. Both
come under the protections of HUD (Housing and Urban Development - A Cabinet Position) and the FHA (Federal Housing Authority).
FHA RESIDENTIAL LOANS help existing homeowners, and those people who want to be homeowners,
achieve their financing goals on their property by, in essence, becoming your co-signor. Needless to
say, if FHA says it will insure your loan (and in effect becomes your co-signor) you are on your way. FHA Loans
were created to promote homeownership. In the current Sub Prime financial meltdown, these FHA loans are being expanded
to help people keep their homes. Lets talk about how an FHA loan can help you.
REVERSE MORTGAGES help those people who have achieved the age of 62 and have equity in their homes
to be more at ease staying in their residences as additional years go by. (who wants to go to a retirement home?)
One way these mortgages help is that you get to stop making mortgage payments that might be stripping your social
security and retirement income benefits to the max. In effect, it takes away the necessity to decide over cat food for
the pet, or pay the mortgage. A second way these mortgages help is that the equity in your home may be sufficient
enough that in addition to no monthly mortgage payment, you receive a monthly payment to add to your current retirement
income. These are very useful loans for those who have attained the 62 and over class of citizenship. Lets
talk.
