Many first time home buyer's ask "What is an FHA Loan?" without ever getting a clear concise answer, we'll give that to you
here -
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Part of the stimulus package of
2009 includes the homebuyer tax credit. This credit is intended to help buyers
with a credit to be applied on -
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In numerous housing markets
across the nation, the increase in housing prices doesn't match the areas
average household -
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The Foreclosure process is
different in all 50 states. If you are having a hard time making your -
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With a long list of charges at
settlement, it's important to know what to expect. The Real Estate Settlement
Procedures Act (RESPA) requires your -
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FHA Reverse Equity Program
Section 255
Section 255 also known as the Home Equity Conversion (reverse)
Mortgages (HECM) provides FHA insurance on
reverse mortgages which can
be used by senior homeowners age 62 and older to convert equity in their
home into monthly streams of income and/or a line of credit to be repaid
when they no longer occupy the home.
Section 255 features:
- Borrower must be age 62 years of age or older, legal owner of the
property and occupy the property as primacy residence.
- Mortgage amount is based on the age of the youngest borrower,
current interest rate and the lesser of appraised value or the FHA
insured loan limit.
- There are no credit or income requirements for the FHA reverse
mortgage.
- There are no limits on the value of homes qualifying for a HUD
reverse mortgage.
- To assist the homeowner in making an informed decision on whether
this program meets their needs, all borrowers are required to receive
consumer education and counseling by a
HUD-approved HECM counselor.