Long Time Success
Most seniors don’t know that the HUD reverse mortgage has been in existence since the mid 1960’s and it was first started by our nations Federal Housing Administration (FHA). Any senior citizen who chooses a HUD mortgage can have confidence that their mortgage is federally backed and they can enjoy their retirements.
How Do HUD Mortgages Work?
With a HUD reverse mortgage, the homeowner will use their home to raise the money that they need for their retirement and the great thing for the homeowner is that the money plus the interest doesn’t have to be paid back to the lender, until after the borrower has passed away.
What Are The Edibility Requirements?
To be eligible for a HUD reverse mortgage the borrower (homeowner) must be 62 years old, or older, living in a primary residence and have little to no mortgage debt left to pay off on their home.
How Much Money Can You Get?
The amount of money that a borrower can receive from a HUD reverse mortgage varies on things like the age of their home, it’s current value, location and also the interest rate at the time the borrower applies for this type of reverse mortgage.
Are HUD Reverse Mortgages A Good Thing?
For Orange County senior citizens and seniors across the United States, HUD reverse mortgages are a good thing and a smart move for any person over the age of 62 home wants to guarantee that they will have enough money for their retirement years.
To learn more about HUD reverse mortgages and how they can help you, contact the Sun Financial Group mortgage specialist team by calling (949) 699-1950.