Your home equity could be the key to your financial freedom during retirement. With a home equity conversion mortgage borrowers may elect to take a lump sum payment to do home improvements, travel, pay down debt or get monthly payments to supplement their retirement income.
The following eligible property types must meet all FHA property standards and flood requirements:
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity. The amount that will be available for withdrawal varies by borrower and depends on:
If there is more than one borrower and no eligible non-borrowing spouse, the age of the youngest borrower is used to determine the amount you can borrow.
You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
This offer is being made only by LoanFlight Lending at 201 N. Franklin Street, Suite 3440, Tampa, FL 33602. NMLS ID 1522344. Click here for licensing information. This is not a commitment to lend. Restrictions apply. All terms subject to credit approval, market changes and availability. Rates may vary and are subject to change without notice. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. This is not a commitment to lend. Prices, guidelines and minimum requirement are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. These materials are not from HUD or FHA and were not approved by HUD or a government agency. LOANFLIGHT LENDING, LLC IS AN EQUAL OPPORTUNITY LENDER, QUALIFICATION REQUIRED, TERMS AND CONDITIONS APPLY, CONTACT US FOR DETAILS.