Need money? Are you over 62 years? We can help you apply and qualify for Obama Housing Plan. Launched by the Federal Housing Administration this is one of the most reliable way of converting the equity you have built into cash. It’s reliable since it continues to allow you to stay in the house and also has tax benefits. It also has inheritance provisions. FHA Refinance is considered as one of the most popular ways for seniors to gain financial security and supplement social security.
This reverse mortgage program is also called HECM (Home Equity Conversion Mortgage). The loan is available so long as you continue to live in the primary residence and keep paying the taxes and insurance. The repayment starts only if you sell the house. This flexibility of repayment is one of the attractions that has made it little different than Home Equity Line of Credit Loan. If you outlive the loan you need to repay only if you move out. When the house is sold by you or your heirs the money that is received from the loan and the interest is paid off first and then what is left over is passed to you or your heirs. It allows you to retain title.
The eligibility criteria for FHA home loan refinance are as follows:- Equal or over 62 year of age
- No or low current mortgage
- Primary house
- FHA certified counselor session is necessary
- The house must be single family home or one to four unit and you occupying one of the units.
- HUD approved condos and manufactured houses are also eligible.
There are payment options and also origination fees, closing costs and FHA refinance rates that have to be understood to decide on the suitability and total cost. So if you are in need of cash why not also avail the other benefits specially created for seniors like you!
