Yes, every day 1000s of people take advantage of the benefits provided by FHA's HECM Reverse Mortgage. You are eligible if you meet the following basic criteria:
You must be at least 62 years old
Reside in a 1-4 family home or HUD-approved condo as your primary residence
Have sufficient equity in your property
Not be delinquent on any Federal debt
Participate in a consumer information session with a HUD-approved HECM counselor
Your credit score does not matter neither does your mortgage payment history. However, you may have to document that you have sufficient income to cover property taxes and homeowner insurance on the home.
A reverse mortgage is a fantastic way for seniors to access the equity in their home to improve their qualify of life or even to purchase another home. But like all major financial decisions, one should get the facts and carefully consider the pros and cons before taking this major step. Consult with a licensed experienced loan officer from an FHA-approved lender for further information. I am available to answer your questions and can be reached directly at 917-699-0183 or via email at email@example.com.
Senior Loan Officer
NMLS License 24076
Cliffco Mortgage Bankers
New York, NMLS ID 860126