| Are you a homeowner and older than age sixty-two? | | | | Are you eligible for a FHA Reverse Mortgage? |
| Would you like to have an additional steady stream of | | | | A FHA Reverse Mortgage is perfect for people that |
| income each month or a lump sum of money to make | | | | own their home free and clear or even if you have a |
| repairs to your home or pay bills? A FHA Reverse | | | | balance of sixty-five percent or less of the value of |
| Mortgage may be what you are looking for. | | | | the home. Either way, you could qualify for the loan |
| What is a FHA Reverse Mortgage? | | | | and get the money you need to pay your bills or take |
| This is essentially a low interest loan that takes | | | | the vacation you have always wanted. |
| advantage of your home's equity. This is great | | | | The great thing about a HUD Reverse Mortgage is |
| opportunity to tap into money that you have already | | | | that you do not have to make monthly payments like |
| accrued in your home in a time when money is scarce | | | | you would with a home equity loan. Instead, you are |
| for many. With this type of loan, you do not have to | | | | the one that is getting the monthly payments. They are |
| pay it back until the last surviving homeowner passes | | | | giving you your money and you are free to use the |
| away or moves out. At that time, the estate has about | | | | money when you need to for things that you truly |
| a year to pay back the loan or the home must be sold | | | | need or simply want. This type of loan does not have |
| to settle the balance. | | | | some of the strict guidelines that home equity loans |
| Does all of this sound too good to be true? It sounds | | | | require, such as creditworthiness. Your income is not |
| like an answer to pray for people that have been | | | | taken into consideration at all, in most circumstances. |
| dependent on money from General Motors or from | | | | If you qualify for a HUD Reverse Mortgage, you are |
| stocks that have simply failed. It is essentially just get | | | | able to start receiving the money right away. What |
| money that is already yours. You may have make | | | | better time could there be for that? So, if you are |
| mortgage payments most of your life so you could | | | | sixty-two or older and have a home that is at least |
| own your house. Now may be the time for your house | | | | sixty-five percent paid for, now is the time to act. Go |
| to pay you back. And that is what a HUD Reverse | | | | get the money that is yours to begin with and get that |
| Mortgage will do. You will get monthly payments not | | | | FHA Reverse Mortgage today. |
| make them. | | | | |