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| Who is Eligible ? Reverse Mortgage loans are available in all 50 States. To be eligible for a FHA Reverse Mortgage Loan: You and any other current owners of your home, must be aged 62 or over, and live in your home as your primary residence; Your home must be a 1 to 4 family home, condo or planned unit development. Your home must be at least 1 year old and meet HUD's minimum property standards, but you can use a Reverse Mortgage to pay for any repairs that may be required. You must discuss the program with a housing counselor from a HUD approved counseling agency. We can provide you with a list of counselors in your area. |
| FHA Reverse Mortgage Loans versus other reverse mortgage loans FHA Reverse Mortgage Loans generally provide the largest loan advances of any reverse mortgage. Often they provide a lot more cash than any other program. They also give you the most choices in how you can have the cash paid to you. The money you get can be used for any purpose. FHA Reverse Mortgage Loans can be much less costly than the other reverse mortgages and they can be used for any purpose. Generally, the only reverse mortgage that cost less are offered by State and Local governments. These loans can typically be used for one specific purpose only, for example to repair your home or pay your property taxes. |
Repaying an FHA Reverse Mortgage
As with most reverse mortgages, you must repay a the loan in full
when the home is sold or when none of the original borrowers live in
the home.
You allow the property to deteriorate, except for reasonable wear and
tear, and you fail to correct the problem.
All borrowers permanently move to a new primary residence.
All borrower fails to live in the home for 12 months in a row.
Property taxes or hazard insurance go unpaid for an extended period
of time.
As with most reverse mortgages, you must repay a the loan in full
when the home is sold or when none of the original borrowers live in
the home.
You allow the property to deteriorate, except for reasonable wear and
tear, and you fail to correct the problem.
All borrowers permanently move to a new primary residence.
All borrower fails to live in the home for 12 months in a row.
Property taxes or hazard insurance go unpaid for an extended period
of time.
| The FHA Reverse Mortgage Loan For many borrowers 62 and older, it's become the best financing option. Reverse mortgages allow Homeowners to turn home equity into cash without selling their homes, giving up ownership in their properties or burdening themselves with a monthly mortgage payment. Best of all the loan is guaranteed by the Federal Housing Administration (FHA) a division of The United States Department of Housing and Urban Development (HUD) |
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What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity built up
over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage also know as a HECM Loan (Home Equity
Conversion Mortgage) provides these benefits, and it is federally-insured as well.
Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.
For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage
A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity built up
over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage also know as a HECM Loan (Home Equity
Conversion Mortgage) provides these benefits, and it is federally-insured as well.
Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.
For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage
Reverse Mortgages From OceanFirst Bank
OceanFirst Bank was Founded in 1902. OceanFirst Bank is an FHA Approved Reverse Mortgage Lender. OceanFirst Bank is an FDIC Member. OceanFirst
Bank is an Equal Housing Lender. OceanFirst Bank is an Equal Opportunity Lender. OceanFirst Bank is a Member of the National Reverse Mortgage
Lenders Association. OceanFirst Bank is a Fannie Mae Approved Seller Servicer. OceanFirst Bank is an Approved Ginne Mae issuer.
OceanFirst Bank was Founded in 1902. OceanFirst Bank is an FHA Approved Reverse Mortgage Lender. OceanFirst Bank is an FDIC Member. OceanFirst
Bank is an Equal Housing Lender. OceanFirst Bank is an Equal Opportunity Lender. OceanFirst Bank is a Member of the National Reverse Mortgage
Lenders Association. OceanFirst Bank is a Fannie Mae Approved Seller Servicer. OceanFirst Bank is an Approved Ginne Mae issuer.
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Reverse Mortgages
Insured by the
Federal Housing Administration
Insured by the
Federal Housing Administration
In home visits and loan closings are available within
the following counties:
In New York:
Nassau & Suffolk Counties on Long Island, Bronx
County Queens County Kings County Staten Island
Manhattan, New York City, Dutchess County, Orange
County, Putnam County, Rockland County, Sullivan
County, Ulster County, Westchester County
In New Jersey:
Atlantic County, Bergen County, Burlington County,
Camden County, Cape May County, Cumberland
County, Essex County, Gloucester County, Hudson
County, Hunterdon County, Mercer County,
Middlesex County, Monmouth County, Morris County,
Ocean County, Passaic County, Salem County,
Somerset County, Sussex County, Union County, &
Warren County
In Pennsylvania:
Berks County, Bucks County, Chester County,
Delaware County, Lancaster County, Lehigh County,
Northampton County, Montgomery County and
Philadelphia County
the following counties:
In New York:
Nassau & Suffolk Counties on Long Island, Bronx
County Queens County Kings County Staten Island
Manhattan, New York City, Dutchess County, Orange
County, Putnam County, Rockland County, Sullivan
County, Ulster County, Westchester County
In New Jersey:
Atlantic County, Bergen County, Burlington County,
Camden County, Cape May County, Cumberland
County, Essex County, Gloucester County, Hudson
County, Hunterdon County, Mercer County,
Middlesex County, Monmouth County, Morris County,
Ocean County, Passaic County, Salem County,
Somerset County, Sussex County, Union County, &
Warren County
In Pennsylvania:
Berks County, Bucks County, Chester County,
Delaware County, Lancaster County, Lehigh County,
Northampton County, Montgomery County and
Philadelphia County
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