With tightening of credit qualifications, there have been many who are trying to refinance and finding it difficult to qualify..especially Seniors on fixed incomes. Remember with a reverse mortgage, a borrower doesn't have to worry about income, credit, or health qualifications. By using a Reverse Mortgage, you can purchase a new home, an investment property, or even assist a family member to buy their first home.
We have seen some big changes for the FHA Reverse Mortgage, which are very helpful during these tough economic times.
1. HECM for Purchase- This new option allows home owners to use a reverse mortgage for the purchase of a new home. This is ideal for those who may be looking at downsizing, relocating closer to families, or planning to move into a 55+ community...without selling their original home.
2.Increase in the Maximum Lending Limits- The new Stimulus Package signed by President Obama in February brought us a new limit of $625,500 for the FHA HECM, really helpful in our high-priced area.
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