FHA MORTGAGE INSURANCE

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FHA MORTGAGE INSURANCE

Post  Paul Jamison on Mon Jan 28, 2008 8:14 pm

Can I apply if I didn't buy my present house with FHA mortgage insurance.

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Mortgage Insurance

Post  Reverse Mortgage Man on Wed Jan 30, 2008 9:07 am

Yes - when you obtain a reverse mortgage, you are refinancing and at that time you will have to have mortgage insurance on the new mortgage.

Your lender will require a mortgage insurance policy. This protection insures that, when re-payment is ultimately due, the amount needed to satisfy the loan will never exceed the value of the home itself. An initial premium for this protection will be due upon closing your loan, and can be financed as part of your reverse mortgage proceeds.

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Re: FHA MORTGAGE INSURANCE

Post  Cherry Pearl on Tue Feb 05, 2008 9:27 am

Is it better if you have a FHA mortgage on your home.

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Re: FHA MORTGAGE INSURANCE

Post  Ralph J on Thu Feb 07, 2008 10:21 am

It would be better if your home did not have a morgage on it at all.

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Re: FHA MORTGAGE INSURANCE

Post  Walter Cabe on Fri Feb 08, 2008 3:47 pm

Yes you will not have a problem. You just need to meet the requirement of the HECM.

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Re: FHA MORTGAGE INSURANCE

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