FHA MORTGAGE INSURANCE
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FHA MORTGAGE INSURANCE
Can I apply if I didn't buy my present house with FHA mortgage insurance.
Paul Jamison- Posts : 21
Join date : 2008-01-28
Mortgage Insurance
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.
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.
Re: FHA MORTGAGE INSURANCE
Is it better if you have a FHA mortgage on your home.
Cherry Pearl- Posts : 20
Join date : 2008-01-29
Re: FHA MORTGAGE INSURANCE
It would be better if your home did not have a morgage on it at all.
Ralph J- Posts : 20
Join date : 2008-01-28
Re: FHA MORTGAGE INSURANCE
Yes you will not have a problem. You just need to meet the requirement of the HECM.
Walter Cabe- Posts : 23
Join date : 2008-01-28
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