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FHA MORTGAGE INSURANCE

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

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

Paul Jamison

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Join date : 2008-01-28

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Post  Reverse Mortgage Man 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.

Reverse Mortgage Man
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Post  Cherry Pearl Tue Feb 05, 2008 9:27 am

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

Cherry Pearl

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

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

Ralph J

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

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

Walter Cabe

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