FHA Reverse Mortgage Program

The FHA-insured Reverse Mortgage Program gives homeowners, 62 years of age or older, the opportunity to use the equity they have built in their home to access tax-free money to use as they wish, all while the homeowners retain title and remain living in their home. And, homeowners are not required to make any monthly mortgage payments for as long as they live in the home. There are no credit score or income qualifications and you have the choice of flexible draw options that include a lump sum, a monthly check, a line of credit or a combination of these pay-out options. The FHA requires that you seek third party financial counseling from an approved HUD counselor before processing of the loan can begin. The counseling is a safeguard for you and your family to ensure you completely understand what a reverse mortgage is and if it is the right decision for you. Also, the FHA has launched a new reverse mortgage called the HEMC Saver. When you borrow a lower amount, the HEMC Saver charges drastically lower upfront fees. AnnieMac Home Mortgage offers reverse fixed rate loans and adjustable rate loans: