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What do I do if I don’t qualify for an FHA reverse mortgage?!!!!

The overwhelming majority of reverse mortgages are FHA HECMs (home equity conversion mortgages). Even if a homeowner qualifies for other reverse mortgage offerings they usually get the FHA product for several reasons: Flexibility to obtain funds in a variety of ways (lump sum, monthly cash flow, line of credit) The non-cancellable line of credit (unlike traditional equity lines) Government guarantee that future benefits will be paid Alternative loan products are usually designed for high-value properties Because the FHA lending limit is $679,650 nationwide, and the amount actu...

March 22nd, 2018 | What the HECM, Reverse Mortgage, What do I do if I don’t qualify for an FHA reverse mortgage?!!!!

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2019 Holmgren & Associates is a division of Finance of America Mortgage LLC |Equal Housing Opportunity | NMLS ID #1071 (www.nmlsconsumeraccess.org)| 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5698 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act
Questions, comments, concerns? Send to customerrelations@financeofamerica.com 

This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states.  Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.  Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency.  A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.  Questions, comments, concerns? Send to customerrelations@financeofamerica.com