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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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©2018 A division of Finance of America Mortgage LLC | Equal Housing Lender | NMLS ID #1071 (www.nmlsconsumeraccess.org) | Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act

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