Loans

Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA loans require mortgage insurance primarily for borrowers making a down payment of less than 20 percent. Mortgage insurance is charged to the homeowner each month at the rate of .5 percent per year of the total loan amount. FHA also charges an upfront mortgage insurance premium of 1.5 percent. FHA's monthly mortgage insurance payments will be automatically terminated when these conditions occur: For mortgages with terms 15 years and less and with Loan to Value ratios 90 percent and greater, annual premiums...

The Reverse Mortgage is a national program for homeowners age 62 and better, which enables you to access your home's equity without a monthly repayment. The loan is safe and is Government-Insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD). This loan was signed into law as a national program in 1988 and since its inception has helped thousands of homeowners safely access the equity in their homes to help them better enjoy their retirement years. General Requirements: Minimum Age: 62 All Applicants Income/Credit: No income or minimum credit score is...