fha reverse mortgage

When you decide to apply for a fha reverse mortgage, you may be happy to discover that these loans work almost exactly like they would in any other state. First of all, you are only allowed to apply for one if you are a certain age. You must be at least sixty-two. However, if you own the house with another person, you will need to ensure that they are also at least sixty-two. If they are younger than you, you will have to wait until their sixty second birthday.Then, you will have to meet certain requirements with your home. An FHA (Fair Housing Authority) appraiser will determine how much your house is worth. Then, the loan will be based on that amount and your age. Essentially, the older you are, the more you will get in terms of monthly payments. If you do not own your own home outright, you may be eligible to get a reverse mortgage in California based on the equity in your home. Finally, you will have to make sure that you meet the other requirements. These loans can usually only be offered on homes that do not exceed a certain value. They also can only be made on residences that you live in. However, they do not have to be single family homes. These loans can also be used on owner occupied duplexes as well as some other multi family structures. Once you are approved, you can start enjoying your money. It will come to you in monthly installments.