Financial Help For Senior Homeowners

Home > All Categories > Personal Finance > Retirement/Savings	What is Ingenio?

*Rate : $1.19 per min.

Ask Question

*International calls:
Until you sign in, the rate you see does not include international long distance charges.

Financial Services Financial Help For Senior Homeowners

Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining are eligible to participate in a government program that allows homeowners to borrow against the equity in their homes. Homeowners can receive payments in a lump sum, on a monthly basis (for a fixed term or for as long as they live in the home), or on an occasional basis as a line of credit. Homeowners whose circumstances change can restructure their payment options. Unlike ordinary home equity loans, there is no repayment as long as the borrower lives in the home. Lenders recover their principal, plus interest, when the home is sold or refinanced by the heirs. The remaining value of the home goes to the homeowner or to his or her survivors. If the sales proceeds are insufficient to pay the amount owed, HUD will pay the lender the amount of the shortfall. The Federal Housing Administration, which is part of HUD, collects an insurance premium from all borrowers to provide this coverage. The size of the loan is determined by the borrower's age, the interest rate, and the home's value. The older a borrower, the larger the percentage of the home's value that can be borrowed. For example, based on a loan at today's low interest rates, a 65-year-old could borrow up to 60 percent of the home's value, a 75-year-old could borrow up to 70 percent of the home's value, and an 85-year-old could borrow almost to 80 percent of the home's appraised value --- up to the FHA loan limit for each city and county." There are no asset or income limitations to qualify. There are also no limits on the value of homes qualifying. However, the amount that may be borrowed is capped by the maximum FHA loan limit for each city and county varies from $154,896 in rural areas to $280,749 in many major metropolitan areas (and even higher in Alaska, Hawaii & the U.S. Virgin Islands) depending on local housing costs." For more information, call or send me a keen mail.

Financial Services' Feedback


Rating:	Not Rated	Learn more about how ratings are calculated

Feedback Responses:	0

Availability for Financial Services

Send a request for an appointment to talk live at your convenience


	Home \| Get Advice \| My Account \| Give Advice \| Site Map \| Help
	Member Agreement \| Privacy Policy \| Satisfaction Guarantee \| Affiliate Program \| Partner with Ingenio © 2012 AT&T Intellectual Property. All rights reserved. Trademark Notice Advisors are not employees of Ingenio.