New Changes to FHA Reverse Mortgage are even better for Senior Citizens

Reverse Mortgages can be a polarizing topic for a couple of reasons:
1. Their are a lot of scams that our Senior Citizens have to be careful of on a daily basis.
2. Most people have no idea how safe and useful they can be for Senior Citizens in certain situations.

FHA Reverse Mortgage's are a great tool that must be explored by today's Senior Citizen's and they have recently become an even more conservative choice because now income and credit play a role in deciding if you qualify for this loan. The truth is their are a lot of Senior Citizens that need help financially and many times that burden falls on their children or the Government to assist them. The problem with children is they may not financially be able to help or they simply are ignorant of the different legitimate programs available for their parents. If you are a child with parents over the age of 62 and they need help financially.. Keep reading and learn how the FHA reverse mortgage works.

Here are some recent changes to the program and some common misconceptions. The changes are:

1. A financial assessment tool and qualification has been added to the requirement for qualifying for the loan. This ensures that FHA is delivering a loan to Seniors that can afford to pay their taxes even if they were to mismanage the money they get from the loan, thus avoiding a foreclosure situation.
2. Before credit was never an issue, now they have added a credit overlay to each loan. Again this is a protection mechanism that protects Seniors and their heirs from losing their home due to poor financial decisions etc..

I also want to address some common misconceptions about this loan:

1. You hold title the same way you would for any normal FHA or conventional loan. You own the house. Your name is on title and you are not turning over your house to the bank.
2. You can make payment on an FHA reverse mortgages. Most people do not know this, but although you are not required to make payments ever on this loan, you certainly can if you choose to do so.

This is a great financial option for Senior Citizens today and their is a lot of protection for heirs with these loans. For more information please contact me or visit my website for lots of great information www.truthaboutfhareversemortgages.com .

Noah Burford
FHA Reverse Mortgage Expert with Omni-Fund
NMLS# 360982
Cell Phone : 949-278-9244
email: noah@ebrandit.com