...It is a home mortgage founded on the equity in the home. In order to get a reverse mortgage, the borrower must possess adequate equity in the house. A HUD reverse mortgage is a home loan planned for seniors over sixty-two years old. The good thing about FHA mortgages is that almost anyone can get it. So if you have a satisfactory credit record, enough cash to close the loan and sufficient steady income to make monthly mortgage payments without difficulty, then you'll have no trouble getting approved for an FHA mortgage. As a rule of thumb, only people who will reside in the property are eligible for FHA-insured mortgages.
