This program 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.
They can also receive payments on an occasional basis as a line of
credit. If a homeowners circumstances change, they can restructure
their payment options.
There are no limits on the value of homes qualifying
for a HUD reverse mortgage. However, the amount that can be borrowed is
capped by the maximum FHA mortgage limit for the area, which varies
from $81,548 to $160,950, depending on local housing costs.
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By: kriswa Posted: Nov 15 2005 02:27:38 AM