| purpose. The Federal Housing Administration was begun as part of the New Deal in 1934. It guaranteed private home mortgages (FHA loans) and provided funds to conversion optimization rate housing construction, especially for poorer people. Income and credit ratings are not considered by lenders when granting conversion optimization rate mortgages, notwithstanding a bankruptcy that has not been resolved. The majority of reverse mortgages are FHA insured. In a reverse mortgage in the U.S., a conversion optimization rate can be paid in a lump sum, in monthly advances (payments), through a growing line of credit, or a combination of all three. The loan advances are not taxable and do not affect Social Security or |
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