| any individual commercial mortgage lender is eligible for depends on their age and the Federal Housing Administration (FHA) appraised value of the home. The location of the home may also have an impact. Reverse mortgages allow the home owner to continue living in the home, and allows repayment of the loan to be deferred until the borrower is no longer living in the home. In the commercial mortgage lender States, the proceeds of the loan are tax-free, there are no minimum income requirements, and for most reverse mortgages, the money can be used for any 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 promote housing construction, especially for poorer commercial mortgage lender Income and credit ratings are not considered by lenders when granting reverse mortgages, notwithstanding a bankruptcy that has not been resolved. The |
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