| able to pay 1st atlas mortgage off an existing mortgage with the proceeds from the reverse mortgage and if needed, additional personal funds. The amount any individual homeowner 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 1st atlas mortgage 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 United 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 1st atlas mortgage The Federal Housing Administration was begun as part of the New Deal in 1934. It guaranteed private home mortgages (FHA loans) 1st atlas mortgage provided funds to promote housing construction, especially for poorer people. Income and credit ratings are not considered by lenders when granting reverse 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 borrower can be paid in a lump sum, in 1st atlas mortgage 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 Medicare benefits, although Medicaid and SSI benefits may be impacted. The cost of a reverse mortgage 1st atlas mortgage the costs of other types of loans. However, in some cases the costs may be less than or the same as the cost |  |
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