Seniors Can Travel The World With An FHA Insured Loan


Some people work their whole lives for their house only to find they have never traveled the world let alone their very own country. Seniors 62 years and older that are living in their homes but have no extra finances for traveling could utilize an FHA insured loan to fund their expeditions. If you want to go exploring America, maybe visit your ancestor's country, see your heritage or even just have fun in Hawaii under the sun then you should consider a home equity conversion mortgage.

An HECM is a loan based on the equity in your home and is only offered to seniors 62 years or older. Sometimes these types of loans are used to improve a senior citizens quality of life by providing money to keep the house warm or put better food on the table. Also in some cases it may be used for leisure like traveling because the senior homeowner does not have a family to leave their estate to.

Things so ask yourself when considering traveling on the equity in your home.

• Do you have any family?
• Have you traveled as much as you've wanted?
• When is the last time you did something for yourself?

As you stop working and start living your life for you it may dawn on you that you have never done anything or not as much as you would have liked. Storing away your nuts for winter only to find that winter has never come. Sounds like that could drive someone nuts. Although you have all this time, a home and enough to get by you cannot really do what it is you have wanted to do your whole life. If you do not have a family to leave your home to then what good is it to have all that equity built up in it? Obviously not everyone has life this way but you get the point, there are going to be cases when this could be the right option for you.

There are skeptics who do not see the worth in this government issued and funded program, although it does have its main purpose for seniors who need extra money to improve their lifestyles. I have heard an argument many times that there is the option of selling your home for all the equity in it. This is definitely a feasible option however you may want to keep your home to live in while you travel. Also you would either have to get a place to keep all of your stuff or sell it off as well which could be a hassle and you may possibly regret it later.

Whatever your reasons are either for or against this program it may be best to speak with an expert. You can find out more about home equity conversion mortgages also known as reverse mortgages by speaking with a FHA lender in your area. If traveling is what you want to do and you have equity in your property but not one to leave it to then this is definitely something you should look into. Find out more about how much money you can receive and how the whole process works including what fees are involved and how repayment of the loan works.

In closing utilizing the equity in your home for traveling may be the only way to get your true value out of your home at this time. Information written in this article has been provided by David Becker, a finance specialist, who offers Illinois Reverse Mortgages [] to homeowners through mortgage lenders [] nationwide.
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