Energy Efficient Home Mortgage Loans

The energy efficient home loan program is sponsored by the FHA and this government initiative offers home financing assistance to homeowners who want to install solar energy systems and pro environmental appliances. This green home financing plan includes financing to update appliances and toilets in their homes. Energy and water audits must demonstrate that the "energy efficient financing" updates will save enough money to cover monthly payments for these FHA loans.

Finance Solar Energy Installation with FHA Energy Mortgages Loans

The states of California and New York recently launched energy efficient financing campaigns to help homeowners update their housing with solar energy. These energy efficient campaigns boasted many environmental benefits that have become very appealing to homeowners looking to go green. Ask your loan officer about the green home financing feature of the FHA 203k loan.

Reverse home mortgage loans offer cash out incentives with energy efficient loan benefits for senior citizens over 62 years old. FHA now offers tax incentives, credit and cash back rebates for homeowners who make their home more environmentally friendly with energy efficient measures that promote conserving energy.

Seniors Can Finance Solar Energy Efficiency with A Reverse Mortgage
By Rebecca K. O'Connor

Cash in with a Reverse Home Equity Loan!

Reverse Mortgages Pay You Money Monthly!

Reverse mortgages were once thought of as a last resort tool, but today, seniors are using these loans to enjoy retirement a little more. There are many reasons that someone might want to put a reverse mortgage on their home even if they are financially well off. Many seniors still look to find ways to be kinder to the environment for example, and a reverse equity loan can finance solar heating or other energy efficiency options on a home. If you are serious about saving the environment, it may be a great way to make a difference.

Equity is a financial tool and many retirees would rather not leave it tied-up in the house, untouchable until the property is sold. A reverse mortgage pays seniors a monthly payment that they can use for whatever they wish. Alphonso Jackson, the Housing and Urban Development Secretary described reverse mortgages as, "the bright spot in today's housing market," adding that, "their significance will only increase as more baby boomers reach retirement."

How Do You Qualify?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) you must be a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and you must live in the home.

What's the difference between a reverse and a normal mortgage?
With a traditional mortgage, home owners borrow from a lender, paying down the principal over years and building equity. A reverse home mortgage works the other way around. The lender pays seniors a monthly payment which is a cash out on their equity. Typically this equity isn't paid back until the home is sold, the owners move or upon their death. For many home owners using the FHA home equity conversion to give them the ability to still live in their home while mining the equity to supplement their income is an ideal arrangement.

What kind of payments can you get?
Borrowers can get five kinds of payments on the equity in their homes. You can get equal monthly payments that continue as long as one of the borrowers lives and occupies the home or equal payments for a fixed length of time. It is also possible to get a line of credit or a combination of a line of credit and combination of monthly payments for a fixed length or for as long as one of the home owners is living in the home. If it looks like you can qualify, you should investigate senior home loans. You have earned the equity in your home and should enjoy the benefits!

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