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| Eagle National Bank is an FDIC Member Bank with a 150 office mortgage subsidiary. Eagle National Bank and Eagle Nationwide Mortgage Company are authorized to lend in all 50 states and the District of Columbia. Eagle National Bank is a leading provider of reverse mortgages and is authorized by the US Department Of Housing and Urban Development to offer FHA Insured Reverse Mortgages. Banking the way it ought to be. You may remember when many banks provided exceptional service. But the memory is probably growing dim. Constant mergers and the steady erosion of professionalism have taught bank customers to lower their expectations, then lower them again. You may consider yourself fortunate if you can discuss your financial needs with a real person instead of an offshore telemarketing center. But just because the changes in banking may have forced you to accept poor service doesn't mean you have to accept it. Eagle National Bank is the opposite of what you've come to expect. We actually believe that as a bank customer, you have a right to courteous service from knowledgeable professional bankers delivering quality banking products. About the Federal Housing Administration: Congress created the Federal Housing Administration (FHA) in 1934. The FHA became a part of the Department of Housing and Urban Development's (HUD) Office of Housing in 1965. When the FHA was created, the housing industry was flat on its back: Two million construction workers had lost their jobs. Terms were difficult to meet for home buyers seeking mortgages. Mortgage loan terms were limited to 50 percent of the property's market value, with a repayment schedule spread over three to five years and ending with a balloon payment. America was primarily a nation of renters. Only four in 10 households owned homes. During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war. In the 1950s, 1960s and 1970s, the FHA helped to spark the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs threatened the survival of thousands of private apartment buildings in the 1970s, FHA's emergency financing kept cash-strapped properties afloat. The FHA moved in to steady falling home prices and made it possible for potential homebuyers to get the financing they needed when recession prompted private mortgage insurers to pull out of oil producing states in the 1980s. By 2001, the nation's homeownership rate had soared to an all time high of 68.1 percent as of the third quarter that year. The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio. In the more than 70 years since the FHA was created, much has changed and Americans are now arguably the best housed people in the world. HUD has helped greatly with that success. |
What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity built up
over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage provides these benefits, and it is
federally-insured as well.
Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.
For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage
A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity built up
over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage provides these benefits, and it is
federally-insured as well.
Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.
For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage
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Reverse Mortgages
Insured by the
Federal Housing Administration
Insured by the
Federal Housing Administration
In home visits and loan closings are available within
the following counties:
In New York:
Nassau & Suffolk Counties on Long Island, Bronx
County Queens County Kings County Staten Island
Manhattan, New York City, Dutchess County, Orange
County, Putnam County, Rockland County, Sullivan
County, Ulster County, Westchester County
In New Jersey:
Atlantic County, Bergen County, Burlington County,
Camden County, Cape May County, Cumberland
County, Essex County, Gloucester County, Hudson
County, Hunterdon County, Mercer County,
Middlesex County, Monmouth County, Morris County,
Ocean County, Passaic County, Salem County,
Somerset County, Sussex County, Union County, &
Warren County
In Pennsylvania:
Berks County, Bucks County, Chester County,
Delaware County, Lancaster County, Lehigh County,
Northampton County, Montgomery County and
Philadelphia County
the following counties:
In New York:
Nassau & Suffolk Counties on Long Island, Bronx
County Queens County Kings County Staten Island
Manhattan, New York City, Dutchess County, Orange
County, Putnam County, Rockland County, Sullivan
County, Ulster County, Westchester County
In New Jersey:
Atlantic County, Bergen County, Burlington County,
Camden County, Cape May County, Cumberland
County, Essex County, Gloucester County, Hudson
County, Hunterdon County, Mercer County,
Middlesex County, Monmouth County, Morris County,
Ocean County, Passaic County, Salem County,
Somerset County, Sussex County, Union County, &
Warren County
In Pennsylvania:
Berks County, Bucks County, Chester County,
Delaware County, Lancaster County, Lehigh County,
Northampton County, Montgomery County and
Philadelphia County
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