The reverse mortgage or HECM, which targets the country's senior citizens, allows the cash conversion of part of the individual's home equity. FHA Refinance Mortgages essentially insure your ability to repay your loan. An FHA home loan is like having mortgage insurance for free. With a Connecticut FHA home mortgage you can have a six percent interest rate on a thirty year fixed FHA mortgage loan.

So, open the mail on the day it arrives, and reply to it on the day it arrives to keep the lines of communication open with your lender. Disaster Victim Program requires no down-payment and allows 100% financing of the home. The study of mortgage refinancing isn't something anyone but a mortgage banker wants to tackle or finds interesting.

The FHA is a guarantor for lenders who provide the funding to you and permit you to use it in more creative and unique ways than do many of the more conventional lending institutions. The saving grace for many Connecticut homeowners is that FHA loan requirements have undergone major changes for Connecticut mortgage loans. When applied to a typical house payment, this can sometimes double or triple the monthly mortgage payment for a home owner.

· The closing costs are regulated by the FHA, and are often lower than the costs associated with other lenders. The basic FHA program allows a home equity refinance of up to 97% of the home’s FMV. · Options that allow refinancing your FHA home mortgage loan at no cost.

If you find yourself in this situation, take some common sense precautions. To qualify under the program, a borrower should also settle closing costs worth about 2%-3% of the house price. The fiscal year of 2007 will see the FHA program receive $41.58 million to help out the thousands of homeowners facing foreclosure and delinquency with advice and counseling. So, open the mail on the day it arrives, and reply to it on the day it arrives to keep the lines of communication open with your lender.

· You can get financing for up to 97% of your home’s value. · There is no hassle in lengthening or shortening the term of your loan. All of the interest is tax deductible according to the IRS. Credit card balances, auto loans and other borrowings are included under long-term debt.

Also be sure to get your FREE list of Connecticut mortgage lenders for homeowners with mortgage rates and low, bad or no credit. · Programs that reduce your interest rate at no cost. Insured mortgage programs under the FHA for single families include a plan covering disaster victims; the energy-efficient mortgage program; reverse or home equity conversion mortgage; title I home improvements; rehabilitation mortgage; and a program covering Indian reservations and similar restricted property.

Traditionally a home owner with a late mortgage payment would not qualify for an FHA mortgage refinance but Under the new FHA Secure proposal home owners would be eligible for an FHA refinance if they can prove the late mortgage payments were directly caused by an adjusting mortgage rate that has increased from the standard introductory rate. Your current mortgage must be a non-FHA adjustable mortgage that has already reset or increased. If Connecticut homeowners were waiting for a whistle to blow before going down to a trusted local lender to refinance their mortgage then let this article sound the whistle! My conclusions were confirmed last week when I was sitting on the sideline of a basketball game at my gym and the senior accountant of a major investment firm politely told me how he never thought he would state that we were in a recession, but now he was telling as many people that he could to hunker down for the financial storm. Adjusting variable rate mortgages have caused many homeowners to fall behind on their mortgage payments and is one of the leading causes of the record high foreclosure rate in the United States.