Nevertheless, if you don't live in the home for most of the year-- or if you're out of the house for more than 12 consecutive months as a result of a clinical issue-- your finance might come due. With a non-FHA-insured reverse mortgage, lending institution terms might be different and also may not offer as much security. When you sell the home, you're expected to utilize the profits to pay off your staying finance balance. Nonetheless, if the home costs greater than you owe, you can maintain the distinction as well as utilize it for another thing. FHA mortgage insurance covers any kind of distinction in between the prices of the house and what you owe-- as long as the home sells for 95% of its evaluated value. So, even if your residence costs less than you owe, you don't have to fret about it as long as the sales price is within the government's boundaries.