Nonetheless, if you do not stay in the house for most of the year-- or if you run out the home for more than 12 consecutive months due to a clinical problem-- your funding might come due. With a non-FHA-insured reverse home mortgage, lender terms may be various and may not use as much defense. When you market the house, you're expected to use the earnings to settle your remaining car loan equilibrium. However, if the house costs more than you owe, you can maintain the difference as well as utilize it for something else. FHA home loan insurance coverage covers any kind of difference between the list prices of the house as well as what you owe-- as long as the home costs 95% of its appraised value. So, even if your home costs much less than you owe, you don't have to bother with it as long as the prices is within the government's limits.