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Even if homeowners stayed in their home for only seven years, they would still save several thousand dollars in interest charges while paying off $10,000 more in principal, which they could then use.
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Contents Calculator rates fha maximum financing calculator Cost. includes taxes fha mortgage calculator Safely finance homes. fha Home Equity Conversion Mortgage Program Congress established the Home equity conversion mortgages program in the 1980s to allow seniors to stay in their homes. Qualifications. The concept of a reverse mortgage originated in the mid 1960’s.