Reverse Mortgage – How Much Can I Get?
On Jan 1, 2020 HUD raised the maximum loan amount on FHA insured reverse mortgages to $765,600. With the new limit’s borrowers can now access more cash from high value homes. The amount you can borrow depends on three variables: your age, value of your home and the current interest rate. In general, the older you are, the more money you will qualify for. To qualify for a reverse mortgage, at least one borrower must be at least 60 years of age. As long as at least one borrower is 60 years of age, the benefits of the reverse mortgage is enjoyed by both spouses.
How you receive the funds
Lump Sum Payment at Close
A Line of Credit
A combination of lump sum, monthly income and line of credit
Common Use of Funds
Pay off Existing Mortgage – No monthly mortgage payments required
Health Care – Medical bills, in home care
Travel – Vacation – Buy a second home – whatever you want
Pay off revolving debt
Use the Available Funds for Anything you want
Freddie Lambert ~ Reverse Mortgage Specialist