Calculate how much money you can get from a Reverse Mortgage here:
illustrator.financeofamerica.com/widgets/calculator/e3Pf6Q9fTsZ3HLTfHEKokzDYAGNE0p2Nx4oxacIhoDjMK1eIs062hxXqNDiCAp3vAfGeRm3tHnQTMxijPyztonqM4tfhlCRK5K6Lb1GNuhI
Reverse Mortgages are now being offered by banks with loan amounts as high as $4 Million. In addition to offering much higher loan amounts than the HECM reverse mortgage, there is no mortgage insurance requirement, which results in much lower closing costs. Additionally, this is a non-recourse loan which means you or your eventual heirs will never owe more than the house is worth.
The loan amount is calculated by using the age of the younger borrower, appraised value of the home, and current interest rates. Additionally, banks have come out with hybrid Jumbo plans that offer a growing Line of Credit option and other draw options at closing. Like the HECM the Jumbo reverse must first pay off any mortgages/liens on the property and be the only mortgage on the property. One person must be 55 or older and it must be their primary residence. Mortgage payments are not required with these loans. Borrowers are still responsible for property taxes, homeowner's insurance, HOA dues & assessments, and general upkeep of the home.
Jumbo reverse mortgages are available for primary resident condos appraising for $500,000 or more and all primary resident single family homes appraising for $800,000 to $10,000,000 or more.
illustrator.financeofamerica.com/widgets/calculator/e3Pf6Q9fTsZ3HLTfHEKokzDYAGNE0p2Nx4oxacIhoDjMK1eIs062hxXqNDiCAp3vAfGeRm3tHnQTMxijPyztonqM4tfhlCRK5K6Lb1GNuhI
Reverse Mortgages are now being offered by banks with loan amounts as high as $4 Million. In addition to offering much higher loan amounts than the HECM reverse mortgage, there is no mortgage insurance requirement, which results in much lower closing costs. Additionally, this is a non-recourse loan which means you or your eventual heirs will never owe more than the house is worth.
The loan amount is calculated by using the age of the younger borrower, appraised value of the home, and current interest rates. Additionally, banks have come out with hybrid Jumbo plans that offer a growing Line of Credit option and other draw options at closing. Like the HECM the Jumbo reverse must first pay off any mortgages/liens on the property and be the only mortgage on the property. One person must be 55 or older and it must be their primary residence. Mortgage payments are not required with these loans. Borrowers are still responsible for property taxes, homeowner's insurance, HOA dues & assessments, and general upkeep of the home.
Jumbo reverse mortgages are available for primary resident condos appraising for $500,000 or more and all primary resident single family homes appraising for $800,000 to $10,000,000 or more.