The simplest way to figure out what you qualify for on a reverse mortgage is to contact a reverse mortgage specialist. The reason for that is because, how much you actually get is determined by various factors such as age, value of home, what you currently owe on the home, and what county your house is located in. The calculations are also based on which bank you choose to move forward with. Every bank will offer a different pay out on reverse mortgages. Applying for a reverse mortgage through a channel that is setup with multiple banks will eliminate the guess work for you and take you to the bank that will offer you the lowest rate and most cash out for your specific scenario.
About 90% of reverse mortgages, according to the AARP, are made through the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Authority (FHA) and their Home Equity Conversion Mortgage program.
Late last year, FHA-backed reverse mortgage loans were limited to between $200,000 and $300,000, depending on where you live. This year the American Recovery and Reinvestment Act raised the limit to $625,500. Reverse mortgages are unique to every individual borrower, so the best way for you to determine how much money you are eligible for is to get in contact with us. You can begin the process by selecting the values that apply for you at the top of the page and click continue.