Reverse Mortgage Maximum
I am trying to understand how a reverse mortgage works. Is it possible to get a HECM with terms to pay back the lender up to a maximum of $930,000 when a house is appraised at apprx. $600,000 and $400000 was used to pay a current mortgage? If we take the $400,000 out of the equation, would it be possible then? Thanks in advance for any advice. by kateteeeee110 from Bronx, New York. Jan 28th 2016
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
For reverse mortgages, the maximum loan amount cannot exceed $625,500. The loan to value is based on the age of the youngest borrower at the time of application. Without knowing this info, it's impossible to advise you.. However, HUD has a web page that has a reverse mortgage calculator.. There, you can type in all the details of your loan scenario and you can see exactly how much you can get back. Here's the link. http://www.reversemortgage.org/about/reversemortgagecalculator.aspx. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
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