Reverse Loan Guide has worked with many seniors in Texas, helping them borrow from the existing value of a home. Call Bob Heckler, if you have questions on Texas Reverse Mortgages (512) 328-2225.
How Much Money Will I Qualify For With A Reverse Mortgage?
We visited http://www.aarp.org/money/revmort/ for the following explanation:
HECM (Home Equity Conversion Mortgage) loans generally provide the largest loan advances of any reverse mortgage. The HECM is the only reverse mortgage insured by the federal government. The HECM program limits your loan costs, and the Federal Housing Administration guarantees that lenders will meet their obligations.
The amount of cash you can get depends on your age, current interest rates, and your home’s value. The older you are the more cash you can get. The lower the interest rate, the greater your loan amount will be.
In general, the greater your home’s appraised value, the more money you can get. But the value is subject to limits that vary by county. The loan amount is determined by the lower of the county limit or the appraised value of your home. The county limits range from $200,160 in most non-metro areas to $362,790 in many urban areas. These limits are subject to change every January, and some may also change at other times.
The FHA Modernization Act currently awaiting passage by Congress may do away with the county by county limit and create a nationwide limit of $550,000. This would allow people with higher valued homes to receive more money from a reverse mortgage.
If you would like to run a scenario to see how much money you would qualify for with a reverse mortgage, then follow this link: http://www.rmaarp.com/
Need help understanding what a Reverse loan is for Texas Seniors? Go to www.ReverseLoanGuide.com for help. If you need immediate help call Bob Heckler at (512) 328-2225.
Expertise in any career doesn’t happen overnight. Bob Heckler, Vice President and Branch Manager for Cornerstone Mortgage Company, has invested a lifetime accumulating know-how and experience. His 30-year career in residential Real Estate includes building, appraising, selling and financing homes. In addition, Bob currently oversees Cornerstone’s reverse loan division.
