How much money can I get from my home?

Posted by OscarNOW 2:20 PM

The amount you can borrow depends on:
  • Age of the youngest borrower
  • Current interest rate
  • Lesser of the appraised value of your home, the HECM FHA mortgage limit for your area or the sales price
  • The initial Mortgage Insurance Premium (MIP) option you choose (2% HECM Standard option or .01% HECM Saver option)
You can borrow more with the HECM Standard option. Also, the more valuable your home is, the older you are, and the lower the interest rate, the more you can borrow. If there is more than one borrower, the age of the youngest borrower is used to determine the amount you can borrow. For an estimate of HECM cash benefits, select an online calculator from the HECM Home Page. You can use an like the one on the AARP website to get an idea of what you may be able to borrow.

Posted by OscarNOW on 2:20 PM. Filed under . You can follow any responses to this entry through the RSS 2.0

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A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

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