Reverse mortgage calculator purchase12/31/2023 ![]() This condition isn't determined by your lender, but rather by a set of regulations enforced by HUD. The appraisal determines not only the property's current market value, but also identifies any repairs required to bring the home up to a satisfactory condition. To determine your home's value, your lender has an appraisal performed on the property. You can find the maximum amount available in your area with a HUD tool. The Department of Housing and Urban Development, HUD, sets a "Maximum Claim Amount" (MCA), or maximum loan amount, for FHA-backed loans (including HECMs) this amount is set for each county in the U.S.įor HECMs, the MCA is either the appraised value of your home or the FHA maximum insurable loan limit in your county. The lesser of the appraised value of your home, the HECM mortgage limit in your area, or the actual sales price of your home.The age of the youngest borrower or eligible non-borrowing spouse.These private offers are sometimes called "jumbo reverse mortgages," and while they may generally follow HECM guidelines, the lender is free to set terms and conditions, so you'll need to carefully evaluate offers to see that they meet your needs.įor HECMs, the amount of money you may borrow depends on: If you have a high-value home in an expensive area and need access to equity amounts above these local limits, you may be better off pursuing a private market reverse mortgage. ![]() If you want a HECM, the maximum amount you can obtain is constrained by the median home price in the area where you live, but the absolute maximum amount you can receive is $1,149,825. How much money you get out of your home depends on whether you get a private market reverse mortgage or a federally-insured HECM. How much money can I get with a reverse mortgage or HECM? All articles are intended for a general audience and information is presented in straight-forward terms. Part II of HSH.com's comprehensive guide to reverse mortgages and home equity conversion mortgages (HECMs) offers clear information about how much you can borrow, a credit score's impact on your loan, and other technical points.
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