The rule changes we have been waiting for have been implemented. Horray!!
the new national maximum lending limit has been increased to at least $417,000 with some selected high cost areas currently at $625,000. This means that many more people can currently qualify for a reverse mortgage than ever before. The downside is that some home values have fallen enough that the equity ratio may no qualify for a Reverse Mortgage.
Determining if they are right for you is a simple process that lenders like myself can walk a client through. They are not credit driven they are equity driven. All homeowners must be over age 62, the house owner must have a reasonable equity position to be eligible, the zip code must be residential not agricultural or commercial. Generally with the answers to about 5 questions we can determine if you are likely to be able to get a HUD HECM Reverse Mortgage.
The new rule changes have reduced the fees a bank or lender can charge. The up front charges are minimal and typically are well under $600.
Tags: Finance, Foreclosure, Foreclosure Alternatives, HUD HECM Loans, Money, Reverse Mortgage
January 20, 2009 at 5:54 pm
[...] justbkuz wrote an interesting post today onHere’s a quick excerpt The rulle changes we have been waiting for have been implemented. Horray!! the new national maximum lending limit has been increased to at least $417,000 with some selected high cost areas currently at $625,000. This means that many more people can currentty qualify for a reverse mortgage than ever before. The downside is that some home values have fallen enough that the equity ratio may no qualify for a Reverse Mortgage. Determining if they are right for you is a simple process that leenders like myseelf can walk a client through. They are not credit driven they are equity driven. All homeowners must be over age 62, the house owner must have a reasonable equity position to be eligible, the zip code must be residenttial not agricultural or commercial. Generally with the answers to about 5 questions we can determine if you are likely […] [...]