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Reverse Mortgage – A reverse mortgage is a type of loan that allows you to borrow against the equity in your home. You must be at least 62 years-old to qualify.
· How To Calculate A Reverse Mortgage. The first input is the Home’s Appraised Value. This value is then compared with the $625,500 FHA lending limit to determine the HECM Eligible Amount (the eligible amount is the lesser of the two). The next two inputs are the current 10-year libor swap rate (automatically updated) and the Lender’s Margin,
Based on your age, home value, and interest rates, you qualify for $125,000 under the reverse mortgage program. Under this scenario, you will be able to pay off ALL the existing mortgage and still have $25,000 left over to use as you wish.
Requirements. The amount of equity a reverse mortgage borrower can receive depends on the loan interest rate, the home value, the loan type, and distribution of payments: lump sum, credit line or monthly payments, and the age of the borrower. The younger the borrower–the more equity needed to qualify.
Upfront This fee is paid to the FHA, and in all cases it is 2% of the property value. This premium pays for the protections that the FHA gives to borrowers. Over the life of the reverse mortgage, borrowers must also continue to pay a 0.5% annual MIP on the loan balance.
The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.
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To qualify for a Reverse Mortgage loan, at least one borrower must be 62 years of age or older and must own the home. It may be free of debt or may have an outstanding lien which must be paid at the time of closing the Reverse Mortgage.
It is no longer as easy as it once was for the self-employed to obtain mortgage financing. A few years ago, you could tell your banker how much you made, look them in the eye and then promise you.
Anybody over the age of 62 who owns a home can qualify for a reverse mortgage if there is adequate equity in the home. That's the kicker.