A Reverse Mortgage can quite literally change the quality of life for seniors on a fixed income allowing them the Retirement they Deserve. We strive to offer seniors the most up to date & relevant info on the Reverse Mortgage process so anyone thinking of a Reverse Mortgage can make an informed decision.
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Lets say you are a married couple age 64 & 69 on a low to moderate fixed income, your getting by however money is tight making it tough to do the things you had dreamed of doing in retirement.
Lets also say you have a home that is likely to appraise for $600,000 which you owe $150,000 on so you have a home with about $450,000 of equity and a payment on the mortgage of $1200 or so.
Based on those numbers your existing mortgage would be paid off and you would receive a lump sum payment of around $175,000 and you would not have to make a mortgage payment or pay any of the money back until borrowers leave the home.
Lets also say you have a home that is likely to appraise for $600,000 which you owe $150,000 on so you have a home with about $450,000 of equity and a payment on the mortgage of $1200 or so.
Based on those numbers your existing mortgage would be paid off and you would receive a lump sum payment of around $175,000 and you would not have to make a mortgage payment or pay any of the money back until borrowers leave the home.
There will be new limits on the total amount you can borrow through a reverse mortgage.
Today, the average reverse mortgage borrower can draw 64% of home equity, but that will drop to about 58%, according to the Wall Street Journal.
The upfront mortgage insurance premium for most reverse mortgage borrowers will soar.
Premiums for those taking less than 60% of the loan proceeds upfront will go from the current 0.5% to 2% of the "maximum claim amount."
The upfront mortgage insurance premium will fall slightly for people taking more than 60% of the loan proceeds upfront.
Today, the average reverse mortgage borrower can draw 64% of home equity, but that will drop to about 58%, according to the Wall Street Journal.
The upfront mortgage insurance premium for most reverse mortgage borrowers will soar.
Premiums for those taking less than 60% of the loan proceeds upfront will go from the current 0.5% to 2% of the "maximum claim amount."
The upfront mortgage insurance premium will fall slightly for people taking more than 60% of the loan proceeds upfront.
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