303-785-2800
marks@allianceguaranty.com
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Mark Skufca

NMLS ID 303473

303-785-2800 marks@allianceguaranty.com

How Much Can I get from a Reverse Mortgage?

The amount you can borrow depends on the Age of the youngest borrower or eligible non-borrowing spouse Current interest rate; and Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price.

 

Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

 

How do I receive my payments?

 

You have four options:

  1. Monthly payments
  2. Line of credit
  3. Lump sum
  4. Any combination of the above

Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.

Term – equal monthly payments for a fixed period of months selected.

Line of Credit – unscheduled payments or in installments, at times and in amounts of borrower's choosing until the line of credit is exhausted.

Modified Tenure – combination of line of credit with monthly payments for as long as the borrower remains in the home.

Modified Term – combination of line of credit with monthly payments for a fixed period of months selected by the borrower.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.