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.