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Rhonda
Guest
0.10 Dollars($)
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In a forward mortgage the debt is used to turn your income into equity whereas in a reverse mortgage the debt is used is used to turn the existing equity into income.
Thanks,
Rhonda |
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boobie479
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I was told there was a cap on how much money I could receive on a reverse mortgage....That the cap on value of a home is $297,400 even if my home has been appraised for a higher value. Is this true?
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
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Hi Boobie,
Welcome to MortgageFit Forums.
This is true that there are limitations on the value of your home that can be accessed through a reverse mortgage program. This depends on the location of your house.
In Chicago, the cap on equity that you can withdraw via FHA-insured reverse mortgage is $237,500. Fannie Mae has a different Home-Keeper reverse mortgage where the cap is slightly higher.
Check with some other brokers/lenders in your area to verify the cap value in your area given for your house.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha |
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jyoti
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Post subject: want to know what is the investment amount |
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| regarding the reverse mortgage i want to know that should we first buy a flat and r you going to give the rent instead. |
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Shina
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Hi Jyoti,
Which rent are you talking about? The mortagge community does not provide any rent facility. If you can properly specify your question, i'll be able to answer you. |
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Andrew
Guest
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Post subject: reverse mortgage |
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| I have a coop in NYC valued at around 130 K. Can I get a reverse mortgage on a coop and if so for how much? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.58 Dollars($)
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Post subject: RE: reverse mortgage amount |
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Hi Andrew,
You can get a reverse mortgage on a condominium but you'll have to satisfy the eligibility criteria for it.
In order to find out how much you'll qualify for, you should talk to a few lenders and see what they have to offer you. What i suggest is, you can send in your request for no-obligation free mortgage quote to the lenders in this community. The lenders will analyze your situation and give you an estimate as to how much you can borrow.
Good luck
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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>>Can I get a reverse mortgage on a coop and if so for how much?
Not today, but soon. HR 3221 was signed by President Bush last July 31 and there's a provision that enables Reverse Mortgages to be compatible with coops. However, HUD hasn't released the Mortgagee Letter that allows coops ... so we're waiting patiently and coops will be eligible after the letter is released.
The lending limit is $625,500.00 for 2009, nationwide.
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Raymond
www.ReverseMortgageCalculator.org |
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happyrudy
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Post subject: closed end reverse mortage |
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| what is it? |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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Hi,
As far as I'm aware of, a closed end reverse mortgage is one which allows the borrower to draw lump sum money initially, but does not allow him to make additional draws. Those who need to pay off existing mortgages or make a new purchase often go for closed-end reverse mortgages. But those who prefer a payment for life opt for open-end reverse mortgages. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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A closed end Reverse Mortgage is a fixed interest rate program whereas the homeowner must receive the entire distribution in cash when the loan funds.
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Raymond
www.ReverseMortgageCalculator.org |
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