How Much Can You Borrow With A Reverse Mortgage?
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The best way to determine your maximum reverse mortgage loan amount is to use one of the excellent on-line calculators. The calculators at AARP and Financial Freedom are particulary good.
But here’s a simple tip to keep in mind if you just want a rough estimate: take your age minus five years. This is the approximate percentage you can reverse mortgage from your net equity. For example, if you are 75 years old and have a $200,000 value home owned freeand clear, your maximum reverse mortgage can be estimated at about 70% ($140,000).
Of course, type of loan (line of credt, tenure, etc.) and other factors will affect the amount you are actually able to borrow.
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October 26th, 2005 at 11:38 pm
I need to know if reverse mortgages are possible to attain on a newly remodeled double wide mobile home worth 125,000.
It is fully paid for, but I do have an outstanding loan in the amount of 17,000.
I live in Olympia WA.
Any information you can provide will be helpful and appreciated.
October 28th, 2005 at 1:35 pm
It is possible to get a HUD home equity conversion mortgage (HECM) on a moble home.
“An eligible property must be a principal residence, but it can be a single-family residence, a one- to four-unit building with one unit occupied by the borrower, a manufactured home (mobile home), a unit in an FHA-approved condominium, or a unit in a planned unit development. The property must meet FHA standards, but the owner can pay for repairs using the reverse mortgage.”
You will want to talk this over carefully with a counsellor to ensure the closing costs and fees paid will be worth it.
January 31st, 2008 at 8:11 am
Can a Reverse Mortgage impact one’s “VA Benefits”? If so, please guide me to the source (document, link). I would like to know this.
Thanks.