You can use this online calculator (use the link is at the HUD website) to get an idea of the maximum loan size for your situation, and some explanation of the possibilities. Then reduce the loan size by the amount owed on the property to determine how much lump sum cash you could get:http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfmHUD also has a useful discussion:http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfmAnother calculator is found here, which incorporates the "amount owed" into the calculation:http://rmc.ibisreverse.com/default_nrmla.aspxA qualified lender can explain the different options available.
It is totally dependent on the borrowers age and property value. These are the sole criteria. You can have an existing loan -- over 50% of borrowers do. The first gets paid off and if there is cash available, you can get that in the form of a lump some or stream of payments.
usually your loan to value needs to be around 60% in general, but there are a few factors that will affect your loan to value. Your age is the main factor, the older you are, the better chance of lending a higher loan to value.
I commented before. I came back to give you AARP's Reverse Mortgage Calculator. .... You'll need to cut and paste into your address bar. .... http://rmc.ibisreverse.com//rmc_pages/rmc_aarp/aarp_index.aspx .... Happy funding, Rudi