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amount of mortgae

what is the maximum amount i can get monthly, home is vakued at $500,000, no current mortgae, I am 75 years old, the home is in Long Island,ny by ehboss387 from , California. Jul 26th 2016 Reply


Scott Fix (ScottFix)
#1352 ranked lender in California - 184 contributions

Great Question!!! I am going to assume that you are looking into a reverse mortgage to pull out equity from this existing home. Now, there are certain rules. With this said, you truly need to get with a local HECM (Home Equity Conversion Mortgage) expert to go over options. If you are in Long Island, look for a reputable local loan professional to guide you through the HECM waters. Proceed with caution and do not go through the internet and use someone online. Meet a reputable loan professional face to face so they can answer all of your questions on the spot!Now, if you do qualify, there are various ways to take the equity. All at once, in monthly payments etc. Again, these loans are specialized so deal with someone in person so you can feel satisfied that all of your questions are answered before proceeding!! All the best, Scott.

Jul 26th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,479 contributions

Assuming you are looking for a reverse mortgage, then based on your age, the maximum monthly income is about $1750.. this is assuming you dont need any "Upfront" cash.. so understand that the more cash you take upfront, the less you get monthly.. to do your own calculations, here's a link to HUD's Reverse Mortgage Calculator.. http://www.reversemortgage.org/About/Reverse-Mortgage-Calculator. Also understand that this home must be your primary residence, and if more than one person is going on the loan, then the monthly amount you get can change.. RM's are based on the age of the YOUNGEST person living in the home.. As Scott suggested, if you a more detailed explanation of what your options are, it's best to contact someone local where you can meet them face to face.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jul 26th 2016
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Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 428 contributions

Generally speaking, you could tap into about 50% of the value of your home. Looks like Scott and William have provided some good guidance.

Jul 26th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,811 contributions

I assume you are asking about a reverse mortgage. Based on your age and a $500,000 home value, you could anticipate around $307,000 available. Contact a local reverse mortgage specialist in your area for more information.

Jul 27th 2016
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