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What is the maximum amount you can obtain via a reverse mortgage? Property value is not an issue--what is the Maximum?

by lfseeley624 from Albuquerque, New Mexico. Jun 14th 2015 Reply


Gary Smith (gsmith)
#38 ranked lender in Arizona - 4 contributions

The National Loan Limit for Reverse Mortgages is approximately $625,000.

Jun 14th 2015
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Rick Schmille (Schmillenium)
#5 ranked lender in New Mexico - 16 contributions

$625,000 is actually the maximum claim amount. This means that if your home appraises for over $625,000 the system will still only use the maximum claim amount as value. A million dollar home will get the same amount of loan as a $700,000 home. The two factors that determine the maximum loan that you can get are the appraised value and the youngest borrower's age. The older the borrower the higher the maximum loan amount. It takes about 5-10 minutes to determine a loan amount for your situation. The only items needed for the determination are, date of birth, zip code, current value of home, current amount of mortgage if any. Give me a call at 505-250-7670 in Albuquerque. I answer on Sundays and there is no obligation and the quote is free. www.AlbuquerqueReverseMortgage.com Rick Schmille

Jun 14th 2015
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Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

The maximum amount is simply based on the youngest borrowers date of birth, and the value of the home.

Jun 15th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

So this can be a bit confusing, but $625,500 is the maximum acknowledged value.. Meaning if your home is worth $2M, for RM's, they will acknowledge only $625,500, and how much they will lend is based on a percentage of the $625,500 which is based on the youngest person applying for the mortgage.. so if you were born in 1943, then the most you can take out is about $358,000, But if you were born in 1930, then you can take out $437,000. The older you are, the more you can take out.. Here's a link to HUD's RM calculator.. you can type in your own info and see for yourself what you can expect. http://www.reversemortgage.org/about/reversemortgagecalculator.aspx .. 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

Jun 15th 2015
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