Manage episode 328304846 series 3336448
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For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704
In this video we talk about 2022 reverse mortgage limits as well as the 2022 reverse mortgage max claim amount as well as how that translates into the max reverse mortgage loan amount in 2022. Keep in mind that there are two types of reverse mortgages these days. I start out talking about the FHA reverse mortgage and then I'll touch on the jumbo reverse mortgage. How the loan amounts work; FHFA announced the max conventional loan amounts throughout the country would be $647,200 and of course there are some areas / counties that are 1.5 x that amount or $970,800. The way it works with reverse is that nationwide the max claim amount is set at $970,800. Does that mean you can actually borrow that amount with an FHA reverse mortgage? With the FHA reverse mortgage you can borrow a percentage of the value of your home. Agewise, the point of entry for an FHA reverse mortage is 62. For every age bucket, you can borrow a slightly higher percentage of your home value. At age 62 you can borrow about 45% of your homes value (this changes weekly by the way) (not giving every age bucket in this video). At age 69 you can borrow about 50% of your home's value. Whereas at age 96 you can borrow about 75% of your home value. What does that mean? We'll use a 69 year old as an example since you can borrow 50% it makes the math really easy. If your home is worth $100k you can borrow $50k. If it's worth $200k, you can borrow $100k and on and on until your home is worth $970,800 (max claim amount AKA max appraised value FHA will let you use). Homeowners at age 69 can borrow about $485k if their home is worth the max claim amount of $970,800 or more. A 62 year old with a home worth $970,800 or more can borrow 45% or about $436k. On the other side of the spectrum a 96 year old can borrow $728k. If these loan amounts are not enough to pay off what you owe, perhaps a jumbo reverse mortgage might work for you. What's the max loan amount for a jumbo reverse mortgage? It's set a $4M and some investors will allow you to go to $6,000,000 on an exception basis.
🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704
#2022ReverseMortgageLimits #HecmMaxClaimAmount #MaximumReverseMortgageLoanAmount www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.