Reverse Mortgage Calculation
Reverse Mortgage Requirements

If you have more questions, need help, or want a very detailed and more accurate analysis call toll free 1-888-973-8377.

In March and April, the number of reverse mortgages backed by the government jumped nearly 20% from the same period last year. In April alone, the government insured 11,660 reverse mortgages, the highest monthly total since the government-backed program began in 1990. By contrast, the number of new home-equity loans, which similarly allow homeowners to tap the equity in their homes, fell around 70% in the first quarter from the prior-year period, according to Inside Mortgage Finance.

Call the Reverse Mortgage Safety Helpline to see about the new increased lending limit at 1-888-823-6125.

Need Reverse Mortgage Leads?

Follow the listings below for the state of your residence:

Alabama Reverse Mortgage
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Wyoming Reverse Mortgage

If you have questions simply call the 24 Hour Reverse Mortgage Helpline at: 1-888-823-6125.

• Do I qualify?
• Will I lose my home?
• How much does it cost?
• What is the interest rate?
• How much can I get?
• Are Reverse Mortgage proceeds taxable?
• Where do I get a Reverse Mortgage?

I also noticed that Reverse Mortgage Safety offers a Free Reverse Mortgage Helpline, so if you have additional questions or need assistance directly to your personal situation, they will be glad to assist. Feel free to call the tollfree number anytime at 1-888-823-6125.

Fifty two per cent of new reverse mortgage loans were written by mortgage brokers and financial planners in the second half of 2008, compared to 43 per cent that were written directly by the banks in the same period.

There were more than 2,600 reverse mortgages written in the second half of 2008, down approximately 25 per cent compared to the previous first half of the year. However, the amount held by existing loans grew by 8 per cent in the second half of 2008, and 23 per cent for the entire year.

Find banks, lenders, financial planners, and brokers to help you at My Reverse…

Industry insiders fear that the margin increases will lead to higher instances of fraud, with lenders quoting a low margin to get clients interested, then disclosing a margin increase later in the process in a “bait-and-switch” strategy.

A traditional reverse mortgage is basically a loan against the value of your home that doesn’t have to be paid back until you sell the property, move out or pass away. A lender issues you credit, based on the value of your home (via appraisal), your age and current interest rates. It is important to utilize a Reverse Mortgage Calculator to find out if you would qualify for a loan and how much you could receive from a reverse mortgage. For example, according to an AARP chart, if your home is worth $150,000, your age is 65 and the rate on the loan is 6%, your reverse mortgage loan amount should be roughly $74,000, or half the value of your home. Generally, the older you are, the more credit you can receive because you’ll likely be able to pay back the loan faster.

You can choose to receive the loan in a single lump sum, a credit line or fixed monthly payments. The debt you inherit is equal to the loan advance plus interest.

In accordance with the Mortgagee Letter 09-07 ReverseVision will apply the higher lending limits of $625,500 to all loans closing on or after February 24.

This is effective immediately.
Special cases:
If a loan has been closed over the past months and needs to be re disclosed or closed again, as long as the CLOSING DATE stays before February 24 it will be recalculated under the old limits.

If any closer needs to close a loan with CLOSING DATE AFTER or on February 24, and needs for whatever reason to apply the old limits, they should contact ReverseVision.

Since this increase, the powers that be; HUD (The Department of Housing and Urban Developement), the United States Congress, and the FHA (Federal Housing Administration) have decided that the National maximium lending limit of $417,000 is too low.  Within the next few months, we can expect to see this limit raised to $625,000.  This is an execptional gain for individuals looking to get the most out a Reverse Mortgage.

When you do a Reverse Mortgage you can take out a certain amount of your home’s equity without having to make any monthly payments.  You may accept the funds in three ways (or a combination).

· A lump sum payment for the entire amount,

· a monthly payment option with an unlimited time frame, which would pay you around a certain amount a month,

· and the third is to put the amount in a line of credit.

Any amount that is initially deposited in the line of credit is not charged interest (the current rate for the HECM 250 is 2.99%) until it is utilized.  This credit line functions like a checking account.  You may remove any amount at your discretion and the amount you remove from the line of credit is, at that point charged the current interest rate.   All of the funds that remain in the line of credit are not repaid.  The funds are still classified as equity in the home.   The amount remaining in the line of credit will also experience a growth rate that is guaranteed to remain at ½ point above the interest rate (it is currently at 3.49%).

Some things to remember about a reverse mortgage:

· There are never any payments required while you live in the home, and it is a no pre-payment-penalty loan.

· You never transfer title or ownership of the home and may sell at any time.

· There is no credit, income, or medical requirements for this product.

· The funds generated are tax-free and do NOT affect Social Security or Medicare.

· There is complete Right of Survivorship.

· The entire program is regulated and guaranteed by the Federal government through HUD.

· Since there are never any payments required, there is never any chance of default or foreclosure.

The Reverse Mortgage is a no pre-payment penalty loan so you may pay back any or the entire amount at any time. The Reverse Mortgage will be paid back at the end of the loan, either if you sell the home or you remain in the home for the rest of your life.   If you choose the latter, the home will pass to your heirs and they can either sell the home, repay the balance, or refinance the amount if they would like.

I am an expert in REVERSE MORTGAGES and have helped senior homeowners refinance their homes to make ends meet or make their life more enjoyable with a secure future. Just give us a call at toll free at (888) 973-8377 for a FREE, NO OBLIGATION ESTIMATE of the funds available to you!

Seminar to help seniors with reverse mortgage scams - Good read about seminars being provided to educate consumers about potential reverse mortgage scams. (Visit Reverse Mortgage Scams)

HUD Home Equity Conversion Mortgages Data - Brief article about the growth of Reverse Mortgages in 2008 and data regarding the most popular areas of the country for HECMS. (Thanks Reverse Mortgage Lender)

If you have any specific questions, please call one of the educated specialists at 1-888-973-8377.