HECM Reverse Mortgage Principal Loan Limit Calculator
Use our reverse mortgage principal limit calculator now!
(personal information NOT required to use this tool – how refreshing)
Have questions? Call Steve Jensen today
at (910) 550-1078
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FHA Reverse Mortgage Program Highlights (HECM reverse mortgage):
- Backed by HUD
- Insured by Federal Housing Administration (FHA)
- No repayment required as long the homeowner lives in the home
- Remaining value goes to survivors
- No income or minimum credit score qualifications required
- Payments can be made in one lump sum, on a monthly basis for a specific amount of years, monthly income for life (Tenure Payment) left in a line of credit and grow in value, or a combination of any of these
- Size of loan determined by borrower’s age, interest rate, and the value of the property
- No limits on value of property. However, the entitlement amount will be capped by the FHA ceiling for designated area
- A reverse mortgage is what we call a non-recourse loan. This means that with a reverse mortgage you are not personally liable. The liability is only to the extent of the value of your home at time of sale, death or vacating the premises as your permanent residence. Your heirs are not personally liable; they can either sell the home at time of your death or keep the home and pay off the remaining balance of the Reverse Mortgage.
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines. You can also learn about some of the misconceptions people have of reverse mortgages in our FAQ area.