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What percentage of our home's value can we borrow with a jumbo reverse mortgage, and what with an HECM? We are 70 and 79 years old.

By Sarah on 11.03.2018

Hi Sarah,

This is a great question and please don’t take this as me hedging, but it is not one I can answer straight off.  You see, HUD has a maximum lending limit of $726,525.  So HUD may give you a higher loan to value up to $679,650, but then you don’t get another penny in the loan no matter what your property value is.  So if your home is valued at $679,650 or less, the HUD program will give you the most money.  If it is up to about $850,000, because of the higher loan to values allotted, the HUD program still gives you more money.  But if your home value is higher, because of the cap, the jumbo programs begin to really shine and if your property is worth over a $1,000,000, the proprietary programs will almost always give you access to more money.

So rather than throw out numbers that may or may not be accurate based on where you live, I would strongly suggest that you take just a minute or two to visit our online calculator.  It’s easy to use, it doesn’t require to your put in a bunch  or personal information and you can choose to give up your contact info or not if you don’t want us to contact you with any additional information.  It will give you a real time proposal with both HUD and proprietary information and actual third party fees in your area (title, appraisal, state recording, etc.) and then you can choose whether or not you want anything further.  No hassle, no obligation and no pressure.  Just an opportunity to do a real comparison to see if it’s right for you.

 

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