If you're considering a reverse mortgage, you may be wondering about the different types available. While the Federal Housing Administration's (FHA) Home Equity Conversion Mortgage (HECM) program is a popular choice, there are also non-FHA reverse mortgages known as proprietary or jumbo reverse mortgages.
What are jumbo reverse mortgages, you ask? Well, these programs offer loan amounts that exceed the FHA's lending limit, which is currently set at $1,089,300. This can be a great option for homeowners with high home values who need access to more funds.
Jumbo reverse mortgages are particularly popular in states like Florida, where home values tend to be higher than the national average. These programs offer more borrowing potential than the average HECM loan amount and can be a good fit for qualifying homeowners.
Reverse Mortgage Calculator
Get the desired amount as a line of credit or a lump sum. Our reverse mortgage calculator utilizes three key variables - estimated home value, remaining loan amount, and age of the homeowner - to determine how much tax-free cash you can access. By inputting these variables into the calculator, you can get an estimate of the potential funds that may be available to you through a reverse mortgage.
Please update the values in the form
and click calculate.
Disclaimer - The information provided by this calculator is for illustrative purposes only and is not guaranteed to be accurate. The default figures shown are hypothetical and may not be applicable to your unique situation. It is important to consult with a licensed reverse mortgage professional before making any decisions based on the results obtained from this calculator. This calculator does not have the ability to pre-qualify you for any specific loan program. Qualification for loan programs may require additional information, such as credit scores and cash reserves, which are not gathered in this calculator. MakeFloridaYourHome does not guarantee the accuracy or reliability of the information obtained from this calculator. Please consult with a qualified professional for personalized advice and information regarding your specific reverse mortgage scenario.
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