reverse mortgage basics
How Much Money Can You Receive?
The amount of cash you can obtain from a reverse mortgage will depend on the program you select. Which of these also control how much you can borrow?
- The amount of equity you have in your home
- The current interest rate
- The condition your home is in
ALL of these factors may affect how much you can borrow. Generally the older you are and the more your home is worth, the more cash you can obtain. The age of the youngest homeowner and the property values and closing costs for your area may also influence the amount you get. Are you interested in knowing how much money you’re eligible to receive? Click here to use an online calculator provided by HUD. It will give you a rough estimate. Only your lender can quote you an actual loan amount.