This is an old revision of ReverseMortgageLenders from 2014-04-09 16:43:51.You have made the selection that you need some extra assistance in meeting your month-to-month monetary obligations. For other interpretations, please check-out: mortgage refinance∞. Division of Housing and Urban Development. The quantity of money you can take out as a reverse mortgage loan depends upon your age, the appraised worth of your property, existing interest rates and the location of your house. The older you are and the higher the equity (what it would sell for less what you nevertheless owe), the higher the loan amount can be. For 2006, the loan limit for a home in a rural location is $200,160 even though the limit for high cost places is $362,790. Yet another reverse property mortgage item that you can acquire from a lender is the Fannie Mae Home Keeper. Fannie Mae is the largest investor of house mortgages in the country and a significant investor in reverse mortgages. Fannie Mae developed its personal reverse mortgage solution as an option to the HECM to address the demands of clients who had a higher house worth on their house. Property Keeper loans can be greater than HECMs since their mortgage limit is larger. Another Fannie Mae reverse mortgage product is the House Keeper for Property Obtain program. This is for seniors who wish to use the reverse mortgage loan to purchase a new house. For example, let's say someone sold his property for a $60,000 profit and wants to buy a new property for $one hundred,000. He could get a reverse mortgage making use of money from a Residence Keeper loan so he would not have to use his cost savings to buy the much more costly property. The possibilities are endless for borrowing against the equity in your residence from reverse mortgage lenders you can depend upon.West Coast Mortgage Group 2716 Broadway Sacramento, CA 95818 (916)453-7533
Reverse Mortgage Lenders
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