Comments on: Media Covers Reverse Mortgage Reforms http://www.bestreversemortgage.com/reverse-mortgage/media-covers-reverse-mortgage-reforms/ The Unofficial Guide to Reverse Mortgages Wed, 07 Jan 2009 01:48:33 +0000 http://wordpress.org/?v=2.6 By: Gene http://www.bestreversemortgage.com/reverse-mortgage/media-covers-reverse-mortgage-reforms/#comment-9639 Gene Tue, 26 Aug 2008 00:31:14 +0000 http://www.bestreversemortgage.com/reverse-mortgage/media-covers-reverse-mortgage-reforms/#comment-9639 This is a simple question My home is worth app $800,000 in Middlesex County Massachusetts, int the town of North Reading. What is the maximum cap for my house. I understand a percentage factor depending on age , BUT WHAT IS THE NEW CAP AND WHEN DOES THE LAW BECOME EFFECTIVE AS I AM COSIDERING A REVERSE FOR MY HOME Thank you This is a simple question My home is worth app $800,000 in Middlesex County Massachusetts, int the town of North Reading.
What is the maximum cap for my house. I understand a percentage factor depending on age , BUT WHAT IS THE NEW CAP AND WHEN DOES THE LAW BECOME EFFECTIVE AS I AM COSIDERING A REVERSE FOR MY HOME

Thank you

]]> By: gloria http://www.bestreversemortgage.com/reverse-mortgage/media-covers-reverse-mortgage-reforms/#comment-8819 gloria Thu, 07 Aug 2008 16:36:20 +0000 http://www.bestreversemortgage.com/reverse-mortgage/media-covers-reverse-mortgage-reforms/#comment-8819 Perhaps Savage is better. But, there is an error. The new FHA RM says that the new home maximum (so far)is $417,000 across the country (not county by county), and that in high-cost areas they may be able to go up to $625,000 home value...as compared to $362,790, with seniors getting a percentage of that depending on age and interest and value of their own home. But it hasn't been decided whether or not the $625,000 is there - or whether or not your area is at $417,000 or $625,000....or at 115% of the median priced house, or whether there will be graduated levels of maximum home value caps. And $417,000 is not the "borrowing limit". The limit, if we get a $625,000 cap will be based on your age, interest rate and value of the home....so if a house was worth $700,000 and you were eligible for a 70% loan you'd get $490,000... because that's lower than $625,000;and normally a $700,000 home would be in a high-cost area. Perhaps Savage is better. But, there is an error. The new FHA RM says that the new home maximum (so far)is $417,000 across the country (not county by county), and that in high-cost areas they may be able to go up to $625,000 home value…as compared to $362,790, with seniors getting a percentage of that depending on age and interest and value of their own home.

But it hasn’t been decided whether or not the $625,000 is there - or whether or not your area is at $417,000 or $625,000….or at 115% of the median priced house, or whether there will be graduated levels of maximum home value caps.

And $417,000 is not the “borrowing limit”. The limit, if we get a $625,000 cap will be based on your age, interest rate and value of the home….so if a house was worth $700,000 and you were eligible for a 70% loan you’d get $490,000… because that’s lower than $625,000;and normally a $700,000 home would be in a high-cost area.

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