Reverse Mortgage Quote
Hello, I'm Scot King mortgage broker and CPA. With the current market rates here in September 2024, reverse mortgages are available to those folks who are 62 or older and have an equity position of 70% or greater. Possibly lower depending on age. This is a ball park guide until rates start descending and this is the level that you will need to be at in order to not have to bring in any of your own cash to close the escrow. As an example, if your home is worth $400,000 and your balance is at $120,000 or less, then you may qualify to get a loan to pay off your mortgage although you still have to pay for closing costs which include origination, title, appraisal and escrow fees. These may have to be paid by you in cash if the approved loan is not sufficient to pay everything off. If you're equity position is not yet at this level, you can still get a reverse mortgage and pay the difference in cash to pay off your mortgage and closing costs. Reverse mortgages are pricer than conventional loans as it is required to pay the upfront mortgage insurance premium to the FHA insurance fund. The rate for this is 2% of the lesser of the maximum lending limit for your area or your home's appraised value.
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So if you have not yet reached the point where your loan balance / your home value = 30% or less, then you may not want to look at a reverse mortgage unless you have the cash available to close it. To find out how much you will qualify for on a reverse mortgage in California, please complete your details below. We will research your home value and prepare a Home Equity Conversion Mortgage (HECM) proposal hand tailored to your situation.
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| Your proposal will contain all the available reverse mortgage options and include pie charts, bar charts, pages with your specific numbers, counseling information by HUD approved counselors and answers to many questions. To see a sneak peak of what we will prepare for you, here is a set of
sample documents. There will be additional pages to these including numbers specific to your home. Also included will be the complete official reverse mortgage consumer booklet approved by U.S. Department of Housing & Urban Development. (HUD)
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| Thank you for the opportunity to provide you with a competitive reverse mortgage quote!
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