Jul 25 2008
Reverse Mortgage Limits: Things To Consider
Before applying for a reverse mortgage, you might want to learn the reverse mortgage limits and how they may affect you depending on the worth of your property. In reality, there are “hard” limits and “soft” limits.
A hard boundary is the upper barrier set by the FHA. Currently, 90 % of reverse mortgages are FHA backed. Of course, the limits set by the FHA are very imp;ortant.
At present time, the FHA upper barrier fluctuates from $200,160 and $362,790. The lower limits are applied to rural neighborhoods and the higher ones for big cities or places where the cost of living is more expensive. In addition, the upper limit can be modified up to 150 % in Alaska, Guam, Hawaii and the Virgin Islands.
These limits are changed every year. Nevertheless, to have a better idea of how much you can plan to get, you want to learn about the soft [...]
Original post by mikejohns