Breaking: Reverse Mortgage cash payouts are the highest in years, but it won’t last.
There are 3 main factors that are used to calculate how much a borrower can pull out of her home on an FHA insured HECM (Home Equity Conversion Mortgage) Reverse Mortgage (RM). Age, Interest Rate, & home value. Age – at least one of the borrowers must be 62 by…
How is my Reverse Mortgage cash out figured?
Reverse Mortgages (RM) are becoming an essential tool to fund retirement. A RM allows those 62 and older to access a percentage of home equity to primarily eliminate a mortgage payment and secondarily have access to cash. Money can be received in a lump sum payout, monthly payout, it can be left in…
