Whether you live in Orange County. Los Angeles County, Riverside, San Bernardino, or San Diego Counties you may receive a higher payout for your reverse Mortgage. If you are looking for funds to travel, renovate your kitchen, help grandkids with their education, or pay medical bills, the good news is, there are more funds available very soon. Based on the current rates of 5%, those that are 64 and older will receive a higher payout on the Reverse Mortgage after the new principal limit factors take effect on August 3rd 2014, if rates were to increase to 6%, it would provide an increase for those 68 and older. *see the chart below. As home values continue to rise, the higher payout factors will have an even bigger effect on payouts. To see what you qualify for today CLICK HERE for our Reverse Mortgage Calculator.
Chart courtesy of Ibis Software.
“The older people benefit more,” said Jerry Wagner of Ibis Software.
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