Updated Reverse Mortgage Calculator With New Loan Limits
August 22nd, 2008 | by admin Published in News, Reverse Mortgage | 2 Comments
As we continue to wait for HUD’s attorneys to resolve whether the housing Bill creates a single nation loan limit of $417,000 or $625,500, our industry continues to change. With Fannie Mae changing their pricing for CMT based loans, RMD readers requested the previous calculator be updated to reflect a higher margin… happy Friday.
I ran a quick scenario for a 70 year old borrower who has no mortgage balance and a home worth $500,000:
| HECM CMT Current | HECM CMT w/ 417K Limit | HECM CMT w/ 625.5K Limit | |||
| Available | |||||
| After Fees | $245,586 | $285,526 | $344,754 |
The Ibis QD calculators now have their margins set at 1.75% for a Treasury HECM. If the industry moves to 2.00% or higher, the calculators will again be updated.
To see two columns comparing today and a $417,000 national average, click https://www.ibisrmo.com/417/
To see four columns including a national limit of $625,000, click https://www.ibisrmo.com/hypo/ To see four different outcomes, use ZIP 02138 and a home value greater than $625,000.
Custom versions are available for you in-house staff and correspondents.
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August 22nd, 2008 at 9:05 am (#)
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October 7th, 2008 at 1:11 pm (#)
When I click on your IBIS link for the new $417 calculation and enter the information I get an error message stating ‘lender ID not identified and cannot calculate loan’.
Do you know how to correct this?