Reverse Mortgage Calculator With New HECM Loan Limit
October 6th, 2008 | by admin Published in News, Reverse Mortgage, Technology | 3 Comments
With the new HECM loan limits announced by HUD at last weeks MBA conference, I thought you would want to run a few scenarios to see how much borrowers may qualify for with the new limit.
Here is a quick scenario for a 73 year old with no mortgage balance and a home worth $500,000:
| Available | HECM CMT 175 w/ Current Limit | HECM CMT 175 w/ 417K Limit | |
| After Fees | $231,818 | $269,752 |
Most reverse mortgage calculator providers like Ibis and Reverse Vision won’t be updating their calculators until the mortgagee letter comes out, but Ibis was nice enough to provide RMD readers a calculator with the 417K limit. This tool shows the new national limit with three different Treasury HECM margins (175, 200 and 225), and has loan fees constrained to a range from $2,500 to $6,000.
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October 7th, 2008 at 7:32 am (#)
pretty sucky that it doesn’t show LIBOR
October 7th, 2008 at 3:00 pm (#)
We have a LIBOR version. If you want to license it version, please contact Ibis. JW
October 9th, 2008 at 10:46 am (#)
after months of waiting we find that the net increase after decades of the same limit is a crummy 50,000.
Hardly worth the wait let alone the daily chatter.