Reverse Mortgage Calculator With New HECM Loan Limits

Reverse Mortgage Calculator With New HECM Loan Limits

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February 19th, 2009 | by John Yedinak Published in News, Reverse Mortgage | 19 Comments

With the new reverse mortgage loan limit on its way, I know that originators are looking for a calculator that shows the $625,500 loan limit. IBIS published a sample calculator for RMD readers which compares a HECM T+300 with current limits and a $625,500 limit (columns 1 and 2). Ditto for a HECM L+250 (cols. 3 and 4). And shows a fixed-rate HECM with a $625,500 limit (col. 5).

Here is a quick scenario for a 75 year old with no mortgage balance and a home worth $700,000:

If you would like to have a calculator for your company, licensees can show whatever products, margins, and service fees they wish. They can also choose which lending limit structures they wish to use.

Go to Reverse Mortgage Calculator and run thru the third page in the sequence.

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Calculators,IBIS

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John Doe

Thank you Admin!
http://reversemortgagedaily.com admin

Say thank you to IBIS =)
Jerry

We should start a pool on when the mortgagee letter will be published. My guess is 3/15/09
http://www.Pacificfa.com Ross Wolf

Why not just use your current software and use a Hawaii zip code?
http://www.fairwayreverse.com John Brodey

Actually, you can use F.F.’s RMA, go to the What If box and type in the new loan limit and it will change the loan comparison figures to show the new principal limit.
http://www.reversemortgagehomepage.com Jerry

Ross, Four of the five counties in Hawaii would give you the high limit, but the third-party closing costs would not be correct. A dozen states have tax stamps, etc. that can materially raise the costs.

Try zip codes 94115 (CA) and 33331 (FL) and compare the results. Ibis does not produce trivial software.
Nanci SloanCummings

This is a little off topic but I wondered what lenders have rolled out a purchase product? Your response would be greatly appreciated.
http://www.reversemortgagecalculator.org Raymond Denton

>>We should start a pool on when the mortgagee letter will be published. My guess is 3/15/09

March 15 would be nice. Yesterday one of my clients who has been waiting for the $625k limit called Springboard to schedule his Counseling session and they told him it takes HUD 6 months before any changes are made after a Bill has been signed by the President. So he didn’t schedule his counseling session because he didn’t want his certificate to expire before the new limit came out.

Thank you for the early calculator Jerry – your calculators are first class (I just wish I could afford a subscription)
http://www.reversemortgagehomepage.com Jerry Wagner

Raymond, For you and other RMD readers, Ibis will waive the set-up fee on our Quick Quote tools.
James A. Nelson

For Mr. Ross Wolf, being ALMOST right is close enough.
(Sorry Ross, I couldn’t miss the opportunity.)
JIM WOLFE

HOW SAFE IS A REVERSE MORTGAGE LINE OF CREDIT

MINE IS WITH BANK OF AMERICA

THANKS
Jerry

Jim, your HECM line of credit may be services by BoA, but it is guaranteed by FHA. Read the terms in your FHA note. A regular HELOC with BoA, or any bank for that matter, has no guarantees and can be pulled or line lowered at any time.
Louise

Hey Nanci.

I know of at least 2 lenders offering HECMs for Purchase — Security One Lending and Financial Freedom.

Anyone else know of others?
Betty Hess

After reading the suggestion to just use Hawaii to quote reverse mortgages for other states I became concerned. Our seniors deserve to receive an accurate quote when they are trusting you with the largest investment of their life, not to mention the lack of education, especially at this day and time, tarnishes the integrity of our industry.
http://www.marylandreversemortgage.org Raymond

>>Raymond, For you and other RMD readers, Ibis will waive the set-up fee on our Quick Quote tools

Thank you for the invitation Jerry – I’m going to take you up on it and soon http://www.ReverseMortageCalculator.org will be showing your calculator.
http://rmlo.bankofamerica.com/raymonddenton rainmand

Jerry,

I'm having trouble submiting your “ibis RMC software license agreement” to you. I'm using your email address that's listed on the first page, but it bounces back to me with:

<wagner@netirement.com>: Host or domain name not found. Name service error for name=netirement.com type=MX: Host not found, try again

Is there another email address I should use?

Please advise – thank you
Wagner

Try wagner@ourtoolbox.com
http://rmlo.bankofamerica.com/raymonddenton rainmand

Jerry,rnrnI’m having trouble submiting your “ibis RMC software license agreement” to you. I’m using your email address that’s listed on the first page, but it bounces back to me with:rnrn: Host or domain name not found. Name service error for name=netirement.com type=MX: Host not found, try againrnrnIs there another email address I should use?rnrnPlease advise – thank you
Wagner

Try wagner@ourtoolbox.com

HECM Libor 2.50

HECM Libor 2.50

Monthly w/417K

Monthly w/625.5K

After Fees