As we wait for HUD’s attorneys to resolve whether or not the housing Bill creates a single nation loan limit at $417,000 or $625,500, wouldn’t it be nice to see what the new loan limits might offer borrowers?Ibis created a reverse mortgage calculator for RMD readers to see what borrowers might qualify for with both of the possible loan limits. I ran a quick scenario for a 62 year old borrower who has no mortgage balance and a home worth $500,000:
|HECM CMTCurrent||HECM CMT w/ 417K Limit||HECM CMT w/ 625.5K Limit|
Remember, Ibis has designed this calculator to help lenders determine if a client may be better off by waiting until the new limits become known and available and should not be used for any marketing. Ibis cautions you not to misuse these ‘hypothetical’ calculators. Updated post and calculator here.