Updated Reverse Mortgage Calculator With New Loan Limits

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

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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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