HW Media connects and informs decision makers across the housing economy. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Moving the Housing Market Forward.
FHANewsReverse Mortgage

Reverse Mortgage Calculator With New FHA Loan Limits

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
After Fees $205,834 $239,973 $290,321

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. 

Latest Articles

HW+ Member Spotlight: Tom O’Donoghue HW+

This week’s HW+ member spotlight features Tom O’Donoghue, owner at Reverse Loans Now. O’Donoghue has been in mortgage banking for more than 30 years and has been helping and committed to working with Senior Citizens for the last seven years. HW Media: What is your current favorite HW+ article and why? Tom O’Donoghue: How inflation could be a net benefit […]

Aug 12, 2022 By