As of January of 2022 FHA has said that the lending limit for Home Equity Conversion Mortgages (Reverse Mortgages) will be increased from $822,375 to $970,800 in all US counties.
The way property is appreciating in Texas this will allow more seniors to access their equity in their home without having to pay it back.
What Is A Reverse Mortgage?
Reverse Mortgages allow a homeowner to convert a portion of the value in their home into cash. No repayment is required until the borrower(s) no longer use home as their principal residence.
Some requirements on Reverse Mortgages…
All Borrowers MUST BE 62 years of age, or older.
Must occupy the home as your principal residence.
No credit, income or health requirements to qualify.
Social Security & Medicare benefits are not affected.
No Taxes are paid on Cash from Reverse Mortgages.
Cash may be used for any purpose, no restrictions.
You keep the title and may sell your home at any time.
No repayment for as long as you occupy your home.
If you or someone you know needs a Reverse Mortgage please contact our offices. We will be delighted to help you!
That’s it for today!
Thanks for reading!
Brett
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