If you or someone you know have thought about getting a Reverse Mortgage, you or they may have run into a problem…
If you have a more expensive home it’s hard to get a Reverse Mortgage.
99% of all Reverse Mortgages are done thru FHA.
The problem is, if your home is worth more than one million dollars FHA won’t give you credit for that value.
In the State of Texas the max value FHA will give your home is $970,800. So, in other words if your home was worth 1.5 or 2 million dollars or more, FHA will only do a Reverse based on a 970k value.
Consequently the loan amount may not be high enough to pay off your underlying mortgage if you have one. This kills a lot of loans.
I wanted to let you know we have a new Reverse Mortgage product to add to our product line. And, this one goes up to a $4,000,000 loan amount.
If you have a more expensive home, and were thinking about getting a Reverse Mortgage, let us know and we can get you some numbers to look at on your home.
Thanks for reading!
Brett
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