Reverse Mortgage Loan Amounts Explained

How much you qualify for with a Reverse Mortgage is a complex and confusing topic. But, it's important folks understand the basics of how this works and more importantly, for you to know that the amount you qualify for can actually change from one week to the next. In todays video, we will be discussing how loan amounts are calculated, how and why the amount you qualify for can change from one week to the next, AND most importantly, HOW YOU CAN STOP THE AMOUNT YOU QUALIFY FOR FROM CONTINUING TO CHANGE.
Video links mentioned in video:
Reverse Mortgage Insurance:
• Reverse Mortgage Insur...
Are Most Reverse Mortgages Fixed or Adjustable Rate?
• Are Most Reverse Mortg...
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If you or someone you know has questions about a reverse mortgage, give me a call. I'm always happy to educate you about your options and help you determine if a reverse mortgage is a good fit.
We are currently licensed in Arizona, California, and Colorado.
Taryn Proctor
[phone]
rheadvisors.com
[e-mail]
NMLS: 1457445 | DRE: 02116203
Branch NMLS: 2134579

[@tinaportelli7282]

Thank you for your great videos. I'm researching from new york, and your information was so helpful. I went with a smaller company and very pleased.

[@reversemortgageeducation]

That is awesome to hear! Thank you so much for the feedback. And glad the videos have helped!

[@GeoMo52]

You are my new favorite channel

[@reversemortgageeducation]

That is amazing! Thank you!

[@cherida3511]

Great video! Seeing what is happening currently with banks beginning to close, what happens to me if the banks close and I'm under a reverse mortgage loan?

[@reversemortgageeducation]

Thank you! Glad you enjoyed it. If your lender goes out of business, your loan would be picked up by another company and would continue on just as it was before.

[@Isabella62831]

Thank you very much for such a great explanation.
I am in Florida and would like to for you to be my reverse mortgage broker. Do you have any idea on how soon you will be license in Florida.? Thanks

[@reversemortgageeducation]

Hi Maria! My pleasure. So happy you found the video helpful. We are hoping to have our Florida license completed within about a month. Fell free to give me a call any time to discuss further. 😊
[phone]

[@sumbody1949]

How does one draw from the line of credit...checking account? How long after requested does ti take to receive funds requested?

[@reversemortgageeducation]

Hi there! Typically there is a form that the borrower needs to fill out and send to the lender (either via email, fax, mail) letting them know how much you want to withdraw. The money requested will either be deposited into your account (if you set up direct deposit) or a check mailed within 3-5 business days.

[@MrRevell111]

So if the principal limit is $xxxk and the note and mortgage recorded is 150% of that amount or $xxxk..... how does that affect the credit rating of the borrower? Could it affect their interest rate on a car purchase or something else?

[@reversemortgageeducation]

Great question. After a reverse mortgage is completed, it does not get reported on credit because there is no required payment. So, it would have no impact on any further credit inquiries. However, if you have a forward mortgage that gets paid off with the reverse mortgage, that account would get paid in full and closed and that may have an affect on your rating. Hope that helps!😊

[@terrimoore6161]

So what you are saying is the best time is when rates are super low!?

[@reversemortgageeducation]

I wouldn’t necessarily say it’s the best time, as I think the best time for a reverse mortgage is when it provides you with a good solution or the right tools to accomplish your short and long term goals. But, with that said, certainly the time everyone may qualify for the most loan amount is when long term rates are at the lowest.

[@janetcrisis1704]

I have 56000 line of cred. I want to take 26000 out. What should i pay a month to. Replenish that $?

[@reversemortgageeducation]

Hi there! The amount you pay back is totally up to you. I would say pay what is comfortable for you. If you are wanting to calculate how much you would need to pay each month to repay it back within a certain period of time, that is going to be dependent on a number of factors (your interest rate every month, current loan balance, how quickly you want to repay it, etc). Your servicer should be able to help you with that.