How Much Money Can I Borrow?

Reverse Mortage FAQ >>> How much money can I borrow?

This is an important question.  The amount you are eligible to borrow is dependent on different factors. Limits on the amount you can apply for are lower than other options but you can often get a higher amount than other means because of lower interest rates.

You will find out the exact amount once you have sat down with an originator.  The following are factors that will have an impact on the total:

• The area – If the area you live in has a high home value this is given some weight if you are choosing an HECM or Home Keeper loan.  Both of these loan types factor in county medians to determine your loan amount.
• Your home value -  the more your home is worth and the amount of equity you have built up in your home equals more money available to borrow
• Your age  - Unlike most money related transactions, the older you are the better your loan conditions and amount you are eligible for. 
• Interest rates – The lower the interest rates, the higher the amount you can borrow.