For more information and guidance on HUD’s policy with respect to principal limit factors, please visit offices/housing/sfh/hecm. The principal limit is the amount of total loan proceeds available from a HECM reverse mortgage before closing costs and liens on title are deducted.
**Results from principal limit reverse calculator are intended for illustrative purposes only and do not constitute an offer to lend.
A reverse mortgage is a home-secured debt payable upon default or a maturity event. Customer is responsible for property taxes, homeowners insurance, and home maintenance. Not all products and options are available in all states. This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. Approvals are subject to underwriting and program guidelines and are subject to change without notice. When refinancing your home mortgage, while your interest rate, monthly payment or loan type may decrease or change, your total finance charges may be higher over the life of the loan as a result of the refinancing. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Not all loans, loan sizes, or products may apply. Rates, fees, terms, and programs are subject to change without notice. Please meet with a licensed loan originator for more information (or Please meet with the licensed loan originator listed for more information). NMLS#93265 Alpha Mortgage is licensed by Virginia State Corporation Commission as MC-4927 | Not all applicants will qualify. Alpha Mortgage is licensed in North Carolina (L-113831), Virginia (MC-4927), South Carolina (93265), and Florida (MLD1700). Equal Housing Lender. Alpha Mortgage Corporation. Your heirs are not personally liable they can either sell the home at time of your death or keep the home and pay off the remaining balance of the Reverse Mortgage.Ĭopyright© 2020.
The liability is only to the extent of the value of your home at time of sale, death or vacating the premises as your permanent residence. This means that with a reverse mortgage you are not personally liable. A reverse mortgage is what we call a non-recourse loan.However, the entitlement amount will be capped by the FHA ceiling for designated area Size of loan determined by borrower’s age, interest rate, and the value of the property.Payments can be made in one lump sum, on a monthly basis for a specific amount of years, monthly income for life (Tenure Payment) left in a line of credit and grow in value, or a combination of any of these.No income or minimum credit score qualifications required.No repayment required as long the homeowner lives in the home.Insured by Federal Housing Administration (FHA).FHA Reverse Mortgage Program Highlights (HECM reverse mortgage):
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