QUESTION:

New LOAN AMOUNTS FOR REVERSE MORTGAGE

I completed a reverse mortgage in September of this year and I did not have enough equity to receive a monthly income, but now that the president has approved higher loan amounts, can I receive a monthly income?
asked by injn, 4/12/2009
Categories: Reverse Mortgage, Reverse Mortgage Calculators
ANSWERS:
Answered by: Barry Dyble, 04/13/09
Overall Rating:

It all depends on what your home appraised for.
Your principal limit is determined by either the loan limits or the appraised value, WHICHEVER IS LOWER. So if last time it was because your home did not appraise, then having higher loans limits should not effect your loan monthly income.
Barry Dyble
MetLife Home Loans
800-607-0366

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