Reverse Loan Types
As with Regular Mortgages, there are basically Two types of Reverse Mortgage:
- Fixed Rate
- Adjustable Rate
Each Type has it’s own advantages
STANDARD REVERSE: (conforming loan limits) -This loan is based off of a home value of $970,800. Loan Amount is based off of the age of the borrower. If there are two or more borrowers, the youngest age is used to calculate the loan amount.
JUMBO REVERSE (Non conforming loan limits)
This loan has a loan limit of up to $6 million and is usually used when the home value is in excess of $970,800. Reverse loans can be used for Detached, Single Family Homes, Town Homes, Condos, And in some instances manufactured homes.
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