A senior homeowner 62 years or older understands the general characteristics of reverse mortgage loans and often wonders how much the loan can provide. This can be done in several ways: on the site looking for a reverse mortgage execution calculator (not always an accurate indicator); talking to various lenders over the phone; Egypt through a face-to-face appointment with a credit officer, he Bring actual figures to advanced reviews. Because senior staff want to fully understand that the loan officers believe they have provided accurate information, it is recommended that face-to-face interviews be used as much as possible.
In a face-to-face conversation, the loan officer usually uses the reverse mortgage comparison table to show the benefits the homeowner can expect to receive. This table contains the different loan products provided by the lender. At present, only the government converts home equity converted mortgages to be called HECMs. The main difference is whether the product is a fixed rate or a monthly adjustable rate HECM.
The core part of the Reverse Mortgage Comparison table contains a list of numbers whose numbers are marked with names that may not make sense in the first reading. The tag that comes to mind first (since it is usually near the top of the terms and numbers list) is the "maximum claim amount."
The maximum amount claimed is actually an insurance period. This thinking will help understand the source of numbers. The home value of FHA's guaranteed ceiling (currently $636,150). In short, FHA is willing to ensure reverse mortgages for the value of the home assessment of the highest claim amount. Therefore, if the home value assessed by an FHA approved appraiser is US$400,000, the maximum claim amount will be US$400,000. On the other hand, if the home is assessed by the FHA approved appraiser as $700,000, the maximum claim amount will be $636,150 or the current maximum amount that the FHA will insure.
generally estimates the maximum amount of claims until the senior officer is approved by the HUD approved reverse mortgage loan advisor, and the borrower signs the application and assigns the FHA case number. Only in this way can FHA approved appraisers perform assessments on their own and allocate value to families.
Although the maximum claim may be $636,150 and the home may be worth $800,000, do not expect HECM to provide the homeowner with $636,150 in revenue. The maximum amount claimed is only one of the three factors used to determine the benefits that can be provided. The other two factors are the age of the youngest borrower (must be at least 62) and the current expected interest rate (based on the current 10-year LIBOR or LIBOR rate, plus the required margin for adjustable rate HECM and based on a fixed rate Current fixed rate of reverse mortgage). The rule of thumb is that the higher the maximum claim amount, the higher the amount available to the borrower; the lower the maximum claim amount, the lower the return the borrower will receive.
Take a moment to understand the maximum amount of compensation and other terms in the reverse mortgage comparison table. This knowledge can help you make informed decisions and determine if HECM Reverse Mortgages can help current or future loan products.
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Orignal From: Reverse Mortgage - What is the maximum amount claimed?
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