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How much money can I get from a reverse mortgage?

How much money can I get from a reverse mortgage?The amount you can borrow against your home using a reverse mortgage (HECM) depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow using a reverse mortgage.

How do I receive my payments?

You have five options you can take advantage of to receive payments from a reverse mortgage:

  • Tenure. Equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
  • Term. Equal monthly payments for a fixed period of months selected.
  • Line of Credit. Unscheduled payments or in installments, at times and in amounts of borrower’s choosing until the line of credit is exhausted.
  • Modified Tenure. Combination of line of credit with monthly payments for as long as the borrower remains in the home.
  • Modified Term. Combination of line of credit with monthly payments for a fixed period of months selected by the borrower.

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DS Consulting
15281 Weeks Dr.
La Mirada, CA 90638
Phone: 562-902-2677

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Dennis Sanchez
NMLS #281480
BRE #01179128
California CPA #34077 (inactive)
DS Consulting
NMLS #793097
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