Reverse Mortgage SCENARIO EXAMPLE #1
- John Bosworth, Age 68
- Home Value – $450,000
- Mortgage Balance – $110,000
Reverse Mortgage SCENARIO EXAMPLE #2
- Craig Jenkins, age 82, and Sylvia Jenkins, age 79 (Reverse Mortgages are calculated using the age of the youngest home owner.)
- Home Value – $975,000
- Mortgage Balance – $0
Reverse Mortgage SCENARIO EXAMPLE #3
The Challenge:
Jim and Jan Stevens put a Reverse Mortgage in place 10 years ago. Home values have grown dramatically over that period of time and they would like to improve on their current situation…
The Solution:
HUD allows for the Refinance of an existing FHA Reverse Mortgage as long as there is improvement to the borrower’s situation by at least 5 times the refinance cost!