Comments on: Jumbo Reverse Mortgages http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/ The Original Mortgage Blog. Providing the Mortgage Industry with News and Information Since 2005. Wed, 10 Mar 2010 20:33:02 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Max http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2822 Max Sat, 02 May 2009 07:27:30 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2822 I am 64 my wife is 63 the value of our home is about $700,000.00 we owe $488,000.00. What we want to do is to eliminate the mortgage We don't need any cash back. Is that possible? I am 64 my wife is 63 the value of our home is about $700,000.00 we owe $488,000.00. What we want to do is to eliminate the mortgage We don't need any cash back. Is that possible?

]]> By: Gina Gardner http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2830 Gina Gardner Sat, 09 Aug 2008 00:55:30 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2830 Hi Luke, I'm going to be writing a series of articles on reverse mortgages. Can you tell me what determines the pricing on a reverse mortgage? For example, I would expect to pay for for a higher ltv or loan amount. Does the borrowers' age factor in? I know the age drives the loa to value, can that be stretched for a fee? Hi Luke,

I’m going to be writing a series of articles on reverse mortgages. Can you tell me what determines the pricing on a reverse mortgage? For example, I would expect to pay for for a higher ltv or loan amount. Does the borrowers’ age factor in? I know the age drives the loa to value, can that be stretched for a fee?

]]> By: VA Mortgage Rates http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2829 VA Mortgage Rates Thu, 17 Jul 2008 17:50:21 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2829 thanks for your help Luke! thanks for your help Luke!

]]> By: Luke http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2828 Luke Thu, 17 Jul 2008 17:35:52 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2828 Sure, I'm happy to help. Luke 866-311-3360 Sure, I’m happy to help.

Luke
866-311-3360

]]> By: VA Mortgage Rates http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2827 VA Mortgage Rates Thu, 17 Jul 2008 16:59:44 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2827 HI Luke, my father is looking for a reverse mortgage. He is 80 his house is worth 300k and his mortgage balance is about 225k he really wants to get rid of his payments. I would be happy to refer them on to you. is there anything we can do? HI Luke, my father is looking for a reverse mortgage. He is 80 his house is worth 300k and his mortgage balance is about 225k he really wants to get rid of his payments. I would be happy to refer them on to you. is there anything we can do?

]]> By: Luke http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2826 Luke Wed, 16 Jul 2008 21:02:53 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2826 Max, Unfortunately, reverse mortgages are far too conservative in the initial loan amount to work for you. At your young age, a jumbo reverse mortgage would only offer about 1/3 of the value of your home upfront. The lender has to guarantee you no payments for up to the rest of your life so there would not be enough "room" in your equity for interest to accrue. Max,

Unfortunately, reverse mortgages are far too conservative in the initial loan amount to work for you. At your young age, a jumbo reverse mortgage would only offer about 1/3 of the value of your home upfront. The lender has to guarantee you no payments for up to the rest of your life so there would not be enough “room” in your equity for interest to accrue.

]]> By: Max http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2825 Max Wed, 16 Jul 2008 17:40:51 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2825 I am 64 my wife is 63 the value of our home is about $700,000.00 we owe $488,000.00. What we want to do is to eliminate the mortgage We don't need any cash back. Is that possible? I am 64 my wife is 63 the value of our home is about $700,000.00 we owe $488,000.00. What we want to do is to eliminate the mortgage We don’t need any cash back. Is that possible?

]]> By: Luke http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2824 Luke Wed, 16 Jul 2008 15:14:47 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2824 I think there are three possible options to the increase in the maximum limit: no increase, up to $417,000 or up to $550,000 (the current max limit approved by the House). Still, I think the limit will be based on the median home price for the area, as it has in the past. Shipshewana, Indiana is probably not going to see a $550,000 FHA reverse mortgage limit. I think there are three possible options to the increase in the maximum limit: no increase, up to $417,000 or up to $550,000 (the current max limit approved by the House).

Still, I think the limit will be based on the median home price for the area, as it has in the past. Shipshewana, Indiana is probably not going to see a $550,000 FHA reverse mortgage limit.

]]> By: Curtis Reddehase http://lenderama.com/2008/07/15/jumbo-reverse-mortgages/comment-page-1/#comment-2823 Curtis Reddehase Wed, 16 Jul 2008 14:33:26 +0000 http://blog.mariah.com/2008/07/jumbo-reverse-mortgages/#comment-2823 any idea what the FHA limit will be once they do increase it? any idea what the FHA limit will be once they do increase it?

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