Posted on: 17th Oct, 2013 12:21 am
What factors should be taken into consideration while qualifying for a jumbo reverse mortgage?
Hi Torla,
Well, it should be noted here that FHA insured HECM are limited to $625,500. You will have to meet normal reverse mortgage guidelines in order to get that amount of loan. If you take out a mortgage above that, then it will be considered as a portfolio product. They will be subject to the guidelines of individual lenders.
Thanks,
Jerry
Well, it should be noted here that FHA insured HECM are limited to $625,500. You will have to meet normal reverse mortgage guidelines in order to get that amount of loan. If you take out a mortgage above that, then it will be considered as a portfolio product. They will be subject to the guidelines of individual lenders.
Thanks,
Jerry
Hi Torla!
Welcome to the forums!
To know about reverse mortgage qualifications, you can check out the given page: http://www.mortgagefit.com/reverse-eligible.html .
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
To know about reverse mortgage qualifications, you can check out the given page: http://www.mortgagefit.com/reverse-eligible.html .
Feel free to ask if you've further queries.
Sussane