The specific amount depends on several factors, including:
Your age
The type of reverse mortgage you select
Current interest rates
Appraised value of your home
Federal Housing Administration (FHA) lending limits
HUD also regulates the amount of money that can be withdrawn during the first year of your reverse mortgage. This is to help preserve your home equity for a longer period of time.
Verified Reviews
(175)
Larry was the Consummate Professional Larry was the consummate professional and helped to expedite this process. We had many questions and Larry always found time to answer all of them in promptly. He kept us apprised of the process and offered explanation of how our application could be viewed by underwriting. I highly recommend Larry and endorse the reverse mortgage. The process was very smooth and done in record time as we had requested. Many thanks.
Caryn U — Nov 23, 2015
Rated 5/5 | 175 Reviews
Thank You, Larry! Larry McAnarney is our reverse mortgage loan specialist. He did an excellent job of explaining the reverse mortgage programs, the process, requirements, how the monies would be accessed if approved. He followed up with me multiple times before I made the decision to proceed which I really appreciated. He assisted me in wading through all of the requirements in the application process. He was always available for a question either by email or phone. He was always encouraging and optimistic about our chances for success. He was helpful and very clear as to all the documents I needed to prepare and always allowed me a reasonable amount of time to comply. As our house is in trust there were further "hoops to jump through." Larry truly went above and beyond the call of duty on our behalf with the underwriters. I have no doubt that his extra hard work won the approval of our reverse mortgage. I couldn't recommend him more highly. He has my thanks!
Jacquelyn W — May 6, 2015
Rated 5/5 | 175 Reviews
Excellence! I am very impressed with the work everyone involved put into my reverse mortgage. I felt fully informed going through this process and every question was answered completely and quickly. I would recommend Larry to anyone who asks about getting a reverse mortgage.