Posts Tagged ‘HECM 2015 Loan Limits’

PostHeaderIcon FHA HECM Loan Limits California 2015

The 2015 loan limits for FHA-insured reverse mortgages the Home Equity Conversion Mortgage will remain unchanged from 2014. The FHA reverse-mortgage product, commonly known as the HECM Home Equity Conversion Mortgage will keep the maximum claim amount of $625,500, the actual loan limits based are based on the senior’s property value, borrower age, and current interest rates. Reverse mortgages let homeowners the age sixty two and older to borrow against the value of their property without any requirements for the monthly mortgage payments. There is no repayment is required as long as a senior lives in the home. The reverse mortgage is repaid, with interest, when the homeowner expires, or sells the home.

If a homeowner is of the age 62 or older and have some equity built up, and are currently occupying the residence, and are eligible, you may be able to participate in FHA’s Home Equity Conversion Mortgage (HECM) program.  The HECM is FHA’s reverse mortgage program that enables senior homeowners to draw out some of the equity in their house with limitations or a single disbursement lump-sum payment at the time of mortgage closing.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

HECM Borrower Requirements

The individual applying must:

Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

More can be found about reverse mortgages by visiting http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou

Work with a top HECM lender who supplies the only reverse mortgage insured by the U.S. Federal Government. Learn more about the 2015 FHA loan limits in California, FHA Streamlines, VA IRRRL’s, Jumbo FHA Loans and more by consulting with an expert.

Reverse Mortgage