Steven TaylorGuestJanuary 5, 2021 at 5:54 am
If a 62 year old wants to use a reverse mortgage to purchase a home, what is the maximum dollar amount of the loan? For example, if the purchase price is $1m can the reverse mortgage be as much as 500k? The purchaser will have the funds to pay the balance of the purchase price.
AdministratorMay 8, 2021 at 11:30 am
Hi Steven, the most a 62-year old can qualify for based on today’s HECM guidelines is around $427,000. Most likely it would be a little less than this number. The difference between the HECM loan amount and the purchase price would be your down payment. Closing costs would be on top of that. Check out our purchase calculator to get an idea of how much you may be able to qualify for. Thanks for checking in!