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There is a loan calculator managed by FHA/HUD that determines your HECM reverse mortgage loan amount or the amount of equity in your home that a homeowner may access. The calculator uses the age of the homeowner or youngest age (if more than 1 homeowner), a life expectancy calculation, the home value, and the interest rate on the reverse mortgage program.

The minimum age is 62 years old. A homeowner’s age or life expectancy is a key factor. The older the homeowner is, the more equity from the home may be accessed.

All HECM lenders will offer interest rate options on their reverse mortgage programs.

All lenders use the same HECM calculator. The reverse mortgage loan amount may vary depending on the needs of the homeowner and the reverse mortgage program chosen. The needs of the homeowner usually narrows down the choice of the reverse mortgage programs.

The Alternative Reverse mortgage programs (not HECM) uses a calculator specific to the lender offering their own program. The minimum age can be 60 on these programs.

Bruce Anderson of Legacy Mortgage powered by Guild Mortgage – (CRMP) NMLS#237538 -Certified Reverse Mortgage Professional providing seniors with Reverse Mortgages in all areas of New Mexico and Texas!

Albuquerque Reverse Mortgages, Albuquerque Real Estate, El Paso Reverse Mortgages, Farmington Reverse Mortgages, Reverse Mortgage Home Loans, , , , ,  , , , , 

 

Guild Mortgage Company; Equal Housing Opportunity; AZ BK #0018883; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; MA Mortgage Lender License #MC3274; MA Mortgage Broker License #MC3274; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the N.J. Department of Banking and Insurance; NV Mortgage Company #1141; OR ML-176; Rhode Island Licensed Lender; Rhode Island Licensed Third-Party Loan Servicer; Company NMLS ID 3274. www.nmlsconsumeraccess.org/.

All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5887 Copley Drive, Floors 1, 3, 4, 5, 6, San Diego, CA 92111; For more licensing information, please visit www.guildmortgage.com/licensing.

*These are brokered loan products. The above material is not from HUD or FHA and was not approved by HUD or a government agency. Consult your tax professional to determine the tax effects of a reverse mortgage loan. Reverse mortgage borrowers must maintain the property and keep current on all property taxes, homeowner’s insurance and HOA dues.

Attn: TEXAS APPLICANTS

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING (DOWNLOAD FORM HERE), 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”