FHA Reverse mortgage Approval

Reverse mortgage loans
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Higher rates = Higher Home prices?

2011-08-23 15:15:52 by irvinerealtor

The Federal Housing Administration (FHA) will reduce single-family loan limits in the highest-cost metropolitan areas from $729,750 to $625,500 starting Oct. 1. The reduction, announced Friday afternoon, will affect 669 of the 3,234 jurisdictions in which the FHA insures loans.
The current floor loan limit in areas where housing costs are relatively low will remain unchanged, at $271,050 for one-unit properties. The mortgage loan limit and maximum claim amount for FHA-insured reverse mortgages will also remain unchanged, at $625,500.
The current maximum loan limits were to be retired in January 2009, but legislation delayed implementation of the loan-limit...

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ReverseVision Adds Live Well, Mason-McDuffie to Lender Roster  — Reverse Mortgage Daily
Monday, ReverseVision announced that Mason-McDuffie Mortgage Corporation would launch its reverse mortgage channel using ReverseVision's software, which streamlines the reverse mortgage process from origination to processing and closing. “ReverseVision ..

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  • Avatar Liberty-ReverseMortgage What are the differences between a reverse mortgage and a home equity loan?
    Sep 10, 2012 by Liberty-ReverseMortgage | Posted in Renting & Real Estate
    • A HELOC is a Home Equity Line of Credit that a borrower would apply for and be approved for. Based on what is borrowed would be the basis for your monthly payments. It is like having a check book with a ceiling as to the amount you are able to borrow based on your approval amount. A reverse mortgage is for those that are 62 and above. FHA has a mortgage loan program, where these borrowers may apply for an acquire funds based on the appraised value of the property. The mortgage loan amount is normally 80% of the appraised value. Those that are approved for a reverse mortgage would be able to …