The Reverse Mortgage loan limit for Orange County for the FHA HECM program is $625,500. The Home Equity Conversion Mortgage (HECM) is the most widely used Reverse Mortgage since the mortgage melt down resulted in other “Jumbo” Reverse Mortgage loan products disappearing.
How Does the Mortgage Limit Effect Me?
The Orange County Reverse Mortgage limit is $625,500. But this “loan limit” is actually the max value of your home that the loan amount is based on. For example, if your home is valued at $400,000, then your loan amount will be based on your age and property value of $400,000. If your property is worth $625,000, then your loan amount will be based on your age and the property value of $625,500. But if your property is worth $800,000, the loan amount will be based on your age and the max value of $625,500. Translated, this means that $625,500 is not actuall ythe loan limit, but the maximum property value used in calculating the loan amount. Depending on the homeowners age, the actual loan amount for a property valued at $625,500 using a Fixed Rate Reverse Mortgage would be somewhere between $300,000 (for the youngest homeowners) and $471,000 (for the oldest, like 100).
The first thing an Orange County Senior Homeowner should to is contact a local Orange County Reverse Mortgage Specialist who can review your options and provide the scenarios that are available.
Authored by Tim Storm, an Orange County, CA Reverse Mortgage Loan Officer – Please contact my office at Trust One Mortgage for more information about an Orange County, CA Reverse Mortgage. 877-786-4243 x 7.
Contact us for your Orange County Reverse Mortgage:
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
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