How much equity would i need to have a reverse mortgage

Generally, You generally need a lot of equity to make a reverse mortgage loan work. Although there are no specific dollar limits, the best candidates for adverse mortgages have either paid their homes off entirely or at least 50%. If you do have an existing traditional mortgage, you may be able to refinance into a reverse mortgage. The new HECM will pay off the existing bank loan and incorporates the balance of your new loan. Potential benefits from using a reverse mortgage include supplementing your cash flow during retirement and paying for healthcare expenses. new

The amount of equity you will need for a Home Equity Conversion Mortgage (HECM) is at least 50%. There are other factors like age of the person and assessed home value, which will affect the amount of equity you can pull out. If you want to find out more please click this link for HECM and a Fairway Independent Mortgage Corporation Reverse Mortgage Planner will gather some information and schedule a call to answer your questions.