A reverse mortgage is a fantastic way for seniors to receive financial benefits and eliminate all monthly mortgage payments. The interactive map below allows you to get a snapshot of 2016 data on reverse mortgages for each state.
The chart below shows additional statistics by state. The large amount that can be received (principal limit) can be compared to the home values (50-80%). The principal limit is determined by multiplying the home value (up to $679,650 as of 2017) by the principal limit factor, which is determined by the age of the youngest borrower and the average interest rate.
Reverse mortgages give you access to 50-80% of your home estimate, called the Principal Limit. This benefit allows you to maintain complete ownership of your home without a time constraint. The Principal Limit amount can be received as monthly installments, a line of credit, or an upfront lump sum. A reverse mortgage allows you to pay off any other existing mortgages, subsidize health care, make home improvements, help family members, or make lifestyle enhancements.
|State||HECM Traditional||HECM For Refinance||HECM For Purchase||Total||Avg. Interest Rate||Avg. Principal Limit||Avg. Home Value|