After being in the mortgage industry 25+ years, and more recently focusing on helping senior citizens with understanding the benefits to Reverse Mortgage, I have found there are some of the same questions that people tend to have. Over the next few weeks, I will be answering some of the most frequently asked questions regarding Reverse Mortgage.

Frequently Asked Question #1: How much money can I borrow with a Reverse Mortgage?

  • How much money you can borrow depends on the age of the youngest borrower. At 62 years (which is the minimum age to qualify for a Reverse Mortgage), you can borrow 52.4% of the appraised value of your home. At 90 years, you can borrow 75% of the appraised value of your home. The most you can borrow is 75%.

For more information, see link below:

https://www.consumer.ftc.gov/articles/0192-reverse-mortgages

If there is a question you may have that I don’t answer, feel free to email me at kgrodi@klgmcm.com or call be at 615-970-2216. I’d be happy to sit down and discuss any questions or concerns.