The amount you can borrow with a reverse mortgage depends on several factors, including the value of your home, your age, and the current interest rate. Generally, the older you are and the more equity you have in your home, the more you can potentially borrow.
The maximum amount you can borrow with a reverse mortgage is typically 55-60% of the appraised value of your home. However, the actual amount you can borrow will depend on your individual circumstances.
It's important to note that a reverse mortgage does not require you to make any monthly payments. Instead, the interest on the loan is added to the balance, and the total amount is due when the last homeowner on the title passes away or sells the home.
In conclusion, the amount you can borrow with a reverse mortgage depends on several factors, and it's important for us to discuss your individual circumstances. let me know and we can have a no-obligation interview where I can answer your questions and see if a reverse mortgage is a good fit for you.