Maryland Reverse Mortgage Information

A Maryland reverse mortgage has been obtained by a large number of senior homeowners living in Maryland in recent years. Over the past couple of years, the volume of Maryland reverse mortgages has grown not only in this state but in the rest of the country as well.

The most popular Maryland reverse mortgage is the FHA insured HECM loan. From September 2001 to April 2008 there were 7,288 of these loans closed in the state. Maryland reverse mortgage closings represent 2.1% of the total 352,027 reverse mortgages originated throughout the United States during this time period.

Maryland Home Equity Increases

Maryland, like many parts of the country, experienced a large amount of growth in home values from the years 2000 to 2006. Home price increases play an important role in determining whether this type of equity loan is beneficial or not. The higher the value of your home in comparison to what is owed on your home, the more money you will be eligible to receive from the proceeds of a Maryland reverse mortgage. Senior homeowners in areas with strong home price appreciation and substantial accumulated home equity are more likely to consider a reverse mortgage as a supplemental source of retirement income.

HECM loan limits vary county by county across the country and are set by HUD. In Maryland the HECM loan limits range from $200,160. all the way up to the national maximum of $362,790. The loan limits are established in accordance with the median or average housing cost for the area. Consequently the higher cost areas will have a higher HECM loan limit, whereas the lower cost areas will have lower loan limits set by HUD. Determining your Maryland reverse mortgage loan benefit amount has two main components; one is your home equity as compared to your home value and the other is the maximum loan limit set by HUD. If you would like a ball park estimate of how much money you might be eligible for if you apply for a Maryland reverse mortgage, you can use our reverse mortgage calculator to get a quick quote.

If you would like a more detailed personalized benefit statement comparing various loans and showing you which one will offer you the most money you can request your free Maryland Reverse Mortgage Quote.

• Link to Maryland AARP

Click Here To See If You Have Enough Equity To Qualify