Click Here to receive a detailed analysis You will receive a detailed, no obligation comparison including an estimated amount of money you would receive. Rather Talk to a Consultant?.. Toll Free (888) 415-1955
Dallas Reverse Mortgage
According to Wikipedia, Dallas with an estimated population nearing 1.3 million is the third largest city in Texas behind Houston and San Antonio, respectively. It is the main city and economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area that, according to the March 2009 U.S. Census Bureau release, had a population of 6,300,006 as of July 2008, making it the fourth largest and number one fastest-growing (by population) metropolitan area in the nation last year.
Founded in 1841 and formally incorporated as a city in February, 1856, the city’s economy is primarily based on banking, commerce, telecommunications, computer technology, energy, and transportation. Located in North Texas and a major city in the American South & Southwest, Dallas is the core of the largest inland metropolitan area in the United States that lacks any navigable link to the sea. The city’s prominence despite this comes from its historical importance as a center for the oil and cotton industries, its position along numerous railroad lines, a strong industrial and financial sector, and its status as a major inland port (due largely to the presence of Dallas-Fort Worth International Airport, one of the largest and busiest in the world).
Dallas Reverse Mortgage Limits
Recent changes in the law as a result of the American Recovery and Reinvestment Act of 2009 are making a huge impact on Dallas senior homeowners. The law was signed by President Obama on February 17, 2009 and raises the national limits on HUD insured Home Equity Conversion Mortgages (HECM) from $417,000 to $625,500. This change will certainly remove the stress from many senior homeowners who may be concerned about their ability to be approved for credit in the current economy and need additional cash for various purposes including that of eliminating some high interest debt. The new loan limits are especially attractive to those senior homeowners who have higher priced homes with more equity than previous reverse mortgage limits.
The new loan limits also open new doors for those seniors who were unable to obtain the amount of funds they desired because of the lower reverse mortgage limitations. This new law will allow homeowners who had previously avoided a reverse mortgage because of the lower limits to reconsider and for those who already have a reverse mortgage at the lower limit to obtain a new reverse mortgage that will provide them more funds. Currently the limits are only in effect until the end of 2009, so this may be a good time to look into the possibility of taking out a reverse mortgage while the higher limit is in force. After the end of 2009 it will be necessary for Congress to intervene in order to extend the length of time those limits remain in effect.
These types of mortgages are different from a traditional mortgage so you want to speak with someone who has the expertise and experience to answer any questions you may have and guide you in the right direction. Before any Dallas senior homeowner makes a decision about a reverse mortgage it is essential for him or her to know all of the advantages and disadvantages of adding funds to the family budget in this way.
The amount you will be able to obtain depends on several factors including that of the homeowner’s age, the value of the home and the equity in the home. In fact, the older the borrower is the more money he will be able to obtain in a reverse mortgage. If you do nothing else during your research take the time to weigh your options and discover whether a reverse mortgage is right for you now or whether you should wait until you are older. A reverse mortgage specialist can help you calculate the amount of funds you can expect to receive in the current Dallas market. The research will allow you to weigh your options and make the choice that is right for you based on both the limits and your home’s value.
Dallas Links:
Dallas City, Dallas Federal Reserve
