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
Fort Worth Reverse Mortgage
According to Wikipedia, Fort Worth is the seventeenth-largest city in the United States of America and the fifth-largest city within the state of Texas. Located in North Texas and a cultural gateway into the American West, the city covers nearly 300 square miles in Tarrant, Parker, and Denton counties, serving as the county seat for Tarrant County. According to 2009 estimates by the North Central Texas Council of Governments, the city has a population of 720,250. The city is the second-largest cultural and economic center of the Dallas–Fort Worth–Arlington metropolitan area (commonly called the Metroplex). Fort Worth and the surrounding Metroplex area offer numerous business opportunities and a wide array of attractions.
Established originally in 1849 as a protective Army outpost situated on a bluff overlooking the Trinity River, the city of Fort Worth today still embraces its western heritage and traditional architecture and design.
Reverse Mortgage Limits in Forth Worth
Good news is on the horizon for senior homeowners especially those whose homes are worth more than the limits previously in effect under HUD. The American Recovery and Reinvestment Act of 2009 is another part of President Obama’s plan for economic recovery and was signed into law on February 17, 2009. According to Lone Star Reverse Mortgages the new law has increased the maximum limits for reverse mortgages. Before the passage of this law the limit for a reverse mortgage under the Home Equity Conversion Mortgage (HECM) was $417,000, an amount that left senior citizens in the Fort Worth area with higher priced homes unable to cash in on the equity of their homes under the provisions of a reverse mortgage.
Under the new legislation recently enacted the limit for a reverse mortgage is now $625,500, an amount that now provides hope for many seniors whose homes have a higher value. This opens doors for senior homeowners who had been concerned about their ability to obtain loan approval or additional credit under the current economic conditions. Those senior homeowners who have homes that previous programs were unable to accommodate can now relax and take advantage of the new reverse mortgage limits that will currently be in effect through the end of 2009. After which Congress will need to review the law and decide whether they wish to extend the program for a longer period of time.
Under the provisions of this new program senior borrowers who own higher priced homes are now able to take advantage of more equity in their homes. This will allow them to receive more money from their homes and thus be able to even retire some of their higher existing debt if that is what they choose to do with the funds. For those who have been holding out obtaining a reverse mortgage or have one based on the lower limits, it’s a good time to consider a new reverse mortgage while the new higher limits are in effect. While these new limits are still available you need to at least obtain some information in order to know all of the options and opportunities that may be available to you when you take advantage of a reverse mortgage. At the very least you will be able to make an informed decision.
One of the most important things you can do for yourself is speak to a reverse mortgage specialist in the Fort Worth area. A reverse mortgage is not the same as a traditional mortgage and requires the expertise of someone with experience and expertise. You also want someone who is familiar with the new limitations and knows whether the new law will provide you with what you need. Do keep in mind that in spite of the new limits you will only receive the amount for which you qualify based on the equity in your home. Even if your equity exceeds the $625,500 cap you will not receive more than that amount in a reverse mortgage.
Fort Worth Links:
Fort Worth City, Fort Worth Seniors
