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San Antonio Reverse Mortgage
According to Wikipedia, San Antonio is the 2nd largest city in the state of Texas and the 7th largest city in the United States. The city is characteristic of other Southwest urban centers in which there are sparsely populated areas and a low density rate outside of the city. Its metropolitan area has a population of 2,031,445 based on the 2008 U.S. Census estimate, making it the 28th-largest metropolitan area in the U.S and third in Texas (behind Dallas and Houston). The city is the seat of Bexar County with a population of 1,351,305 as of the 2008 U.S. Census estimate.
The city was named for the Portuguese St. Anthony, whose feast day is on June 13, when a Spanish expedition stopped in the area in 1691. Located in the northern part of South Texas and the American Southwest, San Antonio is the epicenter of Tejano culture and Texas tourism. Famous for Spanish missions, the Alamo, the River Walk, the Tower of the Americas, and host to Seaworld and Six Flags Fiesta Texas theme parks, the city is visited by approximately 26 million tourists per year according to the San Antonio Convention and Visitors Bureau.
San Antonio has a strong military presence—it is home to Fort Sam Houston, Lackland Air Force Base, Randolph Air Force Base, and Brooks City-Base, with Camp Bullis and Camp Stanley outside the city. Kelly Air Force Base operated out of San Antonio until 2001, when the airfield was transferred over to Lackland AFB and the remaining portions of the base became Port San Antonio, an industrial/business park.
Reverse Mortgage Limits in San Antonio
The American Recovery and Reinvestment Act of 2009 that President Obama signed into law on February 17, 2009 is a godsend for many seniors in San Antonio. The law raises the limits on reverse mortgages from $417,000 to $625,500, so for those who live in higher priced homes with a great deal of equity this law can make a huge difference in the amount of cash they can obtain from their home’s value. Considering a this program allows a senior homeowner to obtain a reverse mortgage that is between 40 and 75 percent of the value of the home, that higher cap can make the difference in the amount of non-taxable cash withdrawals a homeowner in San Antonio can obtain.
There are many factors that will determine how much money a homeowner can borrow against his equity in a reverse mortgage. The age of the homeowner has a huge impact on the amount of cash an individual can borrow against the home’s equity—the older the borrower the more cash he will be able to obtain. Other factors include the value of the home and the interest rate. All of these factors play a part in the amount of cash any San Antonio senior homeowner will be allowed to borrow against his home. The primary consideration is the amount of equity in the home.
If you have been thinking about a reverse mortgage or already have one at the lower limit you will need to move quickly in order to take advantage of the current HUD limitations. The current law expires the end of 2009 and there is no guarantee it will be extended. Once it expires it will be up to Congress to decide if the current limitations will remain in force or if they will reinstate the previous limit of $417,000. If you think you might qualify for more than the previous ceiling of $417,000 now is a good time to look into taking a new reverse mortgage or increasing the amount you have on an existing one while you can still cash in on higher limitations.
While these higher limits are in effect you should conduct some research and weigh your options in order to determine if a reverse mortgage is the right choice for you. You can also increase the amount of cash you have to spend each month and thus make your retirement enjoyable. There are no restrictions on what you can do with the funds from a FHA reverse mortgage—the only restrictions are you must be at least 62 years old and occupy the home as your primary residence. This restricts vacation homes and time shares though you can use the funds to purchase or rent either one.
San Antonio Links:
San Antonio City, San Antonio Seniors
