Which of the following affect the amount of funds available to a homeowner from a reverse mortgage?
I. current mortgage balance on the home
II. age of homeowner
III. location of the home
IV. appraised value of the home

Question

Quizplus · Accepted Answer

All four factors listed affect the amount of funds available from a reverse mortgage. The current mortgage balance can reduce the available equity, the homeowner's age can influence the loan amount (older homeowners may receive more funds), the location can affect the home's value and thus the loan amount, and the appraised value directly impacts the equity available for a reverse mortgage.

Which of the Following Affect the Amount of Funds Available