Home Keeper: How Much can I Borrow with the Home Keeper Reverse Mortgage Loan?

HOW MUCH CAN I BORROW?
Fannie Mae has several different factors that it takes into consideration when they determine how much you can borrow, and these three factors include your age or the ages of your co-borrowers (if there is more than one borrower), the value of your home, and the “adjusted property value” of your home as explained below.    To get an estimate of how much you can receive, visit our reverse mortgage calculator page.
 
 With a reverse mortgage, the older you are, the more money you can receive.   Fannie Mae’s Home Keeper mortgage allows more than one borrower to be on the loan.  If there is more than one borrower, the amount you receive is generally lower, if you get a reverse home mortgage with other co-borrowers, then the payments that you receive will be lower because as a couple there is a longer life expectancy.   In the case of three co-borrowers, the ages of the two youngest people borrowing against the home will be taken into account to determine the amount that you are eligible for. 
 
The simplest of these factors is the value of your house, which automatically determined by taking the county that you live in. The more your house is worth, the more you will likely be allowed to borrow.
 
Another factor taken into account is the “adjusted property value” of your home, which is the amount of your property’s value that will actually be used in consideration of how much money will be made available to you.   This amount is determined by Fannie Mae, which sets an annual limit on the amount of cash that they will lend out based on the average home price in the United States.  The Fannie Mae organization will not purchase loans on United States home above this amount, so your loan will be based on the lesser of your home’s actual property value or Fannie Mae’s maximum loan amount.