Mortgages in Wake County NC

The Housing and Economic Recovery Act of 2008 tied the national mortgage limit for FHA-insured reverse mortgages to the national conforming loan limit.  The FHA product known as the Home Equity Conversion Mortgage (HECM) will therefore have a national mortgage limit of $417,000.  This is the first time that a single limit applies to these mortgages nationwide.

As in previous years the special exception areas of Alaska, Hawaii, Guam and the Virgin Islands have higher loan limits.  Starting this month, counties in those areas may have loan limits of 115% of area median prices.  Where that amount is above $417,000, up to a ceiling of $625,500.

Reverse mortgages allow homeowners age 62 and older to borrow against the value of their home without selling it.  Homeowners can take a lump-sum payment, monthly payments or a line of credit.  No repayment is required as long as a homeowner lives in the home.  The reverse mortgage is repaid, with interest, when a homeowner dies or sells the home.

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Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/ 

Our branch specializes in affordable lending options including FHA / VA and the Community Heros program.  As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types.  We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and Orange Counties.