Answer:
This is the WRONG place to get this kind of info. You need to speak with a trusted mortgage specialist because reverse mortgages makes you initial payment a lot higher and it has lots of risk along with that. Be careful, good luck, God Bless.
To my knowledge, there is is not a minimum amount. The amount of your loan proceeds depend on the value of your home (an appraisal must be done) and your county of residence. Loan amounts are broken down by county of residence. You DO have to have a certain amount of equity in your home, as you can only borrow a percentage of the home's value.
In addition, in many states, the Reverse Mortgage, or Senior Reverse Mortgage, allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details. This type of loan is not right for every individual or every situation, so, do consult a professional.
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Reverse mortgages are based on two factors, the age of the youngest occupant and the value of the property. The older you are, the more you can borrow and the higher the value of the property, the more you can borrow. Different lenders have different age entry levels, and the percentage of equity or amount of money you can leverage depends upon your age.