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Do HECM Reverse Mortgages Work For Owners of Expensive Homes?

As a Federally insured program under FHA, the HECM reverse mortgage program is not designed to help the wealthy. In calculating maximum draw amounts, the highest property value it will recognize is $625,500. If your house is worth $1 million, or $10 million, you can't draw more than the amounts available on a home worth $625,500. Further, although higher value properties reduce the risk of loss to FHA, the mortgage insurance premium is the same for a property worth $1 million and one worth $625,500.
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