Reverse Mortgage Calculator
What Exactly is a Reverse Mortgage Calculator?
You have worked hard to build equity in your home and now it’s time to take advantage of your wise investment because knowing how much money you are eligible for through this kind of loan makes you an educated borrower and helps you plan your financial future.
A reverse mortgage calculator is a free calculation that will give you an approximate estimation of the money you may be eligible for from a reverse mortgage and it requires no personal information. Something to note, however, this is just an estimate, it’s not an exact number so you’ll have to speak with a lender to find out the exact number you can get back on your reverse mortgage. Click here to speak directly with a specialist.
Some Notes About the Calculator
Before going through with using our calculator, the following are just some notes about the reverse mortgage calculator and what it entails
- Estimated Funds Available calculates how much you are eligible to receive, before fees, based on your home’s value, your age, and HUD’s principal limit factor.
- Based on where interest rates are right now, you will likely receive the most accurate estimate by choosing “Under 5.000%”.
- Most of the fields are self-explanatory (for spouse’s age, you should input the age of the youngest owner of your home)
- Since most homeowners do not know the exact value of their homes, we’ve broken the home value option into $25,000 units
- For interest rates below 5%, there are no differences in borrowing power. In other words, you are eligible to receive the same amount of money whether your rate is say 3.75% or 4.5%. So we’ve set the lower bound on rate to “Under 5.000%”.
We want you to be as informed as possible so you can receive the closest estimation in the amount of money you could be eligible for; the future will always be uncertain, but with the reverse mortgage calculator, it helps you take some of that uncertainty out of the future and allows for a brighter and better financial outlook on your future.