Reverse Mortgage CalculatorFind out how much you may qualify to receive. Simply fill out this form below and we will help explain your options and opportunities.
What is the available loan amount? The Reverse Mortgage Calculator can help you determine an estimate.You may be interested in a reverse mortgage because you recognize the benefits of financial security. However, before deciding on whether you should get a reverse mortgage on your home, you undoubtedly would like a general idea as to how much equity from your home you could borrow.
A reverse mortgage on your home could make it possible for you to pay down bills, pay off your existing mortgage (required as part of the loan), or use the proceeds for other priorities in your life. You've worked hard throughout your life to establish a suitable standard of living, so don't let the rising costs of daily life adversely affect your plans.
A reverse mortgage is about financial security when you need it and our staff is ready to help you get a better understanding of the process. In fact, we will educate you on how the calculator functions and we can discuss the different ways you could benefit.
The Reverse Mortgage Calculator Process Starts by Assessing your SituationBefore we can render an estimate regarding the loan amount a reverse mortgage could generate, we need to consider a variety of factors. Our reverse mortgage calculator computes an amount once all of the variables are in place.
Reverse mortgage amounts vary from person to person, and are affected by the age of the youngest borrower on the title, home equity, current interest rates, and the lesser of the appraised home value, FHA maximum lending limits or sales price.
Once you have an estimate of the amount of money you may qualify for, then you can start the process of determining how you could use the reverse mortgage to meet your short and long-term goals. Our clients have choices available on how they would like to receive any available loan proceeds from your reverse mortgage. We work with you since this will be an important consideration when planning your future.
Calculating Your Reverse Mortgage
After the proceeds are determined, we will outline the options available to youOur experience in the reverse mortgage business has made it possible for us to help people evaluate their options once their loan amount has been calculated. Options for available loan proceeds are varied, and it's important to consider how each option can affect your finances and your budget.
You can choose to receive available proceeds from your loan, depending on the specific product you choose, in the following ways: 1
- A single lump-sum payment
- Obtaining a credit line account. You can use your credit line however you desire, and withdraw money whenever it is needed until the funds are exhausted
- Getting a payment on a monthly basis. You can set a specific time period to receive monthly payments, or you can receive them for as long as you own and live in your home as your primary residence
- A Combination of these options. Your situation is unique, so you must be able to use your reverse mortgage loan in the best way for your particular circumstances