This calculator accurately provides an approximate value based on your numbers. It is always updated for accuracy and will give you results you could receive if you contacted a bank.
A Revere Mortgage Calculator is a tool that is available to senior homeowners that allow them to calculate the amount of equity in terms of dollars that are available to them through the Home Equity Conversion Mortgage (HECM), or Reverse Mortgage as it is more commonly referred to as. The amount available is based off of the age of the youngest borrower as well as the amount of equity they have in their home. Calculations are standard in the industry, but vary by the amounts of liens on the properties, closing costs and interest rates. Qualifications include being over the age of 62, the home being their primary residence and having equity in their home. There are several different programs available, including the fixed rate and the adjustable rate Home Equity Conversion Mortgage. This calculator will help homeowners to figure out if looking into a Reverse Mortgage is a viable option to making their retirement more comfortable. Education and Information are extremely important in figuring out the best strategy to retiring in comfort by using the available equity in their home without having to make a payment other than the taxes and insurance on the property.
There are many reasons to use our reverse mortgage calculator.
This tool costs absolutely nothing. It allows you to estimate how much you could possibly qualify for if you received a HECM loan. This tool is hassle free, and allows you to get an estimate of how much you can receive – from the privacy of your home.
Factors that play into the calculator
1. In order to qualify, and see how much you can get – you must be of age 62 or over. The older you are, the more equity you are entitled to take out. The amount you can receive is based on the youngest borrower’s age, so as a result – the older the younger borrower is, the more equity is available for you to take out from the house.2. The value of your house, is another important factor. The more valuable your house is, the more equity you are entitled to receive from the house. The total amount of money you can receive from the house is $625,0003. The appraised value is important, even though your house may been worth a lot more a few years ago, the amount of equity you can take out right now is based on the appraised value of the house in the present market.4. The current reverse mortgage rates are very important. The higher the rates, the higher the fees you have to pay, and also that means less money you get.
By entering your information into the reverse mortgage calculator you will get an accurate approximation of what if any loan amount you could qualify for under the programs current guidelines. The results are merely provided for informational purposes only and do not guarantee that that is the amount you would get. Only a licensed lender can process a loan application when you are ready to move forward and provide you with an actual loan amount.
ReverseMortgageSpace.com is committed to providing information and educational tools to better understand the Reverse mortgage process. As always we suggest speaking with licensed professionals, such as your attorney and accountant as well as friends and family members to help determine if a reverse mortgage is right for you. Please feel free to contact us with any questions or concerns while utilizing our site.