Reverse Mortgage Calculator
Unlike a traditional Home equity loan , you don’t have to repay a reverse mortgage loan until you either no longer live in the home as your principal abode or you fail to meet the obligations of the mortgage, such as paying property taxes, maintaining homeowners’ insurance, and keeping up with home maintenance. mortgage.
Reverse mortgages work best when they are considered as part of a broader sketch, rather than as a tool for getting quick cash or managing a crisis. Therefore, a Reverse mortgage is not a fit for everyone, and get counseling is required.
The proceeds from a reverse mortgage can be used to supplement a fixed income, to receive money to shield expenses, or in any way you wish. There are no restrictions on how you can use the funds from your reverse mortgage.
There are different types of Reverse mortgages with different payment methods, but the most common is the FHA insured Home Equity Conversion Mortgage (HECM). Homeowners can receive their payment (borrowed equity) either as fixed monthly payments, a lump sum payment, a line of credit, or a combination of these.
Press Calculate, and see how much money a reverse mortgage could get you! Remember, you can receive the property in one lump comprise or in monthly installments. The reversal mortgage will not be due until you pass, move out or sell the home.