Reverse Mortgage Calculator
A Reverse mortgage home loan can be a good option for seniors who own outright (or have a small debt owing on) their home. It can unlock the equity in the home without the owner having to worry about monthly repayments. A reverse mortgage can never be greater than the value of the home and the title deeds stay in the homeowners hands and never the lender.
A reverse mortgage equity loan is a complex financial instrument and it can be confusing about exactly how much money the borrower will receive each month, as a lump sum, line of credit or a mixture or these payments options. Using a reverse mortgage calculator can give you an idea of waht you can expect to receive.
The determining factors are on the type of reverse mortgage you choose, the value of your home, where you live and your age. Basically, the more your home is worth and the older you are, the more you can expect to receive.
There are 3 types of reverse mortgage: HECM reverse mortgage, a Fannie Mae Home Keeper® reverse mortgage and private companies' reverse mortgage programs.
Each of these programs offer something slightly different and ultimately will decide on how much you'll receive. The HECM program is what is chosen by over 90% of borrowers. It it a government insured program so homeowners can rest assured they are fully protected. Likewise, the Home Keeper® program is underwritten by Fannie Mae but in addition it can offer higher loan amounts and can be more flexible on the type of property that is eligible. Proprietary reverse mortgage programs are usually the most expensive for a home owner, but they do have the advantage that the amount loaned is not capped by the value of the property.
Using a reverse mortgage calculator will give you an indication of what you can expect to receive. However, reserve mortgage calculators are only a guide and whatever company you use to obtain the loan it will require a house inspection, credit checks and the amount will finally depend on your age, home value and current interest rate (which is variable).
Financial Freedom Reverse Mortgage Calculator
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