Reverse Mortgage Calculator
Reverse Mortgage Calculation
We want to thank you for using our Reverse Mortgage Calculator on ReverseMortgageSafety.com . The Reverse Mortgage is a government sponsored tool that will allow you, the senior, to safely utilize the equity in your home without having to sell your home or put it at risk. This Reverse Mortgage Calculator will give you a very basic explanation on the amount of funds you and your family can receive.
Please enter in the required information in the form above. The amount of funds that you will receive is based on the age of the youngest borrower and the appraisal value of your home. The rates and figures you will see below are the most current available and are updated as soon as any new rates are available.
Explaining your Reverse Mortgage Calculator
Different Programs: Most Reverse Mortgages are adjustable, but most states also offer a fixed rate product.. There are also different indexes for several products. (You can choose between a LIBOR index or a Treasury Index)
"Available Loan": The amount that you will have available to use at your discretion. If you have a mortgage, this amount will pay off your current mortgage in full and the remaining amount will come directly to you.
"Mortgages or Liens": The current debt on the home. This amount will be paid off in full from the amount in the "Available Loan" section. This will allow you to remove any monthly mortgage payments that are ruining your retirement.
"Up Front Lump Sum": If you would like, you can take all of your funds upfront as a lump sum. If you would not like all the funds up front, you can take any amount that you would like, as a cash advance, and then receive the rest at a later date.
"Line of Credit": You can choose to establish your available funds as a line of credit. This is a account that functions like a checking account. You can remove any amount that you would like at any time. If you like you can receive the entire amount. Also, the amount in the account is not charged interest as it is classified as equity that is still remaining in the home. Along with that, one huge bonus is that the account will grow while you are not using and when you need it, you will have even more credit available.
If you have addition questions or for a fully detailed calculation, please call toll-free 1-888-823-6125