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- HECM calculator - How much more money do you need monthly? - How long do you plan to stay in your home? Get the Answers You Need - The right reverse mortgage for you - Repayment of a reverse mortgage - What you need to know before shopping for a reverse mortgage - Services that can help you plan, budget and maintain your independence
- HECM Calculator Step 1 – Age and Home Value
- Step 2 – Mortgage Balances and Payments
- Step 3 – State
- Step 4 – Payout Option
- Step 5 – Confirm and Calculate
- Step 6 – Calculation Results
Reverse mortgage proceeds are calculated in part based on the age of the youngest borrower or non-borrowing spouse. Select the age of the youngest borrower (or non-borrowing spouse) and your home’s estimated market value in the fields on this page. 1. Age (of youngest borrower) –Select the age of the youngest borrower (or non-borrowing spouse). 2. ...
A HECM reverse mortgage can eliminate existing mortgage payments, which can save you thousands of dollars per year. That’s money you can use for other things, including home improvements, travel, building up savings, etc. Select the total of all mortgage balances (including any home equity lines of credit), total mortgage payments (without taxes an...
Select the state where your home is located. Keep in mind that a HECM reverse mortgage is only for a home you live in for the majority of the year. No second homes or rental properties are allowed. 1. Select your state –Select the state where your home is located. Click the Next button to continue to Step 4.
Our HECM calculator enables you to calculate multiple payout options, including lump sum, line of credit, and term/tenure income. Most online HECM reverse mortgage calculators calculate just lump sum. Select which payout option to calculate using the drop down box on this page. You can always return to this page to select a different option and run...
Confirm the information you’ve entered is accurate, then click the Calculate button. The calculation results will display on the next page. As we promised, no personal information was required!
The top of the Calculation Results page displays results for the two primary HECM products: the variable-rate HECM and the fixed-rate HECM. You can switch between the two products using the drop down box near the top of the page. Near the middle and bottom of the page, you’ll see a breakdown of benefits and payout estimates. Depending on what you s...
Here are the steps to use a reverse mortgage calculator: Enter your home value: You will need to enter the estimated value of your home (you can use Ownerly to find your home value). Provide the number of years you plan to occupy your home. Input estimated annual appreciation rate.
The FHA reverse mortgage; Is a loan based on current interest rates. Allows closing costs to be financed in the reverse mortgage. Is for single-family homes or up to a four-unit home, but must be occupied by the borrower. Is also permitted for FHA-approved condominiums and manufactured homes. FHA reverse mortgages or HECM loans require the home ...
Reverse Mortgage Calculator. Do you want to estimate what your remaining equity balance will be a few years out from today? Use this free calculator to help determine your future loan balance. This tool is designed to show you how compounding interest can make the outstanding balance of a reverse mortgage rapidly grow over a period of time.
People also ask
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How Much Money Do You Get on a Reverse Mortgage? With a HECM, the percentage of your home’s equity you can borrow depends on your age, the interest rate you get on your loan, and the value of your home up to the HECM limit (currently $1,149,825). Use our free reverse mortgage calculator to determine how much equity you may qualify for.
Please note: This reversemortgage.org calculator is provided for illustrative purposes only. It is intended to give users a general idea of approximate costs, fees and available loan proceeds under the FHA Home Equity Conversion Mortgage (HECM) program.
