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The HECM is the FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity to use for home maintenance, repairs, or general living expenses. HECM borrowers may reside in their homes indefinitely as long as property taxes and homeowner's insurance are kept current.
How to use our reverse mortgage calculator. Enter the borrower and mortgage information. Start by inputting your youngest co-borrower’s age (if applicable), property type, estimated home value, outstanding mortgage balance and ZIP code. Choose how the property will be used.
Reverse Mortages. Reverse mortgages are increasing in popularity with seniors 62 and over who have equity in their homes. A reverse mortgage enables you to withdraw a portion of your home's equity to supplement your income, or to purchase a home. There are no monthly principal and interest payments. The only reverse mortgage insured by the US ...
Jan 17, 2024 · Our reverse mortgage calculator quickly and easily calculates reverse mortgage monthly payments, lump sum, and line of credit payout options. No contact information is required.
If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing.
Jun 3, 2024 · If you meet certain requirements, you can get some of your home equity in the form of a lump sum, monthly payments, or a line of credit. Here is how FHA reverse mortgage loans work.
Interest rates on variable rate HECM loans are comprised of two components, an index and a margin. The “index” (our calculator uses the Monthly Adjusted LIBOR, which is a common index used in the market) will adjust regularly, as market interest rates move up or down.
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.
Aug 11, 2024 · A reverse mortgage is a loan that allows eligible homeowners age 62 or older to borrow money against the equity in their home and receive the proceeds as a lump sum, a fixed monthly payment, or...
The HECM Calculator page is a tool that allows users to accurately calculate the HECM Mortgage amount after selecting the appropriate loan type and entering the required data.
