Calculator

How much money can I receive from a Reverse Mortgage?

The amount of funds that can be received from a Reverse Mortgage are determined by using the age of the youngest borrower, the appraised value of the home and the current interest rate.  Everyone’s situation will be different.  Older borrowers may qualify for a higher loan amount since the life expectancy is shorter.  The more equity you have in your home, the more money you may qualify for. The lower your current mortgage balance, the more money you will have left over to spend however you like.  Regardless, the Reverse Mortgage could be the answer you’ve been looking for.  Our no obligation calculator below can help you decide if a Reverse Mortgage is right for you.

Explanation of items on calculator

Margin & Interest rate -  Adjustable Reverse Mortgage rates are based on the London Interbank Offered Rate Index or LIBOR plus the margin charged by the lender.  These two added together are the initial rate or Note rate (amount of interest being charged on the amount of funds pulled from the loan).

APR - Annual Percentage Rate - does not apply.

Available Loan - The full amount of loan proceeds available.

Mortgages or Liens - Any amount currently owed on the home (Amount is automatically subtracted from the available loan amount).

Cash - The maximum amount of cash available under the terms of the loan.

Or Line Of Credit - The maximum amount of unused funds available under the terms of the loan.

Or Monthly Income - The maximum monthly income available (calculations assume no line of credit or initial draws from the loan).

 

 

 

 

 

 

 

 

 

 

To learn more, contact a Reverse Mortgage Banking Representative today!  

 

               


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