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.
A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.
how mortgage can i afford Use Money Under 30’s home affordability calculator to find out how much home you can afford. Your home is one of the largest purchases of your lifetime. The ensuing mortgage, taxes, and maintenance expenses will impact your finances for the next 15-30 years.
Reverse Mortgage SCENARIO EXAMPLE #1 John Bosworth, Age 68 Home Value – $250,000 Home Equity – $210,000 Approximate Mortgage Balance – $40,000 John is a widower who lives at home alone. He would like to keep his home, but is having trouble making payments and meeting expenses. His monthly mortgage payment is $611.
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.
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Example of How a Reverse Mortgage Works. They currently owe $35,000 on their mortgage. Below is an illustration of how John and Anne spend their loan proceeds.* This example is based on Anne, the youngest borrower who is 68 years old, a variable rate HECM loan with an initial interest rate of 4.032%.
The HECM reverse mortgage line of credit is a great financial tool for many seniors. If you owe little to nothing on your home, the HECM line of credit can turn a portion of your home’s value into a tax-free retirement "account" that will grow larger over time.
Calcuation Example. To help provide a bit more clarity, here are a few examples of how a reverse mortgage rate could be calculated. Please note that these are not real rates and we have not calculated APRs so as to avoid assumptions about closing costs.
A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies. Instead, the loan is repaid after the borrower moves out or dies.
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