Reverse Mortgage calculator

The Reverse mortgage calculator provides approximate estimates for reverse mortgage programs. These estimates do not reflect local cost variables, are not an offer to make you a loan, do not qualify you to obtain a loan, and are not an official loan disclosure.

Most seniors who are interested in learning more about the Reverse Mortgage process will often use a Reverse Mortgage Calculator. Most online reverse mortgage calculators require the current value of the home in question, the total amount of any liens on the property, the ages of any individuals on the deed and zip code. The Reverse Mortgage Calculator will then immediately give a value that is fairly close to what an actual Reverse Mortgage estimate will show.

Using a Reverse Mortgage Calculator is a great way to get an idea of how much you could receive from a reverse mortgage, but also remember it is just an estimate. All Reverse Mortgage products use a variable interest rate, and some Reverse Mortgage Calculators do not always stay completely accurate with the current interest rate. Also, some Reverse Mortgage Calculators will ask for the age of the individual, and not the exact birth date. This can cause difference in the estimate produced by different reverse mortgage calculators.

To find out how much cash could you get you have to fill an application on line.
In application you may be asked to fill in the fields like
1) When were you born? 2) When was your spouse(or other co-owner) born? 3) How much is your home worth? 4) What is your ZIP code?
Currently if you owe any debt on your home, and do not pay it off before getting a reverse mortgage online, you must take at least that amount as a lump sum advance at closing, and use it to pay off your debt at that time. This would reduce the amount of cash available to you in a single lump sum, credit line or monthly advance. If you do not qualify for enough cash to pay off any debt on your home at closing, you cannot get a reverse mortgage.

The estimates provided on the web page are based on monthly-adjusting interest rates according to a particular program , maximum origination and servicing fees, and an approximate national average closing cost total. Actual loan amounts available depend on the rates in effect when a loan is closed, and the actual origination fee and closing costs charged. Actual loan amounts available also depend on the appraised value of your home and current equity limits in each program.

All the figures for a particular Loan Estimates page are provided for illustrative and educational purposes only. Most of the reverse mortgage calculator estimates the benefits from three reverse mortgage programs -- the federally-insured "Home Equity Conversion Mortgage" (HECM), and the proprietary Home Keeper MortgageSM from Fannie Mae. In order to obtain one of these loans, you and your co-borrower (if any) must be at least 62 years old