Not Sure if a Reverse Mortgage is Right for You?


You may qualify for up to:


* minus processing costs


The value of your home as determined by a professional real estate appraiser


The amount of money you still owe on your mortgage. This amount will be paid off using the proceeds from your reverse mortgage.


The maximum amount eligible for the program up to the FHA limit of


Age of the youngest borrower or eligible non-borrowing spouse


%



%






%


Required Upfront Costs


A fee to compensate the lender for processing your HECM loan. HECM origination fees are capped at $6,000


Upfront FHA mortgage insurance of 2% collected by the government to guarantee that you will receive expected loan advances

Reverse Mortgage Calculator



Use the reverse mortgage calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.


Javascript is required for this calculator. If you are using Internet Explorer, you may need to select to 'Allow Blocked Content' to view this calculator.



Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Definitions

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Lump sum advance

The starting balance or amount you expect to receive immediately from your reverse mortgage.

Years

The total number of years you are planning draw from the reverse mortgage.

Monthly loan advance

Total monthly amount you plan on receiving, in addition to the lump sum advance.

Interest rate

The annual interest rate for this loan.

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