Reverse Mortgage Calculator
The illustration and figures above are an estimate based on the value and age you provided. This is the amount you may be eligible for before fees. It is not a loan commitment and does not mean you have been approved. All borrower’s must meet all loan obligations, including living in the property as the principal residence and paying all property charged, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet the loan obligations the loan could be called due.
HECM Reverse Mortgage Calculator Definitions
Age: For age, please enter the age of the youngest borrower to most accurately calculate how much money the borrower(s) will be eligible for. Typically, the older the borrower, the more proceeds they will be able to receive.
State: Please enter the state the home is located. Keep in mind, the home must be the borrower’s primary residence.
Home value: We ask for you to give us an estimated home value to help us determine how much you will be eligible for. We also want to ensure we are recommending the right reverse mortgage product. A HECM has a lending limit that changes every year, while the EquityPower jumbo reverse mortgage lends up to 4 million dollars. This is significantly higher than the HECM allows.
Mortgage amount: When obtaining a reverse mortgage, the proceeds must first be used to pay off your existing mortgage (if you have one). The calculator will subtract your current mortgage amount from your estimated proceeds. With a reverse mortgage, borrowers will not be required to pay a monthly mortgage payment. However, just like a traditional loan, the borrower must continue to pay the property taxes, homeowner’s insurance, and home maintenance costs.
Contact a Loan Officer
After filling out all of your contact information on the reverse mortgage qualify form above, we will pair you with one of our licensed reverse mortgage loan officers.
All of our reverse mortgage loan officers are experienced professionals that can explain the process and answer any questions you may have.
Please use the contact information below if you did not fill out the form above and would like to contact us.