You’ve probably come across ads on daytime television featuring beloved actors from shows of yesteryear urging you to unlock the equity in your homes. Chances are you’re wondering if getting a reverse mortgage is a good idea.
A reverse mortgage isn’t your typical loan. Also known as a home equity conversion mortgage, a reverse mortgage allows homeowners aged 62 and up to borrow against their accrued home equity.
You can get cash or a line of credit from the lender, and unlike a forward mortgage, there are no monthly loan payments to make. Instead, the loan is repaid when the borrower dies, moves out or sells the home.
Reverse Mortgage Calculator
Get the desired amount as a line of credit or a lump sum. Our reverse mortgage calculator utilizes three key variables - estimated home value, remaining loan amount, and age of the homeowner - to determine how much tax-free cash you can access. By inputting these variables into the calculator, you can get an estimate of the potential funds that may be available to you through a reverse mortgage.
Please update the values in the form
and click calculate.
Disclaimer - The information provided by this calculator is for illustrative purposes only and is not guaranteed to be accurate. The default figures shown are hypothetical and may not be applicable to your unique situation. It is important to consult with a licensed reverse mortgage professional before making any decisions based on the results obtained from this calculator. This calculator does not have the ability to pre-qualify you for any specific loan program. Qualification for loan programs may require additional information, such as credit scores and cash reserves, which are not gathered in this calculator. MakeFloridaYourHome does not guarantee the accuracy or reliability of the information obtained from this calculator. Please consult with a qualified professional for personalized advice and information regarding your specific reverse mortgage for purchase scenario.