If you're a senior who wants to age in a new home, a reverse mortgage can be a viable option for you. While you may have thought that leaving the home you and your family love is not an option, downsizing to a smaller and more manageable home that caters to your new needs is a possibility. The allure of a warmer climate or being closer to your family can also be a driving factor.
With a reverse mortgage, you can use the equity you've built in your current home to buy a new one while receiving monthly payments instead of making them.
Reverse Mortgage Purchase Calculator
Use our convenient down payment calculator to estimate the amount you would need for a reverse mortgage for purchase. Simply input the purchase price of the home, your age, zip code, and state, and let our calculator do the rest.
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.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.