Today, homeowners 62 and older have access to programs that enable them to benefit from the equity they've accumulated in their homes over time.
One such program is the FHA mortgage reverse loan, which is also known as the Home Equity Conversion Mortgage (HECM). Similar to other reverse mortgage loans, the FHA HECM loan allows you to convert a portion of your home's value into cash.
However, unlike other reverse mortgage loans, the FHA HECM loan is distinct in that it doesn't necessitate the borrower to make any payments until they cease using their home as their primary residence.
This program's significant advantage is that it's fully supported by the Government and Federal Housing Administration (FHA), providing peace of mind and ensuring a secure investment.
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 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.