If you are considering a reverse mortgage and are concerned about whether or not they are FDIC-insured, there is good news.
Reverse mortgages are not FDIC-insured, which means they are not affected by banking failures. This can be reassuring for those who may have concerns about the current state of the banking industry.
Instead of FDIC insurance, reverse mortgages are guaranteed by the U.S. Department of Housing and Urban Development (HUD). HUD ensures that reverse mortgage borrowers have access to their full line of credit, regardless of any banking failures or financial turmoil that may occur.
This means that even if the lender of your reverse mortgage were to experience difficulties, you would still have access to the full amount of your reverse mortgage line of credit.
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.