A reverse mortgage is a type of loan available to seniors that allows them to borrow against the equity in their home without the need to make monthly mortgage payments.
The Home Equity Conversion Mortgage (HECM) is the most common type of reverse mortgage, which has been insured by the Federal Housing Administration since 1988.
The amount of funds available to seniors through a reverse mortgage is based on various factors such as the age of the youngest borrower, the value of the home, and current interest rates.
The funds received from a reverse mortgage are tax-free, and they can be used for a wide range of expenses such as medical bills, home repairs, or even vacations.
Seniors can choose to receive the funds in a lump sum, as monthly payments, as a line of credit, or a combination of these options.
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.
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