According to a 2019 survey conducted by Northwestern Mutual, 22% of senior US citizens only had about $5,000 as savings for retirement. A further 15% barely had any savings, while 45% believed they would outlive their savings in retirement.
Such shocking statistics reveal that the retirement crisis in which retirees have little cash to meet daily expenses is still a reality.
However, retirement is an end to steady formal income. So, as you transition from formal employment, you should have alternative income sources to keep you going.
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.