Reverse mortgages are loans available to homeowners who are 62 years or older. The loan allows individuals to convert some of the home equity into cash without moving out or selling the house. The mortgages have been put in place to assist retirees in finding the resources they need to fund their retirement comfortably.
Reverse mortgages can function as tools for home repair funding, mortgage payment, debt consolidation, or anything else the borrower wants.
Today, many lenders offer reverse mortgages. If you're going to take advantage of this loan product, you must conduct thorough research to identify the most suitable lender.
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.