If you're considering a reverse mortgage as part of your retirement strategy, you may have concerns about rising interest rates. Higher interest rates are notorious for making it more expensive to take out a loan and affect your loan balance over time.
But don't panic just yet. It turns out that rising interest rates don't necessarily impact reverse mortgages like other loan types. They also don't reduce their potential benefits enough to deter you from taking one out.
Note that when interest rates go up, your mortgage payments will increase as well. Fortunately, you can rest easy knowing that there are many reasons to consider a reverse mortgage safe to use even with higher interest rates.
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.