Most people at their retirement age have seen a commercial or heard an ad that promotes reverse mortgage – and they want to go for it. Besides, who wouldn’t? You can borrow against your home without credit and minimum income requirements.
However, that is just the upside of it. Reverse mortgages have some cons, too, which can ruin your retirement and land you in debt.
Reverse mortgages are popular again – thanks to increased boomers and advertisements. Since the industry is drenched in possibilities and risks, you better educate yourself before becoming another mortgage horror story.
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.