#Reverse mortgage calculator for free#
#Reverse mortgage calculator code#

#Reverse mortgage calculator code#

On the reverse mortgage calculator input page, start by entering your zip code (because of regional differences in taxes/fees), and the Date of Birth for you and your spouse. We also offer a balance remaining reverse mortgage calculator. I found that the NRMLA calculator was the most comprehensive and the most transparent, which is why IвЂ™m recommending it here. (If youвЂ™re interested in a single-purpose or proprietary reverse mortgage, you will probably have to speak to the state agency or lender, respectively, in order to obtain an accurate estimate, since terms may vary). The best one that IвЂ™ve come across is from the NRMLA if youвЂ™re planning on obtaining a Home Equity Conversion Mortgage (HECM) as 95% of borrowers do, this is the only calculator you need to reference.

#Reverse mortgage calculator for free#

There are several reverse mortgage calculators available for free on the web, which will give you an estimate of how much you can borrow. If your spouse is younger than 62, they can qualify as an eligible non-borrowing spouse and remain in the home even if you leave or pass away, so long as they continue to meet all loan obligations.One of the first questions that someone contemplating a reverse mortgage inevitably asks is, вЂњHow much can I get?вЂќ Fortunately, you no longer need to speak to a lender in order to obtain an accurate answer.You must undergo a financial assessment to ensure you are able to meet the financial obligations of the loan, which includes the ability to pay your property taxes and homeowners insurance.You must complete reverse mortgage counseling with an independent counseling agency.Today, there are important safeguards in place to ensure that it can continue to help consumers for years to come. The HECM reverse mortgage product has been improved over the years so that it can better meet the needs of older adults. The home must be your primary residence.As a government-insured loan, there are several important requirements borrowers must meet to qualify. Traditional reverse mortgages were established in 1989 to help older homeowners age in place. Who Qualifies for a Reverse Mortgage Loan There are different types of reverse mortgages and the funds can be disbursed in a number of ways.If the loan balance exceeds the homeвЂ™s value, the Federal Housing Administration will cover the difference. As a non-recourse loan, the borrower will never owe more than the house is worth.

The borrower must continue to pay property taxes and homeownerвЂ™s insurance, and must keep the house in good repair.

The older you are, the more equity youвЂ™ll have access to.

The amount you can borrow depends on your age, property value, and interest rate.

The borrower remains the owner of the home and retains title.*.

The loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house. With a traditional reverse mortgage loan, borrowers can access their home equity without having to pay principal and interest.* ItвЂ™s called a вЂњreverse mortgageвЂќ because, unlike a traditional loan where the borrower makes payments to the lender, the lender makes payments to the borrower.