Reverse Mortgage Calculator

Reverse Mortgage Calculator - If you're a homeowner over the age of 62 and need additional cash to help with medical expenses or home improvements, or you simply want to supplement pension or social security benefits, a reverse mortgage may be the ideal loan for you.

With a reverse mortgage, you can convert your home's equity into cash; the loan won't have to be repaid until death, or whenever you (and your co-borrower) no longer use the home as your primary residence. While a number of factors are used to calculate how much money will be available for a reverse mortgage, a calculator can provide you with a rough estimate.

Typically, a reverse mortgage calculator requires input of the following information:

  • Zip code

  • Your date of birth

  • Spouse's or co-borrower's date of birth

  • Estimate of your home's value

  • Balance of mortgage or liens
The results provided by the calculator are based on current interest rates, and will take into account the maximum value for servicing fees, origination fees, and closing costs. Actual loan amounts will vary according to the appraised value of your home, the interest rate at the time of closing, and the amount of closing fees issued by the lender.

While a calculator for a reverse mortgage is an excellent tool for providing a rough payout estimate for a reverse mortgage loan, a specialized mortgage lender or broker can provide a more accurate calculation. For help locating a reverse mortgage specialist in your area, contact the FHA (Federal Housing Administration) at 800-569-4287.

As with any type of loan, be sure to fully understand the terms and consequences to which you are agreeing before you sign. Prior to choosing a reverse mortgage lender, review the terms with friends and family who are knowledgeable of the process, or discuss with a trusted financial advisor.

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