A reverse loan calculator or reverse interest calculator is an online tool that can help you discover how a reverse mortgage loan can best work for you. For people who are over the age of 62, nearing retirement, and have completely paid off their home, a reverse mortgage allows them to tap the equity built up in their home while still being able to live in it.
Are you eligible for a reverse mortgage? Use our reverse mortgage calculator to see how much money you can receive based on the value of your home.. This site is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only.
The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity conversion mortgage (hecm), and is only available through an FHA-approved lender. If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s HECM program.
Here’s an example: For a $300,000, 30-year mortgage with a 10-year, interest-only period at a 5 percent interest rate, your interest-only monthly payment would be $1,250.00.
Use this free calculator to help determine your future loan balance.. Reverse mortgage inputs:. Find the best rates and make your equity work harder!. reverse mortgages, are limited to use for home repairs or property taxes only, and may.
ARLO is the only calculator of its kind to offer you instant and accurate eligibility across 2019’s best reverse mortgages. Our calculator will instantly generate a quote that includes your available loan amount and current interest rates. Best of all, ARLO will retrieve the most suitable program for your individual needs.
If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify Are Reverse Mortgages Helpful or Hazardous? Often considered a loan of last resort for older retirees, reverse mortgages are there for homeowners who worry about outliving their savings
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A single-purpose reverse mortgage, sometimes referred to as a deferred payment loan (DPL), is offered by many local and some state government agencies. Unlike a HECM, a single-purpose reverse mortgage can only be used for improving and repairing your home and is disbursed as a one-time lump sum.