Calculating How Much You Are Qualified For is Essential When Comparing Reverse Mortgages.

Our free estimates costs nothing for seniors to use, it is all subsidized by the lenders who compete for your business.
Our calculator estimates how much you can qualify for with an HECM loan. This is a hassle-free way to estimate the funds you will receive with a reverse mortgage loan.
The calculator displays every possible option (4 HECM options). This HECM loan calculator will automatically display different fund outcomes based on each program option (HECM standard, HECM saver); Calculate for free the HECM Fixed/Adjustable Standard & Saver programs.
The calculator is extremely accurate. The interest rates displayed are current market rates, and the results are those which banks would also receive. This is a professional grade calculator which provides you with real estimations.
You can easily compare the estimations for the HECM Standard and Fixed rate as well as the Adjustable rate. The calculator also shows the HECM Saver Fixed rate & Adjustable rate programs.
We are working on making our reverse calculator display the purchase HECM as well as the cash-out or refinance reverse loans.
What are the factors that affect how much money you will receive with the reverse mortgage? Will the calculator take these factors into consideration?
Your age- The older you are, the more equity you can take out. Finally, it pays off to be older, the amount is based on the youngest borrower’s age, but the older, the younger borrower is, the more equity will be available to be released.
Amount of equity available- The more equity you have available, the more money you can take out. If your home is worth $400,000 and you have an existing mortgage for $100,000 then you have $300,000 in equity  – this is a substantial equity stake, so you are a good candidate for a reverse mortgage loan.
Property’s appraised value- To get a true estimate of how much equity you will be able to receive you will have to know the property’s appraised value. Just estimating what you think the home is worth will not give you an accurate estimation.
Financial position- Many lenders are now starting to review your financial position (this includes reviewing your credit scores, income and mortgage/insurance/taxes and payment history). HUD has already approved this, and it is known as financial assessment. Our calculator is still based on the no credit check/ no income reverse mortgage as we still provide this service through a few select banks/lenders nationwide.
reverse interest rates – The lower the rate on your HECM loan the less fees you will pay, thus more money will be available to you. Interest rates vary between the fixed rate programs and the adjustable rate ones, here at RMLD we comparison shop different lenders rates to find the lowest rates in the market for you – while providing a free quote to see how much you can borrow – to start click here.
Benefits of Using our online Reverse Mortgage Calculator.
Unlike other lenders or HECM calculators, we do not ask you for your name or other personal information. This tool is purely for your benefit. Never give out your personal information like your social security since this information is not needed to calculate your estimate (if for any reason our calc breaks please get in contact with us).
Our calculator shows you all the different options of the reverse mortgages.
You will receive accurate estimates as to how much money you can qualify for – when you are ready to compare quotes we will be ready to assist in comparing top HECM lenders.
We are able to compare the entire market if you want to receive real quotes.
It is better to have a rough estimate of how much money you should expect before discussing the possibility of a reverse mortgage with other lenders, to avoid being quoted an unfair value.
Need to find out the value of your home?
Simply input your home address below into Zillow – calculating how much equity you have is necessary to using our calculator:
The amount of equity available is very important to calculating your reverse mortgage loan, it is crucial then for you to know what the home is worth (the real estate market has dropped significantly so values have changed by 15-50% in some areas – and mainly prices decreased) use this free tool to find out how much your home is worth today. From there subtract the amount that you currently own on your home mortgage loan to find out your equity position.