Reverse Mortgage Calculator | Calculator Reverse Mortgage | Free HECM Calculator | Calculate Reverse Mortgage
- The calculator costs nothing for seniors to use – again the cost to use is $0.
- It estimates how much you can qualify for with a HECM loan. This is a hassle free way to estimate the 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 which 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 is 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 valus 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.
Are you trying to calculate your reverse mortgage payment/income/funds available? Instead trying to estimate this value, why not give us a call so we can provide you with exact numbers. We will not ask you for any personal information and you will have real values in just 5 minutes. If, however, you are not ready to speak to someone just yet, you can always used our loan calculator (above) to get a close estimate. We can calculate exact numbers without sensitive information, at no cost to you, in just 5 minutes.
Who Can Qualify For a Reverse Mortgage?
To qualify for a reverse mortgage, you must…
- be 62 or older
- own a home with equity available
- live in the home (as your primary residence)
- have never defaulted on government debt
- have a home appraisal (use home value finder above for an estimate)
- attend mandatory HUD meeting
NOTE: HUD has approved the ability for lenders/banks to review your personal financial information and to use this information to determine whether or not you qualify for a HECM reverse your income, credit scores, and payment history will impact the interest and ability to receive a reverse mortgage).
How Much Equity Can you Release For Your Retirement?
Reverse Mortgage Calculators provide borrowers with an estimated value which they can expect to receive with a reverse mortgage. You will received your estimation instantly without having to provide any personal information. Our reverse mortgage calculators work by providing estimated numbers, these will be the closest numbers to your actual costs of borrowing a reverse mortgage. We strongly recommend you contact us so we can use our reverse mortgage calculators to give you a more accurate quote.
“Many seniors are now enjoying the benefits of a reverse mortgage loan“.
See the benefits of a HECM loan here:
- reverse mortgages allow a predictable income source
- there is no risk of default on the payments as the government insures HECM loans
- you select how you want to receive the income (monthly, lump sum, credit line or a combination)
- you keep ownership of the home
- there are no monthly payments to be made
- HECM loans eliminates the risk of foreclosure
- you can leave the home to your heirs or estate
Have you thought about how much money you will need to retire on? With a reverse mortgage loan you are able to receive lifetime monthly income. Money from a HECM loan is far more predictable than income from annuities or other investments. Also, as the reverse mortgage is a federally insured loan you run no risks of defaults or companies going bankrupt.
Knowing how much you can qualify for is important. We want to provide you with an accurate picture of how much you are able to borrow with a reverse mortgage. Feel free to contact one our reverse mortgage advisers on 1-888-975-1367.
FAQ about our free reverse mortgage calculator:
How accurate is this HECM reverse loan calculator? Our calculator is extremely accurate. Getting a real quote (by contacting us) will always be more exact, however if you are still not ready to speak to an advisor, then the technology behind the calculators will be accurate enough to give you a general idea of what the program is capable of.
If I am satisfied with the calculations how do I begin the process? Give us a call on 877.700.0534 or complete a form online. We can get you an actual quote in under 1 hour. We will compare multiple offers which will save you time and money.
Do you store my personal details or ask for any personal information to use the HECM calculator? No, our calculator does not ask for or keep any of your information.
Can you explain to me the different HECM programs and the differences between them? There are 4 HECM programs. Below is an chart to describe each one:
We recommend you read the following articles/pages:
reverse mortgages how they work
what are the pros cons of reverse mortgages
what is reverse mortgage loan
how does the reverse mortgage loan work
what are the disadvantages of the reverse mortgage
free reverse mortgage information for seniors
Reverse Mortgage Calculator | Reverse Loan Calculator | Calculate Reverse Mortgage Payments for 2013 By Paul Galante – Add me to your circles
trusted websites on the HECM programs
www.consumer.ftc.gov/articles/0192-reverse-mortgages
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten
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