A reverse mortgage is a loan against the equity in your house. If you came looking for a reverse mortgage calculator you are likely trying to determine the loan amount you canreceive against the equity in your home.
Below we will help you determine your potential benefit. Interest rates are subject to change and the numbers below may omit important information about your situation so we highly recommend you speak to a reverse mortgage lender for more specific reverse loan details.
Banks will be subject to valuation according to the basis and procedures that are included in this Communiqué as the credit risk reduction technique under the "Communiqué on Credit Risks Reduction Techniques" on the Official Gazette dated.
Banks will appreciate the quality of credit risk reduction techniques "as scope of credit risk reduction techniques as the credit risk mitigation technique will determine the quality of payday loans by phone guarantees and credits to the maturity of loans and loans according to the maturity of the credits. Banks have to certify the policies of the deposits of the valuation frequencies with their reasoning.
The loans classified as dull credits have to be re-valued in the classification date of the rating of the real estate mortgage
According to Article 14-1 of the new Regulation, the real estate mortgage of loans classified as dull receivable have to be re-valued by the end of the month following the classification date. In relation to how to make this revaluation, the regulations in the "Communiqué on Credit Risk Reduction Techniques" will be valid. Statistical methods can be used by banks to determine the value of the relevant Communiqué on the 21th of the 21 pearl in this regard, to revise the value of the real estate and to determine the real estalization; In the event that the value of the value of real estate may be significantly reduced compared to general market prices, it is stated that the real estate will be re-assessed by the competent valuation organizations of the real estate.
Let’s start the analysis by establishing the basic reverse mortgage requirements:
The home must be your principal residence.
Both homeowners (if two people on the deed) must be 62 years or older.
Your income or credit score are not considered.
A large amount of home equity is required. Younger you are the more equity you need.
FHA approved counseling class is required to ensure you understand the reverse mortgage.
Home appraisal is required.
The maximum loan limit is different for each county but can not exceed $625,000.
Loan proceeds are not subject to income tax.
A reverse mortgage is a lien. You retain ownership of the home. No monthly loan payments are required but you must continue to pay property taxes and insurance.
A reverse mortgage can be taken as a line of credit, lump sum, or monthly payments.
A line of credit has the most money available. A lump sum you receive all of the money up front, so the fees are higher. Once you have the money there are no restrictions and you can spend or invest the money as you wish.
The older borrower requires less home equity. Home equity is determined as the home value minus all existing mortgage amount. Based on today’s rates here are a few approximate examples.
A 62 year old borrow requires at least 46% equity in their home
A 72 year old borrow requires 39% equity.
An 82 year old borrower requires 32% equity.
These numbers can vary based on the rates and the loan type you select.
You have now determined the basic requirements and if you could potentially qualify. You can use the calculator below for more specific numbers. These are estimates, please contact a reverse mortgage lender for specific numbers.
After entering your information you should receive your reverse calculator results. The results are given for the HECM Libor and HECM Saver products.
The upfront lump sum is an approximation of the amount that you could receive in a reverse mortgage loan. Please fill out the form at the top of this page to speak to a lender and have the numbers explained to you and determine your benefit.