Current Mortgage Balance. Since a reverse mortgage first pays off your existing mortgage (if you have one), the calculator will subtract the approximate amount you owe from your total amount of estimated proceeds. This will give you a better idea of how much money you’ll have to use however you want.
AARP has developed a model that lets counselors and lenders give you a customized analysis. Golden Gateway Financial, a reverse-mortgage broker, has an online calculator that uses AARP’s model to.
HUD’s Federal Housing Administration insures most reverse mortgages. reverse mortgages are for homeowners 62 and older who have a significant amount of equity built up in their house. They can borrow against that equity – taking the cash in a lump sum, as a monthly income stream or a line of credit they can tap when needed.
We’re thinking about taking out a reverse mortgage and using it as a line of credit. where you live and the market value of your home, check out AARP’s reverse mortgage calculator.) No matter how.
Reverse mortgage calculators can help senior homeowners decide whether this home equity finance option is right for them. Calculators provide a simple way to outline the value of the home, the amount of funds available, and disbursement options such as a lump sum, credit lines, and monthly payments.
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You could qualify for a lump sum or credit line of just over $114,000, or a monthly payment of $615, according to AARP’s reverse mortgage calculator. If you wait until you’re 75, you could get.
NRMLA Calculator Disclosure. The lender will add a "margin" to the index to determine the rate of interest actually being charged. The margin used in our calculator is 250 basis points (2.50%). You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs.
Mike Fasano of Fasano Associates, a Washington, D.C. firm which specializes in life, health and annuity underwriting, finds it “striking that AARP’s reverse mortgage calculator doesn’t give more money.
home equity loan interest rate comparison 4. Home equity loans are usually higher-rate loans than mortgage loans While home equity loans and home equity lines of credit have much lower interest rates than credit cards, their rates are.
If you’re curious about how much money you could pull out of your house, check out AARP’s reverse mortgage calculator at www.rmaarp.com. I used the calculator to run my own sample projections. I.