Reverse Mortgage Calculator
CALCULATOR INSTRUCTIONS: Enter the information below and then select the Products tab along the top of the calculator. Please be patient the calculator will take a minute to for the results to display. The “Initial Interest Rate” is the current rate for the product, “Expected Rate” is the average over the last several years. “Available Funds” is the amount you can receive in a lump sum or credit line, after the payoff of your current mortgages. “Available Monthly Tenure” is the amount you can receive every month for as long as you live. Remember, any remaining equity is part of your estate – you never forfeit your home with a Reverse Mortgage.
USING A REVERSE MORTGAGE FOR PURCHASE:You will still input the birthdates for each person who will live in the house and be on the deed. Next input the zipcode of the home you are planning to purchase along with the purchase price in “Estimated Value”. DO NOT PUT ANYTHING IN MORTGAGE AMOUNT. Select the Products tab. The amounts in “Available Funds” is the amount you can get from the reverse mortgage. The difference between this and your purchase price is the amount you will have to pay for a down payment.
TECHNICAL NOTE: You need Silverlight (a Microsoft Product) for our calculator to function. You can download it here: http://www.microsoft.com/getsilverlight/get-started/install/