Just a few short steps to estimate the loan proceeds you could receive
This instant confidential Calculator estimates the loan proceeds you could receive from a Reverse Mortgage Solutions, Inc. Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage. Use the Calculator with no obligation.
The amount you can receive is based on a number of factors including your age, home value and available equity, applicable interest rates and the Home Equity Conversion Mortgage product that you choose. Here are some basic considerations to be eligible for a Home Equity Conversion Mortgage.
Minimum qualifications:
- Homeowner(s) must be 62 years of age or older.
- Homeowner(s) must live in the home as your primary residence. If a new home, homeowner must occupy residence within 60 days of closing.
- Homeowner(s) must maintain enough financial resources to cover property charges such as property maintenance, property taxes, required insurance and any homeowners’ and/or HOA fees.
- Normally, 40 to 50% equity is needed to qualify, but a reverse mortgage can still be done as long as there are enough proceeds from the reverse mortgage to pay off any current liens.
- For your added safety and education, all prospective borrowers are required to participate in a counseling session given by an independent HUD-approved counselor.
The age of the youngest borrower or eligible non-borrowing spouse, the lesser of appraised home value, the HECM FHA mortgage limit of $636,150 or the sales price, applicable interest rate and initial mortgage insurance premium are used to calculate the amount of loan proceeds that could be available to you.
How does a reverse mortgage work
FHA insurance guarantees that borrowers will be able to access their authorized loan funds in the future, subject to the terms of the loan, even if the loan balance exceeds the value of the home or if the lender experiences financial difficulty. Borrowers or their estates are not liable for loan balances that exceed the value of the home at repayment – FHA insurance covers this risk.
This calculator is provided for illustrative and educational purposes only. The actual product offerings, interest rates and margins will vary as markets change. The numbers generated by the calculator are estimates only.
All information provided will be considered confidential and will not be reproduced or sold to a third-party company.
