HECM Reverse Mortgage Calculator

8/19/2009

posted by N. Sioris

Stumble It!

A HECM reverse mortgage calculator is needed in order to determine how much money you can borrower against the equity in your home using an FHA insured HECM reverse mortgage.

We often hear the question; "What is the maximum loan-to value for a reverse mortgage?" The problem with that question is that it cannot be answered with a straight forward percentage amount.

A reverse mortgage is a difficult concept to grasp. It's different from a traditional mortgage in so many ways, not the least of which is calculating the maximum loan amount.

A reverse mortgage calculator is programmed with a complicated mathematical algorithm that is constantly changing as market interest rates fluctuate. Additionally, each reverse mortgage loan amount must be custom calculated to fit the age of the specific borrowers. The borrower's ages along with the current interest rates and the market value of the home, must be input into a reverse mortgage calculator before the maximum loan amount can be determined.


Online Reverse Mortgage Calculator - Strictly an Estimate

If you are trying to get a ball-park idea of whether you have enough equity in your home to qualify for a HECM reverse mortgage, you can use this reverse mortgage calculator WITHOUT OBLIGATION! You will not be required to fill out a contact form or provide your contact information before you can use our reverse mortgage calculator.

Many online sources for HECM reverse mortgage loans will not allow you to access their reverse mortgage calculator tool without first registering or filling out a contact form, (which of course means that you will be contacted whether you intended to be or not.)

Our reverse mortgage calculator is updated whenever interest rates change. However, it is important to know that our reverse mortgage calculator results are not a commitment to make a specific loan. It is simply a starting place so that you know generally if you are eligible and approximately how much of a loan you might be able to get.

If you like the numbers that you see after you use our reverse mortgage calculator, your are welcome to request a more comprehensive and personalized HECM reverse mortgage quote and summary. The summary will be customized specifically for you, based upon your home value estimate and your age. It will also provide you with a detailed cost breakdown and an amortization schedule so that you will have a glimpse into the future, if you decide to access your home equity through a HECM reverse mortgage.

Request your personalized HECM reverse mortgage quote here.