**If unused, HECM credit lines grow at the loan's variable interest rate. And if you do use lender specific sites, you can save the results to comparison shop between multiple lenders - and it always pays to compare.įorbes Real Estate Council is an invitation-only community for executives in the real estate industry.*Any property value greater than $625,500 is calculated at the HECM maximum value. This is a great way to begin as it gives you a general sense of how a reverse mortgage may help achieve your financial goals prior to talking with a lender about specifics of the loan programs available. Many prospective borrowers will begin their reverse mortgage research by using an online calculator. When should you use a reverse mortgage calculator? Individual circumstances of your loan may affect the amounts that a calculator will display for you, and when you choose to move ahead with a reverse mortgage your loan originator will help guide you through those individual circumstances as the loan progresses through to closing. When finding a reverse mortgage calculator to use, be sure the calculator meets your needs and remember, the numbers are for comparison only. There is also the lender-specific offering by my company, the All Reverse Loan Optimizer (ARLO), which gives real-time numbers for accurate rates and fees throughout the nation. If you want to try and find a non-lender-specific calculator, you can also use the one found at, which is administered by the National Reverse Mortgage Lenders Association (NRMLA). If you already have a lender picked out, for instance, you may be able to use a calculator on the lender’s own website. It is easy to find a reverse mortgage calculator through a simple internet search, but different calculators can offer you different levels of information and details. What you can expect to find searching for a calculator?
The calculator will then supply the numbers for your reverse mortgage based on your input, how much money you can get and what your different payment options could look like from a lump sum, line of credit, monthly disbursement or some combination of these.This will only help if you already know this information. Some calculators ask for additional info, such as the annual mortgage insurance rate, the age of a non-borrowing spouse, the expected interest rate and estimated closing costs.Reverse mortgage calculators work by gathering information about you and your property: Your age, your spouse’s age, whether or not you have a non-borrowing spouse, the estimated value of your home and the current outstanding forward mortgage balance.A reverse mortgage calculator can be a very helpful tool for a potential reverse mortgage borrower, offering more information about what a reverse loan could look like, but remember that it’s not an entirely concrete indicator of how your loan will be structured if you proceed given the fact that your credit, value and possible future rate changes could affect these numbers.
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