Purchase Your Next Home and Make $0 Mortgage Payments For Life
Instantly calculate how much you may qualify for. Fast - Secure - No SSN required
About Line of CreditYour Reverse Mortgage Line of Credit is subject to the Line of Credit Growth calculation. The Line of Credit Growth Rate is the combination of your Initial Loan Rate and the Mortgage Insurance Renewal Rate. The Line of Credit Growth Calculation is based on how much money is available in your Line of Credit that has not yet been advanced. If you advance 100% of the funds in your Line of Credit, there would be no further growth as there would be no remaining funds available in your Line of Credit. Your Line of Credit Growth Rate is variable because the Initial Loan Rate is a variable that is subject to change once per year on an Annual Adjustable Loan.
About Cash at ClosingHUD guidelines limit the amount of money that you are allowed to receive at time of closing and during the first 12 months after the loan has been closed. This dollar amount is how much money would become available to you from the Line of Credit once you reach 12 months from the day your loan closes based on the estimated figures you have provided for this calculator.
About Loan BalanceYour Reverse Mortgage Loan Balance will increase over time as you are not required to make any monthly mortgage payments with a Reverse Mortgage loan. The Interest and Mortgage Insurance Renewal will accumulate based on the outstanding Loan Balance. You can make payments on the Reverse Mortgage to prevent this balance from increasing if you want to, but it is not required. The Reverse Mortgage loan is a Non-Recourse loan which means you cannot owe more than the value of your home.
About Property ValueThis calculation is based on the standard HUD disclosure of 4% per year expected property value appreciation. This is not a guarantee of what your home value will be in the future and is just for illustration purposes only. Your Property Value will adjust up or down as the local real estate market conditions dictate.
About Home EquityHome Equity is the difference of your Property Value minus your Loan Balance. This is also a calculation for illustration purposes only and not a guarantee of what your home equity will be in the future. Your Home Equity will vary depending on how much your Loan Balance becomes compared to what your Property Value is at any given time in the future.
About Existing Mortgage
Mortgage Insurance Premium or MIP
Settlement or Closing Fee
Lender’s Title Insurance
Recording Charges Mortgage
Initial Draw From You Credit Line
Up to $20,000+ More in Available Proceeds*
Using our Purchase Down Payment Calculator
Each week we update our purchase calculator to reflect current interest rates and programs offered at All Reverse Mortgage®. Request a formal analysis including written loan comparisons, down paymment options and amortization schedules by completing step 3 or call us Toll Free (800) 565-1722
Step 1. Input your date of birth, property zip code, estimated purchase price.
Step 2. Compare and select the program that best suits your needs.
Step 3. Print summary or request formal analysis by email.
Legal stuff: Reverse mortgage calculations and down payment options are for illustration purposes only and not an offer to lend. Rates and programs are subject to change without notice.