100% Free Reverse Mortgage Calculator. Updated for 2023. Calculate How Much Equity You Can Release With HECM Reverse Mortgage Loan. No Personal Info Required.
Curious as to how much you will receive with a reverse mortgage? Wondering how much tax free cash you can release from your home’s equity?
Use our free calculator to quickly find out an estimated amount you can borrow from your home’s equity from a reverse mortgage loan.
We always recommend you to use our forms to compare the market and receive actual live quotes from our competing lenders to know 100% how much you are elligible for, but the calculator is a great starting point too.
The number one mistake seniors make is taking the first quote and not comparison shopping. We get it, it’s hard work to get multiple quotes, this is why we have built Click Quote Save to assist you in comparing multiple lenders quickly online.
Main features of our free HECM calculator:
-Free to use (no charge at all)
-Up to date with latest principal limit factors
-No personal information required
-Shows you your options between a lump sum, credit line, monthly income draw
-Chart shows how much you will owe down the line
-Compare multiple lenders with one calculator (rates/fees/origination fees)
-Email results to a relative
-Save your results to view later
After understanding the basics of the reverse mortgage program and having your questions answered you should use our free reverse mortgage calculator to receive a free estimate of how much you are going to be able to receive from this loan. While this calculator won’t give you an exact amount this is a good guide as to how much you can borrow from this program. HECM reverse mortgages have been around for over 22 years and there are many misconceptions that seniors need to understand. We can explain to you how the program works, how much you should expect to receive, and pay in fees – at no cost to you.
There are many factors that can impact how much money you are able to receive from your reverse loan. Some of the factors include: current market interest rates, age of the youngest borrower, fees bank will charge, property condition are some factors.
Please note that banks have different methods of calculating how much you are able to receive. It is very important to comparison shop to receive the best quote (lowest fees/highest money back to you). Click Quote Save is on a mission to help seniors find these best deals online through the use of our relationships with top HUD approved lenders.
Facts you need to know:
You will never owe more than the home is worth (neither will your heirs) due to loan being non recourse (the insurance will cover any negative balances)
This is not free government money. You will pay interest, fees, and charges on money you borrow through this program.
Cheaper and or around the same costs as selling and buying a small home. Reverse mortgages are more expensive than most HELOC’s and traditional home equity loans.
Only mortgage that does not requirement mortgage payments and instead pays the borrowers.
Your heirs can walk away from the home if the equity was used up during your retirement. No obligation for the heirs to assume responsibility for the loan after the borrowers pass.
Comparing lenders does save you money. Click Quote Save can assist you at no cost.
reverse mortgage aarp calculator
We have checked on AARP website for a calculator for the HECM program but have not found one. We are constantly working on improving our HECM calculator as the program changes. Please note that if our calculator is not working we are going to email you the calculations from one of our partner bank softwares.
FHA reverse mortgage calculator
FHA – Federal Housing Administration is the insurance that protects both you and the lenders making the FHA reverse mortgage loan. FHA does not currently have a website calculator for seniors to use.
Reverse Mortgage Purchase Calculator – Calculate Down Payment Needed to buy a home through a reverse mortgage loan
Trying to figure out how much you need to buy a home through a reverse mortgage loan. As a rule of thumb be ready to put down roughly 50% to purchase through the HECM program. This program is underutilized by seniors and their real estate agents. There is tremendous benefits to using a purchase program to buy a home, the main one being owning the home without having to make mortgage payments after making the down payment.
Jumbo HECM reverse mortgage calculator
Proprietary and jumbo HECM Reverse mortgages are rare in 2015. There is a limited number of banks that offer them. We know of a few so that if you have a jumbo reverse mortgage need, we would like the opportunity to help you compare lenders offers. We strongly believe in the model of comparison and even for harder to compare loans such as the jumbo HECM.
HUD Reverse mortgage calculator
HUD – Housing Urban Development does not have a calculator available on their website for consumers.
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