When you finally walk out of the office for the last time and into retirement, you want it to be everything you had dreamed about for years. You want the freedom to take every road trip you had planned and to invest in hobbies you didn’t have time for before. But some people find they have far less money saved up at retirement than they had hoped. If you’re in this situation, you’ll be happy to know that through a reverse mortgage, you can take advantage of the equity in your home to give yourself all the financial flexibility you could want in retirement. Are you unsure whether this is the right option for you? Use a reverse mortgage calculator to determine how much a reverse mortgage can offer you in your individual situation.
Calculate a Reverse Mortgage
We can help you to calculate a reverse mortgage by plugging in general details about your age and your home. We recommend you contact us to help you understand and calculate your options better. Each HUD reverse mortgage calculator you search for online may be a little different, however most that determine reverse mortgages should ask you to fill in these categories:
- Your current zip code
- Your date of birth
- Your spouse’s (or co-owner’s) date of birth, if applicable
- The estimated current value of your home
- Additional housing costs (home mortgage, liens, and necessary home repairs)
- How much money you’d like in your line of credit
The Reverse Mortgage Calculator will help you understand your situation a little better. Use the reverse mortgage payment calculator to get a rough estimate of your financial goal. The mortgage calculator is only to be used as a tool and not as an exact measurement of your situation. For a more accurate and detailed description give us a call now at (855) 667-9290. We will give you a more accurate description and options to consider.
This calculator will help you figure out the balance that is outstanding on a reverse mortgage. The balance will grow significantly over a certain period of time. The calculator will help you estimate the amount of a reverse mortgage after your specified number of years. Please contact us if you have any questions about the reverse mortgage loan.
Specific Types of Reverse Mortgage Calculators
Some calculators are designed to determine funds for specific types of reverse mortgages, so it’s important to use the best calculator for your needs. For example, the jumbo reverse mortgage calculator should be used if your house is valued above the standard conforming limit. For jumbo reverse mortgages, the borrower is typically limited to 25 percent LTV (up to 25 percent of the home’s value), so these loans benefit borrowers with homes costing over $2.5 million the most.
You may also find an HECM reverse mortgage calculator helpful, though HECM-specific calculators typically ask for the same general information listed above. Again we suggest contacting us at (855) 667-9290 to help you run the numbers.
Using a Reverse Mortgage Purchase Calculator to Get Started
Now a days it is nice to be able to search the internet for valuable mortgage tools that may help you get a better understanding for your situation. Although many calculators may not give you all the necessary information it is still to have the option to get a rough estimate from these mortgage calculators. If you find you’re self wandering if a reverse mortgage is right for you give us a call and we will use our reverse mortgage calculator to give you the numbers you need to know. We have an A+ rating with the Better Business Bureau and we take pride in helping people like you.
Here at Community First National Bank we are dedicated to educating seniors about how the reverse mortgage loan works. Call us now to learn more about the benefits and features at (855) 667-9290