Don’t forget to include any balances for home equity lines of credit (HELOC). Total mortgage balance(s) owed – Enter the total principal balance of all liens and mortgages against your home.Enter the total mortgage balances owed, total mortgage payments, and the years left on your mortgage on this page of the reverse mortgage calculator. That’s money that can be used for other things, such as home improvements, travel, etc. Step 2 – Enter Mortgage Balances and PaymentsĪ HECM reverse mortgage can eliminate existing mortgage payments, which can save you thousands of dollars per year. Estimated home value – Enter the estimated market value of your home.Ĭlick the Next button to continue to Step 2.Age (of youngest borrower) – Enter the age of the youngest borrower (or non-borrowing spouse).Enter the age of the youngest borrower (or non-borrowing spouse) and your home’s estimated market value in the fields on this page. The proceeds are calculated as a percentage of your home’s value based on the age of the youngest borrower (or non-borrowing spouse). You’ll learn about what to fill in (and why) as well as key insights about the results once the calculations are complete. Feel free to scan through the instructions below. We think you’ll find this calculator for reverse mortgages to be fast and easy to use. The HECM loan is by far the most popular reverse mortgage product in the United States. The Act gives the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) authority to oversee, regulate, and insure the HECM. How to Use This Reverse Mortgage CalculatorĪ HECM, or home equity conversion mortgage, is an FHA-insured reverse mortgage program that enables homeowners 62 and older to borrow against home equity without a mortgage payment.Ĭongress created the HECM (often pronounced heck-um by industry professionals) as part of the Housing and Community Development Act of 1987. You can find additional information about a home equity agreement here. Not sure about a reverse mortgage? You may also want to consider an HEA, which also gives you access to home equity without a mortgage payment.
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