Reverse Mortgage CalculatorInverse mortgage calculator
What is the Reverse Mortgage Calculator? The Reverse Mortgage Calculator determines your entitlement and the amount you can claim for on the basis of several criteria such as your home value, an outstanding mortgage credit and your old age. Estimated value of the loans is the amount to which you can be entitled before charges, calculated on the value of your home, your old-age and the principal limiting HUD asset.
Seniors must be 62 years of age or older to be eligible for an FHA-insured Home Equity Conversion Mortgage (HECM). Optionally, you can choose to make your reverse mortgage payment in the form of flat-rate repayments, quarterly instalments, a line of credit, as well as a mix of these. Because HECM mortgages have a $679,650 line of credit, you may find that home equity above $679,650 does not add to the estimated amount of the mortgage displayed on our calculator.
The AAG is one of the few creditors to have advantageous reverse mortgage lending available from $625,000 to $6 million. The AAG Reverse Mortgage Expert can advise you individually according to your individual circumstances and age group. If you are a house owner, the amount of your own capital in your home should be greater than your mortgage surplus.
It is because your reverse mortgage resources are used to repay your current mortgage as part of the deal. Exclusion of liability: The tools and advices provided on this page are provided for your ease of use, the results of your calculation with this calculator are estimated credits, and the conditions generated by the calculator may not always be available.
The interest and amortisation levels (fixed and variable interest and LIBOR indices), mortgage policy premium (MIP), origin fee, creditor margin, option and acquisition cost may differ. One of the prerequisites for applying for a reverse mortgage is participation in an advisory meeting with a consulting firm that has been authorized by the US Department of Housing and Urban Development (HUD).
Borrower must still keep paying tax, insuring and household contents and complying with credit conditions. The AAG is a member of the National Reverse Mortgage Lenders Association (NRMLA) and has NMLS #9392.