When considering getting a reverse mortgage, one of the first questions many people ask is, “How much do I qualify for?” It is important to know how much money you will get from your loan before you actually get the loan. That way, you can see if it will be worth it, and have a good idea of what you can do with the money before you even get it. Senior Director, Tim Sprowitz, explains how we figure out how much clients receive from their reverse mortgage.
To get an estimate of how much you may qualify for, you can enter your information into our reverse mortgage calculator. The tool will need to know your estimated home value, current mortgage balance (if you have one), your zip code, and your age. Keep in mind, the result is an estimate. To get a better quote, you may want to call one of our licensed experts. Of course, the true amount of proceeds will not be determined until the appraisal comes back, which will give the true value of the home, which we learned in the video, is one determinant of the amount of money you will receive.