No matter how you plan to use a reverse mortgage, the reason you are getting one is for the additional money you can receive for your retirement. It’s no surprise to us that people are eager to know how much they can receive from this loan. At One Reverse Mortgage, we make it easy to find out. Read on to learn how to calculate a reverse mortgage and how to get a quick estimate in just a few clicks – without having to provide any personal information.
Learn How Reverse Mortgage Proceeds are Calculated
When it comes to the final number, it’s important to first understand how to get to the result. While everyone will have a different amount, the factors that determined the number are all the same. The amount of proceeds you’ll receive from a reverse mortgage is based on the amount of equity in your home, current interest rates, and the age of the youngest borrower or nonborrowing spouse. The older you are, the more money you’ll receive.
Use the Reverse Mortgage Calculator
Our online reverse mortgage calculator can off an estimate of how much you can get from a reverse mortgage based on information you provide. If you have an existing mortgage, the calculator will take that into account, providing an estimate of how much you will receive after first paying off your mortgage. The results are how much you’ll have to use however you want!
The reverse mortgage calculator is easy to use. You’ll simply input your estimated home value, current mortgage balance, zip code, and age. That is all you will need to get the estimation. No personal info is needed. That means you will not need to provide your address, name, social security number, or phone number to get your results.
Speak to a Licensed Specialist
For a more accurate estimate, give one of our licensed specialists a call. They can talk to you about your specific financial situation and goals, recommend a HECM product fit for your lifestyle, and see if you qualify. You can get all of this information with no obligation to move forward.
Calculate Your Cashflow Savings
People are often so focused on how much they will receive from a reverse that they don’t even consider how much they will also save. If you have an existing mortgage, a reverse mortgage will pay that off. And with a reverse mortgage, no monthly payments are required. Just remember that you need to pay your property taxes, homeowners insurance, and home maintenance costs.
With no required monthly payments, you can save that money instead. To see how much money you’ll save, just multiply your monthly payment by the number of months. For example, to see how much money you’ll save in one month, five months, and one year, multiply your monthly payment by 1, 5, and 12. Let’s say your monthly mortgage payment is $800. In one month, you’ll save $800. In five months, you’ll save $4,000. And in 12 months, you’ll save a total of $9,600.