Find reverse mortgage financial information, tools, reverse mortgage calculator, and tips. Skip to content Cut costs on everything from travel to technology with AARP’s 99 Great Ways to Save.
FHA reverse mortgage calculator FHA – Federal Housing Administration is the insurance that protects both you and the lenders making the FHA reverse mortgage loan. FHA does not currently have a website calculator for seniors to use.
Reverse mortgage financing options include a lump sum payment, a line of credit, and monthly payments for a term of years or life. Expanded Reverse Mortgage Calculators. Companies that offer financial services such as planning and management services combine other products with reverse mortgage calculators.
· Thanks to various program changes in recent years, reverse mortgages have been winning over everyone from financial advisors to community banks and the mainstream press, and even one nationally recognized personal finance commentator who has recently changed her view on the product. Few personal finance writers as widely read as Jane Bryant Quinn.
Since the 1980s, the American Association of Retired Persons (AARP) has published a booklet discussing reverse mortgage programs. This booklet, titled "Reverse Mortgage Loans: Borrowing against Your Home," was last revised in 2009, but contains updates about the 2010 developments in reverse mortgage lending.
The lower your current mortgage balance, the more money you will have leftover to spend however you like. The most money a person can borrow on a reverse mortgage is also dependent on age and current interest rates. However, no matter the age or interest rate, a person cannot borrow more than $636,150 with a federally-insured reverse mortgage.
This calculator is an example of those hosted on reverse mortgage lenders’ websites, and it’s a little more detailed than AARP’s. Consumers are asked to enter their zip code, mortgage balance (if any), home value, name, and date of birth for themselves and any co-owners.
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AARP also offers information on alternatives to reverse mortgages, such as selling and moving, warning that if you enter a reverse mortgage, the equity in your home may not be available when you need it. AARP also advises that the money pulled out of the house be used wisely.