![]() When should you use a reverse mortgage calculator? Individual circumstances of your loan may affect the amounts that a calculator will display for you, and when you choose to move ahead with a reverse mortgage your loan originator will help guide you through those individual circumstances as the loan progresses through to closing. When finding a reverse mortgage calculator to use, be sure the calculator meets your needs and remember, the numbers are for comparison only. There is also the lender-specific offering by my company, the All Reverse Loan Optimizer (ARLO), which gives real-time numbers for accurate rates and fees throughout the nation. If you want to try and find a non-lender-specific calculator, you can also use the one found at, which is administered by the National Reverse Mortgage Lenders Association (NRMLA). If you already have a lender picked out, for instance, you may be able to use a calculator on the lender’s own website. It is easy to find a reverse mortgage calculator through a simple internet search, but different calculators can offer you different levels of information and details. What you can expect to find searching for a calculator? The calculator will then supply the numbers for your reverse mortgage based on your input, how much money you can get and what your different payment options could look like from a lump sum, line of credit, monthly disbursement or some combination of these.This will only help if you already know this information. Some calculators ask for additional info, such as the annual mortgage insurance rate, the age of a non-borrowing spouse, the expected interest rate and estimated closing costs.Reverse mortgage calculators work by gathering information about you and your property: Your age, your spouse’s age, whether or not you have a non-borrowing spouse, the estimated value of your home and the current outstanding forward mortgage balance.The next calculator works in much the same way as the previous one, except the output is an estimate of the necessary down payment to take part in the HECM for Purchase Program.A reverse mortgage calculator can be a very helpful tool for a potential reverse mortgage borrower, offering more information about what a reverse loan could look like, but remember that it’s not an entirely concrete indicator of how your loan will be structured if you proceed given the fact that your credit, value and possible future rate changes could affect these numbers. If you have feedback, suggestions where we can improve, or need help, please email us at. We spent a lot of time designing and developing the calculator.With this in mind, we’ve set the upper limit for home value at $726,525. As of this writing, the largest amount that you are eligible to receive from a HECM is $726,525.For the origination fee, reverse mortgage lenders are allowed to charge you up to $6,500 depending on your home’s value, but you should be able to find a fee more in line with our estimate if you shop around. These costs include title fees, appraisal fee, credit report, counseling, wire fee, and so on. Closing costs vary, but this estimate should give you a reasonable idea of what to expect. Closing costs and origination fees are estimates based on what we’ve seen in the marketplace. ![]() This is different from Funds Available because only 60% of the total is available immediately, and because costs have been deducted. Estimated Funds at Closing calculates how much you are eligible to receive at closing.Estimated Funds Available calculates how much you are eligible to receive, before fees, based on your home’s value, your age, and HUD’s principal limit factor (PLF).For example, $125,000-149,999 will calculate an estimate based on a home value of $125,000. Since most homeowners do not know the exact value of their homes, we’ve broken the home value option into $25,000 units.In most cases this is a spouse, but not always. For spouse’s age, you should input the age of the youngest owner of your home. Most of the fields are self-explanatory.Click here to request a free, personalized info kit now.
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