Our Mortgages 
Are You Ready To Get Started? Click Here!
-
Available Loan - Mortgages and Liens: This is the cash available to you after paying off your mortgages or liens (if applicable).
-
Upfront Lump Sum: This is getting your benefits as one lump sum at closing.
-
or Line of Credit: Using the line of credit you can use your Reverse Mortgage Benefits on your terms.
-
or Monthly Income: Using the Monthly Payments method you can use your Reverse Mortgage Benefits as a way to receive monthly cash flow to improve your retirement on a daily basis.
01Your Age is VERY Important: The age of a person is one of the most crucial parts of your Reverse Mortgage Calculation.
At the age of 62 you will qualify for between 50-65% of your home's value. At the age of 90 you qualify for between 80-90% of your home's value. The older you are the more money you will qualify for in a Reverse Mortgage Calculation.
It is also important to look at both the borrower's ages because the calculation is based off the youngest borrower. For example: if John and Sally Smith are getting a Reverse Mortgage and John is 95 and Sally is 65, the Reverse Mortgage Calculator would go off of Sally's age, not John's. You could remove Sally from the Reverse Mortgage, but if John died Sally would have to pay back the Reverse Mortgage or move sell the home.
Because John was so old, he would have qualified for a lot of money than his spouse, Sally. It would be unlikely that Sally would be able to qualify for enough to pay back John's Reverse Mortgage. She would have to refinance into a conventional mortgage or sell the home. It is almost always better to have both, Husband and Wife, on the Reverse Mortgage unless absolutely necessary (some foreclosures would be an example of necessary).
02Home Value Determined by FHA Appraisal: Your home value is extremely important when using the Reverse Mortgage Calculator. The amount you qualify for is a percentage of your home's overall appraised value.
For example, if your home is worth $200,000 and you are 70 years old. You may qualify for around 65% of your home's value. 65% of your $200,000 home value is $130,000 in Reverse Mortgage Benefits. This is a very rough example and these are not real numbers, but it helps you understand how your home's value plays a role in your Reverse Mortgage calculation.
03Interest Rate Climate: The Expected Rate of your Reverse Mortgage plays a powerful role in how much money you get from the Reverse Mortgage Calculator. The lower the rate, the more money you will get. After the rate reaches 5.56% benefits are maxed out and there is no more the Expected Rate can do for you to increase benefits.
04Product Choice: There are many HECM products on the market today and they are not created equal. After you perform your initial Reverse Mortgage Calculation, you will understand. Value Financial's HECM FIXED offers thousands more than some of the other HECM's out there today. Make sure you check out all your options.
.
