Reverse Mortgage Calculator
Step 1: Enter Information About You and Your House
Why are we asking for contact information?
Property Value: Be conservative in making your best guess. The value used in the HECM contract will be based on a professional appraisal.
Property Zip Code: This is used to find the set of HECM loan providers who can deal with you. Many of them operate in only one or a few states.
Existing Mortgage Balance and Liens: Report the balance from your most recent financial statement. A HECM requires that you accept a new first mortgage on your home, which means that any existing mortgage or mortgages must be paid off with proceeds from the HECM. This will use some, and in some cases it might even use all of your HECM borrowing power. However, unlike your existing mortgages, the HECM will have no required payment.
Savings Rate: This is the interest rate on the assets you liquate or on the loan you take out to purchase the house.
Years in House: This period is used to find the best combination of interest rate and settlement costs. The combination is selected that minimizes your HECM loan balance over this period.
Why do we ask for your contact information and what do we do with it?
As an inducement to lenders to provide us with their pricing, AND to price competitively, we agreed to provide the contact information of anyone who uses our calculator and selects a lender at the end of the process. The information goes only to the one lender selected, and to the professor, who will use it only in connection with his ombudsman responsibility in the unlikely event that any issues arise between the potential borrower and the lender. If after going through the process you are uncertain what you want to do and decide to seek counselling help, no lender will receive your contact information.
Why are we asking for the name of the loan provider?
We want to develop a data base showing how different loan providers price their reverse mortgages. Such data could be enormously useful to consumers shopping for a reverse mortgage. But if you prefer not to disclose for any reason, you can leave the question blank.
There are two ways you can receive help from The Mortgage Professor or one of his counselors. You can request someone to call you or you can send a question and someone will email you the answer.
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