The Mortgage Professor
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User Experiences

Kosher Reverse Mortgage Calculator

Step 1: Enter Information About You and Your House
Borrow Against My Current House or Purchase a House:
Your Birthdate:    (ex: 3/15/1940)
Your Spouse's Birthdate:    (ex: 3/1/1940)
Property Value:    (ex: 300000) Help
Property Zip Code:    (ex: 90210) Help
Existing Reverse Balance (Must Be Repaid From Reverse Mortgage Proceeds): Help
Upfront Mortgage Insurance Paid on Existing Reverse Mortgage:   (ex: 8000) Help
Expected Years in House: Help
Primary Financing Needs: (Payoff Existing Mortgage and Select One) Help
Draw as much cash as possible, at closing or after 12 months.
Draw the largest possible initial or future credit line, with or without a cash draw.
Draw the maximum possible monthly payment for as long as you live in the house.
Draw a smaller monthly payment for as long as you live in the house, or for a shorter period, plus a credit line.
Do you want to see the Professor's recommended reverse mortgage for you?    
Attitude Toward the Equity in Your Home:
It is very important to me to minimize the amount of reverse mortgage debt on my home so that my heirs will receive as much house equity as possible.
I don’t care how much house equity there will be in my estate.
I value being able to transmit equity in my home to my estate, but my current needs take priority.
Do you want to include a price quote from an outside source?    
Type of Quote
Interest Rate:
Maximum Interest Rate:
Origination Fee:
Name of Loan Provider:
Why are we asking for the name of the loan provider?
First Last
Name
Phone Number
Email Address
Re-enter Your Email Address:

Why are we asking for contact information? Help


Property Value: Be conservative in making your best guess. The value used in the reverse mortgage contract will be based on a professional appraisal.
Property Zip Code: This is used to find the set of reverse mortgage 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 reverse mortgage 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 reverse mortgage. This will use some, and in some cases it might even use all of your reverse mortgage borrowing power. However, unlike your existing mortgages, the reverse mortgage will have no required payment.
Existing Reverse Mortgage Balance: The balance reported on your last monthly reverse mortgage statement.
Mortgage Insurance on Existing Reverse Mortgage: The amount of paid for mortgage insurance on the reverse mortgage your for your current reverse mortgage.
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 reverse mortgage 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.
Upfront Mortgage Insurance Paid on Existing Reverse Mortgage: The amount of upfront mortgage insurance paid on your current reverse mortgage can be found on page 2 of the HUD Settlement Statement or on the Closing Statement.

Options for Primary Financing Needs

Draw as Much Cash as Possible, at Closing or After 12 Months

Your major objective is to convert an existing loan balance that carries a mandatory monthly payment into a reverse mortgage balance that has no required payment.

Your major objective is to raise as much cash as possible, for investment or any other purpose.


Draw the Largest Possible Initial or Future Credit Line, With or Without a Cash Draw

Your major objective is to hedge the risk that your retirement funds will become depleted because you live too long.

Your major objective is to have a fund source for unknown contingencies and special occasions.

Your major objective is to stabilize income from variable sources by drawing funds when other fund sources are down, repaying when other sources recover.


Draw the Maximum Possible Monthly Payment For as Long as You Live in the House.

Your major objective is to supplement a deficiency in your retirement income.


Draw a Smaller Monthly Payment For as Long as You Live in the House, or for a Shorter Period, Plus a Credit Line.

Your major objective is to supplement your income for a limited period until some other income source kicks in.

Your major objective is to supplement your income, and also have a fund source for unknown contingencies and special occasions.

Privacy Policy: Your phone number and email address will only be used to answer your question(s). You will not receive calls or emails from other parties and your personal information will not be sold or given to any other parties.