Free Reverse Mortgage Calculator.
How to use the Free Reverse Mortgage Calculator. Please understand that the use of this calculator is just to estimate the amount of money available to 
you. There are small changes that can change the amount you will get. So just use this as a rough estimate and contact us for more precise data.
This reverse loan calculator does not show all available programs and fee structures. There are specials that occasionally come available that will change the amount of money you have available (in your favor) that are not reflected in this calculator.
This reverse mortgage calculator provides approximate home equity availability based on your age, value of the home and the current interest rate.
Using the Calculator for a Purchase
1. Fill in your date of birth and spouse's if applicable.
2. Use the purchase price of the home you want to buy for the "Estimated value of your home".
3. Put the zip code in for the property in question.
4. Use $0.00 (zero), or leave it blank,
for the "Mortgages and liens" field.
5. "Click Calculate".
6. In my opinion, the fixed rate makes the most sense, so use the column titled "HECM fixed".
7. Use the "Up front lump sum" row, and go to the proper column.
8. The number in this box is how much you can borrow.
9. The result you got in step 8 subtracted from the purchase price is how much you need to have for a down payment.
It also includes the closing costs.
There are considerations here that don't show on the calculator. One is you can negotiate for the seller to pay some (or all) of your closing costs. Two is this calculator is just an estimate an should be used as such. It is just there to give you an estimate of what you need.
If you would prefer to talk to someone about what it takes, feel free to contact us and we will do this for you.
Different Programs
You will notice a few different programs on the chart above. The fixed interest rate is currently offering the most amount of cash, but you will need to draw all the available equity. To have a line of credit or monthly income, the adjustable rate is the only option. See more on reverse mortgage programs and the 4 ways to access your home equity.
There are reverse loans available that do not require the servicing fee. This can save you up to 35 dollars a month and allow you as much as $6000 more in available cash.
If you would like an accurate, personalized quote, feel free to contact us using the toll free number (877) 339-6633. We can give you a written quote of what you have available to you. Alternatively, you can reach us by email and we will respond quickly
More Information
Do not forget that there is reverse mortgage information available in 3 lessons. These lessons will help you understand the reverse mortgage and how it works by familiarizing you with terms and concepts. After these lessons, you should be more comfortable and be much more educated. If there are any questions feel free to contact a loan officer.
For more articles, see previously written reverse mortgage articles and blogs here on this site.