![]() If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. You can get a free online reverse mortgage calculator for your website and you don't even have to download the reverse mortgage calculator - you can just copy and paste! The reverse mortgage calculator exactly as you see it above is 100% free for you to use. Add a Free Reverse Mortgage Calculator Widget to Your Site! Let's be honest - sometimes the best reverse mortgage calculator is the one that is easy to use and doesn't require us to even know what the reverse mortgage formula is in the first place! But if you want to know the exact formula for calculating reverse mortgage then please check out the "Formula" box above. Don’t forget you can embed our Reverse Mortgage Calculator Widget on your personal site! How to Calculate Reverse Mortgage Do you want to estimate what your remaining equity balance will be a few years out from today Use this free calculator to help. With Caser Reverse Mortgage You will receive a payment with regular monthly provisions and the possibility of a single payment at the time of constitution. Try it out now! Be sure to check out some of our other calculators as well like the Maximum Mortgage, Home Equity Loan, and the HAMP Calculator to name just a few. Simply enter in the lump sum reverse mortgage advance payment received, the number of years to receive reverse mortgage payments, the reverse mortgage interest rate, the reverse mortgage monthly payment received (not including the initial reverse mortgage advance payment received), and see your reverse mortgage calculation with our free calculator.Ĭalculating how a reverse mortgage works is easy with the free online reverse mortgage calculator. You can find a list of our lender members by clicking here.The Reverse Mortgage Calculator will calculate exactly how much your mortgage balance will be after utilizing a reverse mortgage. The National Reverse Mortgage Lenders Association (NRMLA) is not a licensed lender or broker and does not make or offer loans. 12,748 Total payment Lifetime Payment Breakdown Principal Payment: 10,000 Interest Payment: 2,748 Total Lifetime Payment: 12,748 Monthly Payment: 212 Number of Payments: 60 Best 5-Year Fixed Mortgage Rates in Canada Butler Mortgage 4.28 Get This Rate nesto 4.29 Get This Rate Pine 4. Upon choosing a lender and applying for a HECM, the consumer will receive from the loan originator additional required cost of credit disclosures providing further explanations of the costs and terms of the reverse mortgages offered by that originator and/or chosen by the consumer. You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs. ![]() The lender will add a “margin” to the index to determine the rate of interest actually being charged. The “index” (our calculator uses the Monthly Adjusted LIBOR, which is a common index used in the market) will adjust regularly, as market interest rates move up or down. Interest rates on variable rate HECM loans are comprised of two components, an index and a margin. But a conventional loan most certainly would. No Monthly Payments A reverse mortgage does not require you to make monthly payments toward the loan. Lenders might also offer different options on interest rates and fees. But there are two MAJOR trade-offs between a conventional loan vs. ![]() Note these closing costs can and do vary by geographic area or region. The rates and fees shown are not the actual rates you might be offered by any particular lender, but generally represent rates that may be available in the market today, with the maximum origination fee allowable under HUD rules reflected for illustrative purposes only, along with an estimated FHA Mortgage Insurance Premium for a loan based upon the home value provided, and estimated recording fees and taxes, and other types of closing costs typically associated with a reverse mortgage loan. It is intended to give users a general idea of approximate costs, fees and available loan proceeds under the FHA Home Equity Conversion Mortgage (HECM) program. Please note: This calculator is provided for illustrative purposes only.
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