A Reverse Loan can be a great way for seniors to increase their financial security in retirement. You can use this Reverse Mortgage Calculator to estimate your possible cash benefit.
* This Loan Calculator is only an estimate of how much cash you may be able to receive based on the information you provided. The actual interest rates, margins, and products available will vary with market changes. The estimates you see here may be different than those you actually receive from Reverse Mortgage Lenders.
Benefits of a Reverse Mortgage
The main benefit of a HECM Reverse Mortgage is that you can eliminate your mortgage loan payments and/or access your home equity while you still own and live in your home. Given the right set of circumstances, a Reverse Mortgage can be an ideal option for seniors to improve their finances and live a better retirement. Key advantages and benefits of Reverse Mortgage Rate Programs include:
Supplement Your Income Tax Free: The funds available through a Reverse Mortgage are tax free
No Monthly payments: As long as you reside in your home, you do not have to make payments on the loan
Stay in Your Home and Retain Ownership: A reverse Mortgage enables you to live in your home for as long as you want with absolutely no monthly mortgage payment. You can live in a familiar home without selling and moving elsewhere providing you with security and dignity.
Federally Regulated and Insured: The Home Equity Conversion Mortgages (HECM) is the most widely available Reverse Mortgage. It is managed by the Department of Housing and Urban Affairs and is federally insured. This is important since you’re protected even if your Reverse Mortgage lender defaults, you’ll still receive your payments.
No Restrictions: The money can be used for any purpose.
Some common uses:
- Pay off existing mortgage (required)
- Pay off property taxes and home owners insurance
- Increase monthly cash flow
- Home Improvements
- Medical Expenses
- Long-Term Care
- Debt Consolidation
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