aarp reverse mortgage calculator estimates

#AARP REVERSE MORTGAGE CALCULATOR ESTIMATES PROFESSIONAL#
#AARP REVERSE MORTGAGE CALCULATOR ESTIMATES FREE#

It’s called Just the FAQs: Answers to Common Questions About Reverse Mortgages. If this is something you would be interested in, I suggest you get a booklet created by the Reverse Mortgage Lenders Association.

#AARP REVERSE MORTGAGE CALCULATOR ESTIMATES FREE#

For more information go to AARP’s very useful Web page on this topic at or call 80 to order a free copy of “Home Made Money: A Consumer’s Guide to Reverse Mortgages.” To get an estimate of how much you might get in a reverse mortgage, check out AARP’s “Reverse Mortgage Calculator” at AARP is an extremely useful and unbiased source of information on reverse mortgages. And there are lifestyle borrowers, who are doing OK on their retirement income but want to add some discretionary income.” There are security borrowers, who are getting by but want to add a reserve to pay for such things as emergency repairs. There are need-based borrowers, who need the money to supplement what they are getting. “There are basically three types of people who get these loans. “I know one couple who at 76 and 75 used proceeds from their reverse mortgage and bought a new Harley-Davidson motorcycle with a side car,” said Peter Bell, president of the Reverse Mortgage Lenders Association.

They give homeowners a lot of flexibility and, increasingly, aren’t just being used by cash-strapped seniors. If you live in a higher-valued home but would like to cash out more than the FHA or Fannie Mae limits allow, consider a Cash Account loan. And because the money received is in the form of a loan, it’s not considered taxable income, which means it won’t affect your Social Security or Medicare benefits.įannie Mae’s national loan limit for single-family mortgages, including Home Keeper loans, will jump to $417,000 from the current limit of $359,650. In addition, the repayment amount can never exceed the value of the home.īorrowers can take the loan as a line of credit, a lump-sum payment, fixed monthly payments or a combination of these. When the loan is repaid, any remaining equity is distributed to the borrower if he or she is alive or to the late borrower’s estate. The best feature: the loan doesn’t have to be repaid until the homeowner moves, sells or dies. This type of loan allows seniors to pull out the equity in their home in the form of a loan without selling or giving up title. Or maybe you have some savings but don’t want to touch that pot of money. But if you’re 62 or older and find that you are cash-poor and house-rich - meaning you have a lot of equity in your home, but little or no savings, this is a product that’s worth looking into. Mutual of Omaha Mortgage does not guarantee any of the information obtained by this calculator.As of the first of the year, older homeowners can tap into a larger portion of the equity in their homes with a reverse mortgage because of new, higher federal loan limits, according to the National Reverse Mortgage Lenders Association.Īlthough growing in popularity, reverse mortgages are still an unknown financial product for a lot of elderly homeowners. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. This calculator does not have the ability to pre-qualify you for any loan program.

#AARP REVERSE MORTGAGE CALCULATOR ESTIMATES PROFESSIONAL#

Be sure to consult a licensed reverse mortgage professional prior to relying on the results. The default figures shown are hypothetical and may not be applicable to your individual situation. The information provided by this calculator is for illustrative purposes only and accuracy is not guaranteed. This calculator will then present you with an estimate when it comes to what you may qualify for. Simply provide an estimate of your homes current value, what you owe on the home of your remaining mortgages (1st and 2nd if applicable) as well as the age of the youngest borrower on title. This calculator was designed with ease of use in mind.

Aarp reverse mortgage calculator estimates