Colorado residents – please be aware that the estimated value of the subject property will
create a substantial difference in how much proceeds a homeowner can receive. It’s important to pull up all of the recent sales in your neighborhood to establish an accurate home value before proceeding with your loan. Please use this reverse mortgage calculator with caution.
UNDERSTANDING THE REVERSE MORTGAGE CALCULATOR
Home Value – You can plug in different value estimates to see how much loan proceeds can be received.
HECM ARM10 Adjustable – Adjustable rate HECM based on a lender margin plus 1 Month LIBOR rate. Future rate can only go up 10% above the initial/starting rate.
HECM cap5 Adjustable – Adjustable rate HECM based on a lender margin plus 1 Month LIBOR rate. Future rate can only go up 5% above the initial/starting rate.
HECM Fixed(HECM60fixws) – Fixed HECM products. Rate is fixed for the life of the loan.
Mortgages and/or liens – The reverse mortgage will eliminate any current mortgages and/or liens.
Cash – Amount of money left over after mortgages/liens have been paid. This money can be used to receive a lump sum, a monthly annuity or a line of credit with growth potential.
Reverse mortgage calculation provided by ReverseVision