Here at Reverse Loan Solutions, we understand that convenience and timeliness are important to our clients. People want information that is accurate and clear, as well as easy to access. This is why we provide this reverse mortgage calculator on our site. It allows visitors to more quickly get an idea of how much they may be able to receive from a reverse mortgage, the kind of interest rate that might apply to them, and other information. We hope that you will find this reverse mortgage calculator helpful.
If you have questions about this reverse mortgage calculator, about the different factors involved in calculating your reverse mortgage benefit, or other related topics, please get in touch today! We can be reached at 800-791-5626 or through our online contact form to provide assistance to seniors in Los Angeles, Ventura, Santa Barbara, and throughout California. Our reverse mortgage loan experts would be happy to answer your questions, as well as provide customized California reverse mortgage loan solutions for your particular needs.
How Much Can I Get?
Factors Considered by the Reverse Mortgage Calculator
As with any formula or computation, the final numbers provided by the reverse mortgage calculator will depend on the inputs.
- Age is a factor. Keep in mind that one of the requirements of a reverse mortgage is that the borrower should be at least 62 years old. Additionally, the older you are when you take out a reverse mortgage, the more you will generally qualify for.
- The value of your primary residence is also a factor. Since a reverse mortgage converts home equity into cash, the amount of available equity is an important consideration. This means that an appraiser will look over the property to determine its fair market value. This also means that any existing mortgage amount applicable to that property will be considered.
- Another reverse mortgage calculator factor is the current reverse mortgage interest rate. This changes over time, so expect the rates of specific reverse mortgage products to be affected by it.
- Finally, an appraisal of the borrower’s financial capabilities will also be a factor. This is important because, while borrowers do not need to make monthly mortgage payments, they are still obligated to take care of regular insurance charges, relevant taxes, and maintenance costs for the home.
Other Reverse Mortgage Calculator Requirements
The reverse mortgage calculator will provide more concrete numbers based on the information that you provide. That said, it is also important to make sure that all the requirements for a reverse mortgage are met. Otherwise, the figures provided may be invalid. Here are the requirements to consider:
- As a borrower, you need to be at least 62 years old, though a non-borrowing spouse can be younger.
- In addition, you need to own the property which will be the subject of the reverse mortgage. This equity in the home is needed to qualify.
- Finally, you need to live in the property as your primary residence a minimum of 183 days per calendar year. So, for example, if you plan to take out a reverse mortgage on a property that is located in Los Angeles county, Ventura county, or Santa Barbara county, the application cannot proceed if you actually live outside of California, even if you do own property within the state. Again, the property must be your primary residence.
Learn More About Our Reverse Mortgage Calculator
If you would like to learn more about our reverse mortgage calculator, or if you have other inquiries regarding reverse mortgage loan products in California, please call us at 800-791-5626. You can also send us an email via our online contact form. Our staff has many years’ experience in the mortgage industry, and they would be happy to answer your questions and provide a detailed quote for how much you can qualify for with a reverse mortgage loan.