How Much Money Can You Qualify For On A Reverse Mortgage?
Use Our Calculator to Find Out!
Learn how to qualify for this amount by filling out our free consultation form and connecting with a trained loan officer today.
Age: Enter your age, or the age of the youngest borrower on the sliding scale. One person on title to the home must be at least 62 years of age to qualify for a reverse mortgage. With this type of loan, the older you are, the more money you will be able to access.
Home Value: Enter your home’s value on the sliding scale. You don’t need to know the exact amount, an estimated value will provide you with an idea of how much you may qualify for. Once you start on the reverse loan process, an appraisal will be done on your home.
Lien Amount: Enter the amount you still owe on your current mortgage. As with the previous figure, this can be an estimated value.
Once you enter your answers into the reverse mortgage calculator, you will be given a snapshot of how much cash you qualify for. To continue, click the “Get Qualified Today” button to fill out our more comprehensive form. The form is a no-obligation tool that your loan officer will use to better estimate how much you qualify for. Once complete, one of our experienced loan officers will contact you and provide you with more information regarding the loan process. You can review the basic steps of obtaining a reverse mortgage on the Process page.
The amount of money you receive from a reverse mortgage loan can be used however you would like. With this type of loan you are simply borrowing from your home’s equity. One major advantage of a reverse mortgage is that you will no longer need to make monthly mortgage payments. Staying current on taxes and insurance are your only financial obligations.
As far as receiving the cash, you have a few disbursement options. First, you can choose to have the amount you qualify for given in a lump sum. Another option is to set up a line of credit, which gives you flexibility as far as when and how you spend. You can also elect to receive monthly payments. Lastly, you can choose to receive the amount you borrow in any combination of the three options listed above.