Is a Reverse Mortgage Right for Me?
For many seniors whose home is their largest asset, the benefit of taking out a reverse mortgage, could provide homeowners with a sort of cash advance payment on the equity in their home. There are many households entering retirement that may not have sufficient resources to maintain a standard of living and pay unexpected costs, but before you rush to take out a reverse mortgage, it’s important to understand the potential upsides and downsides of the program.
Advantages of using a reverse mortgage
Disadvantages of using a reverse mortgage
Working with the Calculator
With our free reverse mortgage loan calculator, no personal contact information is collected. Just respond to the questions above to get an estimate of the total proceeds you may receive from a reverse mortgage.
How do Reverse Mortgage Loan Calculators Work?
Our reverse mortgage loan calculator works by determining your eligibility and the amount you may qualify for based on several factors such as your home value, any existing mortgage balance, and your age.
Additional Calculator details
Disclaimer: Tools and advice provided on this page are for borrower convenience, the results of calculations using this calculator are loan estimates, and terms produced by the calculator may not be presently available credit terms. Interest rates (fixed rate and adjustable rate, LIBOR index) and amortization, mortgage insurance premiums (MIP), origination fees, lender margins, payment options and closing costs may vary. In order to be eligible to apply for a reverse mortgage, one of the requirements to fulfill is to attend a counseling session with a counseling agency that is approved by the U.S. Department of Housing and Urban Development (HUD). Borrowers must continue to pay taxes, insurance, and home maintenance, as well as comply with loan terms. Pacific First Financial Real Estate Loans, Inc. is Licensed by the California Department of Real Estate - Real Estate Broker - CA DRE Corporation ID: 01131611, NMLS Company ID: 328527, and is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 328527
CalDRE Company Lic: 01131611
Pacific First Financial Real Estate Loans, Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.
23670 Hawthorne Boulevard Suite 210
Torrance, California 90505
Phone: (310) 214-9299