Reverse Mortgage CalculatorDue to recent lowering of closing costs and elimination of monthly service fees for fixed rate reverse mortgages our calulator currently understates the amount of money available from a fixed rate HECM loan and we have temporarily removed our calculator from our website. If you use our "Contact Us" page or give us a call we will be happy to calculate the amount of money actually available.
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Mr. & Mrs. Kerns of Whitehall, Pennsylvania How it works: Home value: $118,000, Qualified for line of credit or lump sum of $70,655 or monthly income for life of $454. They combined a reduced line of credit or lump sum of $30,000 with reduced monthly income of $254. Mrs. Kerns: “We’re thrilled. We tell everyone about it. It’s completely changed our lives.”The homeowner retains title to the property and can choose to sell the home at anytime. |