aarp reverse mortgage calculator estimates

This is a great way to begin as it gives you a general sense of how a reverse mortgage may help achieve your financial goals prior to talking with a lender about specifics of the loan programs available. Many prospective borrowers will begin their reverse mortgage research by using an online calculator.

When should you use a reverse mortgage calculator? Individual circumstances of your loan may affect the amounts that a calculator will display for you, and when you choose to move ahead with a reverse mortgage your loan originator will help guide you through those individual circumstances as the loan progresses through to closing. When finding a reverse mortgage calculator to use, be sure the calculator meets your needs and remember, the numbers are for comparison only.

There is also the lender-specific offering by my company, the All Reverse Loan Optimizer (ARLO), which gives real-time numbers for accurate rates and fees throughout the nation.

If you want to try and find a non-lender-specific calculator, you can also use the one found at, which is administered by the National Reverse Mortgage Lenders Association (NRMLA). If you already have a lender picked out, for instance, you may be able to use a calculator on the lender’s own website. It is easy to find a reverse mortgage calculator through a simple internet search, but different calculators can offer you different levels of information and details. What you can expect to find searching for a calculator? The calculator will then supply the numbers for your reverse mortgage based on your input, how much money you can get and what your different payment options could look like from a lump sum, line of credit, monthly disbursement or some combination of these.This will only help if you already know this information. Some calculators ask for additional info, such as the annual mortgage insurance rate, the age of a non-borrowing spouse, the expected interest rate and estimated closing costs.Reverse mortgage calculators work by gathering information about you and your property: Your age, your spouse’s age, whether or not you have a non-borrowing spouse, the estimated value of your home and the current outstanding forward mortgage balance.This important protection means that a reverse mortgage heir never has to repay more on the loan than the home is worth at the time of the home sale.A reverse mortgage calculator can be a very helpful tool for a potential reverse mortgage borrower, offering more information about what a reverse loan could look like, but remember that it’s not an entirely concrete indicator of how your loan will be structured if you proceed given the fact that your credit, value and possible future rate changes could affect these numbers. Those non-borrowing spouses who are not on the home title at the time of the loan closing are not entitled to inherit the home once the borrowing spouse has passed away or moved from the home under policy set by the FHA.Īnother recent example involved AARP’s urging the Federal Housing Administration to clarify the reverse mortgage “non-recourse” policy.Īt AARP’s urging, FHA clarified that any non-borrowing spouse is allowed to purchase the home for fair market value in the case where a borrowing spouse passes away or leaves the home. Most recently, this has taken place in the form of defense for non-borrowing spouses involved in reverse mortgage transactions. In the few cases where reverse mortgage borrowers have not been satisfied with their borrowing experience, AARP has come to the defense of those borrowers.

Those products include reverse mortgages. AARP works to protect reverse mortgage borrowersĪs the largest senior advocacy group out there, AARP works to ensure that the financial products available to seniors are safe and are in the best interest of those who use them.

Aarp reverse mortgage calculator estimates