A reverse mortgage calculator will show you how much cash you can get if you take out a reverse mortgage. The amount varies based on age, location (each county has a different 203-B limit), and house value/current payoff.
Cash available after paying off liens is the important number, as you will have to pay off your current mortgage or mortgages from the proceeds of the reverse mortgage.
In addition, if one spouse is under 62, you will note the calculator produces no results. This is because individuals under the age of 62 cannot get a reverse mortgage. Even if it is only one borrower.
The amount you can get is based on the younger spouse’s age.
Rates and programs are subject to change. A Reverse Mortgage can be a complicated product so we highly recommend that you speak to a Reverse Mortgage Lender to discuss these results and current rates and programs.
Enter your information in the quote form below to be contacted by a lender about your results.
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