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You can calculate the approximate loan amount by using a reverse mortgage calculator. The HUD website has one. It is difficult without the calculator. You can arrive at an approximate principle limit (max loan) from which you deduct the closing co.
Reverse Mortgage Calculator. Do you want to estimate what your remaining equity balance will be a few years out from today? Use this free calculator to help determine your future loan balance. This tool is designed to show you how compounding interest can make the outstanding balance of a reverse mortgage rapidly grow over a period of time.
Because the line of credit allows borrowers to use the reverse mortgage as a retirement tool, it can serve as a valuable addition to your retirement plan. Which One is Right for You? Which type of HECM is best suited for your particular situation?
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What makes jumbo reverse mortgages different. Larger funding limit: While traditional reverse mortgages limit borrowers to loans up to $679,650, jumbo reverse mortgages allow borrowers to borrow up to $6 million. The exact amount you can borrow depends on the value of your house, your age, and how much you currently owe on the home.
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