![]() ![]() Mortgages or Liens: This amount will be used to payoff any exciting home loans or secured liens on the property. We calculate your NET amount after all financed insurance and lender fees. Visit HECM-Saver Rates for more information.Īvailable Loan: This is the principle limit available to you based on your age, HUD lending limit, and current rates. Program Choices: You may choose either Fixed Rate or Adjustable Rate options. HECM Saver Calculator - Results Explained: ![]() There is absolutely no-obligation to receive your personal analysis and will be sent to you by email same business day. Estimate of all financed insurances / loan fees.The services referred to herein are not available to persons located outside the states of CO, AZ, FL, HI, ID, MI, OK, TN, TX and WA. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. Rate subject to change with market conditions. Specified rates may not be available for all borrowers. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. All loan approvals are conditional and all conditions must be met by borrower. Loan approval is not guaranteed and is subject to lender review of information. C2 Financial Corporation is licensed by the Colorado Division of Real Estate Arizona Department of Financial Institutions, Broker # 919209 Florida Office of Financial Regulations, OFR# MBR3519 Hawaii Department of Financial Institutions, DFI# HI-135622 Idaho Department of Finance, Broker license # MBL-9475 Michigan Department of Insurance and Financial Services, DIFS# FL0023565, SR0023566 Oklahoma Department of Consumer Credit, ODCC# MB014489 Tennessee Department of Financial Institutions, DFI# 135622 Texas Department of Savings and Mortgage Lending, NMLS# 135622 Washington MB135622, DFI# CL-135622 NMLS# 135622. This licensee is performing acts for which a mortgage broker license is required. To find out if this program might be a good fit for your situation, give me a call. These are hypothetical examples and is not tax, legal, or financial advice. With each of these reverse mortgage calculation examples, the borrower remains an owner on title, the responsibility for repayment shifts from the borrower to the home, as FHA reverse mortgages are non-recourse loans. When they draw on the money it is not taxed. Most people earn 0% on their home equity. They would unlock access to their home equity of $270,286, of which they could receive $138,273 in a lump sum or monthly installments of $1244 or a line of credit of $270,286 that earns compound interest between 3-5% each year despite any real estate market downturns. Their home is worth $500,000 and they own it free and clear. Our final example is Fred and Ethel, he is 72 and she is 70. Reverse Mortgage Calculator to Access Equity ![]() This amount includes the down payment and closing costs. They only need to put down $160,000 at 3% interest and they will not have a mandatory, monthly mortgage payment. They want to buy a patio home priced at $350,000. George finds it difficult to go up and down the stairs and Judy is excited about maintenance-free living. Joe is tired of mowing the yard and snow removal and Judy doesn’t want to clean her big house any longer. Next, George & Judy are both 75 and want to ‘rightsize’ their home. They have enough equity to eliminate their mandatory, monthly mortgage payment and the closing costs are rolled into the loan. The value of the home is $400,000 and they owe $150,000. Eliminate Mandatory Mortgage Paymentįirst off, let’s say Fred is 64 and Wilma is 62, we will use Wilma’s age of 62. the value of the home less what is owed, and.For most reverse mortgages, they are regulated by the Federal Housing Administration (FHA). A senior homeowner’s biggest question is how much money can they get with a reverse mortgage? First, let’s talk about how this amount is determined. ![]()
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