We evaluate if you are eligible for a reverse mortgage loan using three variables:
Home Owner's Age: To qualify for a reverse mortgage, you must be over age 62 on the loan’s closing date. The older you are, the more funds are available to you.
Home Value: This is the amount that your home is worth. If you’re not sure, type in your best estimate.
Mortgage Balance: This is the amount that you have left to repay in mortgages and liens on your home. The less money you owe, the more of your home’s equity is available for you to access.
We look at property information to give you an estimated amount of what you may be eligible to receive.
The amount that is available generally depends on four factors: your age, the current interest rate, the appraised value of the home, and government-imposed lending limits.