Reverse Mortgage Calculator provided by Finance of America Reverse
How to Use the Reverse Mortgage Calculator
Date of Birth
An accurate Date of Birth is critical in determining your reverse mortgage benefits. Reverse mortgages are structured based on the youngest borrower's life expectancy. Because of this, we recommend you put the youngest borrower's date of birth here.
This is how much you think your home will appraise for. You can check popular sites like Zillow, Redfin, or Realtor.com to check your home value. The best practice is to take an average of all three. The appraised value has a direct effect on how much funds you have access to with a Reverse Mortgage.
This is how much you currently owe on your home. You want to include a current Reverse Mortgage or other Mortgage. You also need to include any Second Mortgages in this total. Remember that the payoff on any loans is often higher than the principal balance because accrued interest will be added to the total.
Property Zip Code
This is the Zip Code on the home you want to consider with a Reverse Mortgage.