Reverse Mortgage Examples

There are many different ways to receive funds from a Reverse Mortgage depending on the needs and goals of the homeowner. Below are two common examples. The numbers computed in each example may vary due to changes in interest rates and the age of the Homeowner. As you utilize the funds from a reverse mortgage your home value will Continue to change. The numbers for projected home value are based on a 4% annual increase.

Example #1

John and Mary Jones age 72 & 75

In this example the homeowners have decided to receive monthly payments.

Home Value: $397,000
Available Net Funds: $184,531
Monthly Payments for Life: $1,165.12
Projected Home Value in 10 years: $740,122
Equity retained in home:$535,656

Example #2

John and Mary Smith age 72 & 75

In this example the homeowners have decided to receive a $50,000 credit line and monthly payments.

Home Value: $500,000
Available Net Funds: $184,531
Credit Line: $50,000
Monthly Payments for life: $849.42
Projected Home Value in 10 years: $740,122
Equity Retained:$583,646

There are many other ways to set up a reverse mortgage:

Receive a Set Amunt of Monthly Income for a Specified time
Take Cash Upfront, a Credit Line & monthly payments
Take everything in a Credit Line and use it when you want

Click here to apply now.

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