{"id":37,"date":"2022-11-26T16:56:44","date_gmt":"2022-11-26T16:56:44","guid":{"rendered":"https:\/\/www.calculatorra.com\/?page_id=37"},"modified":"2023-03-21T14:55:50","modified_gmt":"2023-03-21T14:55:50","slug":"reverse-mortgage-calculator","status":"publish","type":"page","link":"https:\/\/www.calculatorra.com\/reverse-mortgage-calculator\/","title":{"rendered":"Reverse Mortgage Calculator"},"content":{"rendered":"<h1><span class=\"ez-toc-section\" id=\"Reverse_Mortgage_Calculator\"><\/span>Reverse Mortgage Calculator<span class=\"ez-toc-section-end\"><\/span><\/h1><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.calculatorra.com\/reverse-mortgage-calculator\/#Reverse_Mortgage_Calculator\" title=\"Reverse Mortgage Calculator\">Reverse Mortgage Calculator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.calculatorra.com\/reverse-mortgage-calculator\/#Reverse_Mortgage_Calculator-2\" title=\"Reverse Mortgage Calculator\">Reverse Mortgage Calculator<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.calculatorra.com\/reverse-mortgage-calculator\/#How_Does_a_Reverse_Mortgage_Work\" title=\"How Does a Reverse Mortgage Work?\">How Does a Reverse Mortgage Work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.calculatorra.com\/reverse-mortgage-calculator\/#Benefits_of_a_Reverse_Mortgage\" title=\"Benefits of a Reverse Mortgage\">Benefits of a Reverse Mortgage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.calculatorra.com\/reverse-mortgage-calculator\/#How_to_Determine_Your_Eligibility\" title=\"How to Determine Your Eligibility\">How to Determine Your Eligibility<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p>Considering a reverse mortgage and borrowing money through a reverse mortgage lender?\u00a0 Our no-cost, free reverse mortgage calculator will help you find out the amount of money you may qualify for.<\/p>\n<h1><span class=\"ez-toc-section\" id=\"Reverse_Mortgage_Calculator-2\"><\/span>Reverse Mortgage Calculator<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<form><label for=\"term\">Loan Term (years):<\/label><br \/>\n<select id=\"term\" name=\"term\"><option value=\"3\">3<\/option><option value=\"5\">5<\/option><option value=\"10\">10<\/option><option value=\"20\">20<\/option><option value=\"30\">30<\/option><\/select><\/p>\n<p><label for=\"interest\">Interest Rate (%):<\/label><br \/>\n<input id=\"interest\" name=\"interest\" type=\"text\" value=\"6.7\" \/><\/p>\n<p><input type=\"submit\" value=\"Calculate\" \/><\/p>\n<\/form>\n<table id=\"amortizationTable\">\n<tbody>\n<tr>\n<th>Year<\/th>\n<th>Balance<\/th>\n<th>Payment<\/th>\n<th>Interest<\/th>\n<th>Principal<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><script>\nfunction calculate() {\n\t\/\/ Get the input values\n\tvar term = document.getElementById(\"term\").value;\n\tvar interest = document.getElementById(\"interest\").value;\n\tvar loanAmount = 500000;<\/p>\n<p>\t\/\/ Calculate the monthly interest rate\n\tvar monthlyInterestRate = (interest \/ 100) \/ 12;<\/p>\n<p>\t\/\/ Calculate the number of payments\n\tvar numberOfPayments = term * 12;<\/p>\n<p>\t\/\/ Calculate the monthly payment\n\tvar monthlyPayment = loanAmount * (monthlyInterestRate \/ (1 - Math.pow((1 + monthlyInterestRate), -numberOfPayments)));<\/p>\n<p>\t\/\/ Output the monthly payment\n\tdocument.getElementById(\"monthlyPayment\").innerHTML = \"$\" + monthlyPayment.toFixed(2);<\/p>\n<p>\t\/\/ Output the amortization table\n\tvar balance = loanAmount;\n\tfor (var year = 1; year <= term; year++) {\n\t\tvar newRow = document.createElement(\"tr\");\n\t\tnewRow.innerHTML = \"<\/p>\n<td>\" + year + \"<\/td>\n<td>$\" + balance.toFixed(2) + \"<\/td>\n<td>$\" + monthlyPayment.toFixed(2) + \"<\/td>\n<p>\";\n\t\tvar interestPayment = balance * monthlyInterestRate;\n\t\tnewRow.innerHTML += \"<\/p>\n<td>$\" + interestPayment.toFixed(2) + \"<\/td>\n<p>\";\n\t\tvar principalPayment = monthlyPayment - interestPayment;\n\t\tnewRow.innerHTML += \"<\/p>\n<td>$\" + principalPayment.toFixed(2) + \"<\/td>\n<p>\";\n\t\tbalance -= principalPayment;\n\t\tdocument.getElementById(\"amortizationTable\").appendChild(newRow);\n\t}\n}<\/script><\/p>\n<p>If you&#8217;re a homeowner aged 62 or older, you may be eligible for a reverse mortgage. A reverse mortgage is a financial product that allows you to borrow against the equity in your home without having to sell it. With a reverse mortgage, you can receive payments from your lender that are based on the value of your home and your age.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Does_a_Reverse_Mortgage_Work\"><\/span>How Does a Reverse Mortgage Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With a reverse mortgage, you can receive payments from your lender that are based on the equity in your home. The amount of money you can borrow is based on your age, the value of your home, and the current interest rate. You can choose to receive your payments in a lump sum, as monthly payments, or as a line of credit. You can also choose to receive a combination of these payment options.<\/p>\n<p>Unlike a traditional mortgage, you don&#8217;t have to make monthly payments on a reverse mortgage. Instead, the interest on the loan is added to the balance of the loan each month. You or your heirs will repay the loan when you sell the home, or when you pass away.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Benefits_of_a_Reverse_Mortgage\"><\/span>Benefits of a Reverse Mortgage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A reverse mortgage can provide several benefits, including:<\/p>\n<ul>\n<li>Access to cash: With a reverse mortgage, you can access the equity in your home without having to sell it.<\/li>\n<li>No monthly payments: You don&#8217;t have to make monthly payments on a reverse mortgage. Instead, the interest on the loan is added to the balance of the loan each month.<\/li>\n<li>Flexible payment options: You can choose to receive your payments in a lump sum, as monthly payments, or as a line of credit. You can also choose to receive a combination of these payment options.<\/li>\n<li>Continued homeownership: With a reverse mortgage, you can continue to live in your home while accessing the equity in it.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"How_to_Determine_Your_Eligibility\"><\/span>How to Determine Your Eligibility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>To be eligible for a reverse mortgage, you must:<\/strong><\/p>\n<ol>\n<li>Be 62 years of age or older<\/li>\n<li>Own your home outright or have a low mortgage balance that can be paid off with the proceeds from the reverse mortgage<\/li>\n<li>Live in the home as your primary residence<\/li>\n<li>Meet with a HUD-approved counselor to discuss the reverse mortgage<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>A reverse mortgage can be a valuable financial product for homeowners aged 62 or older who are looking to access the equity in their home without having to sell it. By understanding how a reverse mortgage works and the eligibility requirements, you can determine if this financial product is right for you. If you&#8217;re interested in a reverse mortgage, Calculatorra can help you determine your eligibility and provide you with more information about this financial product. Unlock the equity in your home with a reverse mortgage and secure your financial future today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reverse Mortgage Calculator Considering a reverse mortgage and borrowing money through a reverse mortgage lender?\u00a0 Our no-cost, free reverse mortgage calculator will help you find out the amount of money you may qualify for. Reverse Mortgage Calculator Loan Term (years): 35102030 Interest Rate (%): Year Balance Payment Interest Principal If you&#8217;re a homeowner aged 62 &#8230; <a title=\"Reverse Mortgage Calculator\" class=\"read-more\" href=\"https:\/\/www.calculatorra.com\/reverse-mortgage-calculator\/\" aria-label=\"More on Reverse Mortgage Calculator\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Unlock Your Home Equity with a Reverse Mortgage Calculator<\/title>\n<meta name=\"description\" content=\"A reverse mortgage can be a valuable financial product for homeowners aged 62 or older who are looking to access the equity in their home without having to sell it. 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