how much money can i get from a reverse mortgage

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With a single-purpose reverse mortgage, the lender restricts how you can use the money from a reverse mortgage. For example, a single-purpose reverse mortgage may only be used to pay off property taxes or to make home repairs. These reverse mortgages are typically the least expensive option, but they are limited in availability.

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Find out how much you can afford to borrow with NerdWallet’s mortgage calculator. Just enter your income, debts and some other information to get NerdWallet’s recommendation for how big a mortgage.

Eligibility For a Reverse Mortgage. To be eligible for a HECM reverse mortgage, the Federal Housing Administration (FHA) requires that the youngest borrower on title is at least age 62. If the home is not owned free and clear, then any existing mortgage must be paid off using the proceeds from the reverse mortgage loan at the closing.

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The approximate value of your home can be found on your last tax bill and the amount that you owe on your current mortgage is listed on your last monthly mortgage statement. step. decide how you want your reverse mortgage to work. Do you want to receive monthly payments from the loan? Do you want to use the loan as a line of credit?

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For example, if the FHA loan limit for reverse mortgages in your area is $100,000 but your house appraises at $80,000 in equity, your reverse mortgage cannot be higher than $80,000. Age Your age also determines how much you can obtain from a reverse mortgage.

Calculate How Much Money You Can Get The amount of proceeds you receive is based on the appraised current value of your home, your age and current interest rates. Try our Reverse Mortgage Calculator now