This calculator estimates benefits you might receive from the federally-insured “Home Equity Conversion Mortgage” (HECM) reverse mortgage program. In order to obtain one of these loans, you and your co-borrower (if any) must be at least 62 years old.
This calculator is provided for illustrative purposes only and is not a quote. Actual closing costs and FHA insurance will be reflected in your full individual quote and proposal. Calculation based on a 1-Year CMT, Monthly adjusting ARM program with an initial interest rate of InitialRate% as of . Maximum APR (Annual Percentage Rate)“InitialRate” + 5%. Estimated fees, including up-front FHA mortgage insurance premium range from $11,000 to $16,447 depending on the value of the home (included in mortgage). Closing costs vary from state to state and can affect benefit amount. Please check with your HECM Loan Officer for actual figures. Fixed rate options also available. Mutual of Omaha Mortgage Inc., NMLS ID 1025894. These materials are not from, or approved by, HUD, FHA or any Government Agency. Subject to credit approval. www.nmlsconsumeraccess.orgv
Depending on the program you choose, you determine how you receive your money. Your personal plan may include: