The Reverse Mortgage calculator is a great tool to estimate a potential loan amount, but it’s extremely important to understand all the variables and risks with a reverse mortgage loan which requires a conversation.
- Lump sum advance
- The initial value on the reverse mortgage.
- Years
- Number of years after which you have planned to draw.
- Monthly loan advance
- Amount of money you are planning to receive monthly.
- Interest rate
- Yearly rate of interest on the loan.