How Much Money Can I Get From a Reverse Mortgage?

Reverse mortgages can help many seniors and retirees look forward to better financial future. With that said, one of the biggest questions asked about getting a reverse mortgage is, “How much money can I get from a reverse mortgage?” When it comes to finances and money, this is probably one of the most important questions you can ask about your reverse mortgage.

Image courtesy of [phanlop88] / FreeDigitalPhotos.net

Here is the list of factors that lenders use to determine how much money you can receive from a reverse mortgage.

Age

To be able to qualify for a reverse mortgage, the borrowers on the loan must be at least 62 years of age. The older you are, the more money that you are able to get. If there are two borrowers on the loan, the age of the youngest borrower will be calculated into how much money you can get from a reverse mortgage.

For example, if there is a couple and one is 62 and the other is 75, the 62 year old partner’s age will be considered for the calculations of the reverse mortgage loan.

Calculated Market Value on Home

Another factor that affects how much you can get from a reverse mortgage is the calculated market value of your home. One of the steps on your reverse mortgage process is to have an appraisal done on your home. The appraisal on your home is used to determine how much you qualify for your home.

Maximum Amount You Can Receive From a Reverse Mortgage

To see what you actually qualify for, you can visit this reverse mortgage calculator for an estimated amount or speak with a Senior Advisor at 1-808-8486.

Read Related Articles:

“How’s” of a Reverse Mortgage

Should I Get a Reverse Mortgage Loan? 

Image courtesy of [phanlop88] / FreeDigitalPhotos.net