A reverse mortgage calculator helps you to find out how much money you can receive from the existing equity in your home. It’s important to understand a few basic facts about reverse mortgage offers. First, reverse mortgages are sponsored by FHA, which is Federally backed.
1) Only individuals who are at least 62 years of age are eligible to qualify for a reverse mortgage loan.
2) Individuals who apply for a reverse mortgage must be the principal residents of the home they seek to put the mortgage on. In most cases, that home must be a regular residential dwelling. It can not be an apartment complex or duplex.
3) If there is more than one homeowner; both individuals are required to apply and sign the reverse mortgage agreement.

You are still a homeowner when you take out the reverse mortgage. This means that you will still be responsible for expenses such as property taxes and homeowner’s insurance as well as necessary repairs that must be made to the home.

See how a reverse mortgage calculator shows you the numbers showing you a clearer picture of this new mortgage product being offered by many lenders today.