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is based on your home s value your age and current interest rates let s start with your address so i can estimate your home value street address back great it looks like your home value estimate is about if you feel this estimate is not correct you can manually change it below if you have an existing mortgage balance i ll need to know the amount we are going to pay off to get rid of that mortgage payment please provide your estimated home value if you presently have an existing mortgage balance i ll need to know the amount we are going to pay off to get rid of that mortgage payment property value mortgage balance our calculations use estimated property values provided by estated com an independent hud approved appraiser must complete an appraisal to finalize your loan back the minimum qualifying age for a reverse mortgage is 55 don t forget to include your spouse s age even if they are not yet 55 as loan proceeds are always based on the age of the youngest spouse your birth month your birth day your birth year your age month january february march april may june july august september october november december day 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st year 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 do you have a spouse no yes spouse birth month spouse birth day spouse birth year spouse age month january february march april may june july august september october november december day 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st year 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 back great news your arlo analysis is ready your personalized results include the best of 2023 s reverse mortgages side by side loan comparisons real time interest rates arlo advice to help you select the right program we maintain an a exemplary rating by the better business bureau with a perfect 5 star customer review name email phone needed to validate request by using arlo calculator and clicking on the view arlo analysis now button above you consent acknowledge and agree to the following our terms of use agreement privacy policy and to receive important notices and other communications i consent to being contacted by all reverse mortgage and its partners for marketing purposes at any phone number or email i provide including through the use of automated technology and prerecorded messages i represent that i am the regular user of the phone number i provided and provide consent on behalf of all users of that phone number i also understand consent is not required for purchase and i may opt out from receiving communications at any time read full privacy policy back your free report includes real time analysis next step analysis via email from america s 1 rated reverse mortgage lender welcome to all reverse mortgage inc arlo at all reverse mortgage we take pride in being america s leading hud approved reverse mortgage lender consistently achieving a 4 98 5 star rating for our outstanding service our commitment to integrity and exceptional customer service earned us an a exemplary rating from the better business bureau bbb and the distinction of torch ethics finalist in 2021 and 2022 focused expertise in reverse mortgages with nearly two decades of dedicated service all reverse mortgage is a trusted name exclusively in reverse mortgage lending our unwavering ethical standards have been recognized with nominations for the torch award by the bbb for two consecutive years our consistent top ratings and positive reviews are a testament to our commitment to prioritizing the needs and well being of our customers as a hud approved direct lender we are known for our honesty reliability and exceptional service transparent and cost effective at all reverse mortgage our approach is straightforward and customer centric we operate without intermediaries ensuring more savings and benefits for our clients we consciously forgo expensive celebrity endorsements instead focusing on keeping our services affordable accessible and transparent this approach reflects our dedication to providing honest and cost effective reverse mortgage solutions about reverse mortgages table of contents what is a reverse mortgage history of the hecm program evaluating if it s right for you reverse mortgage eligibility how much can you get from a reverse mortgage reverse mortgage payment options reverse mortgages for home purchase current interest rates hud approved counseling requirements repayment and loan maturity non recourse loan benefits what is a reverse mortgage a reverse mortgage is a loan secured by your home allowing you to access part of your home s equity tax free without needing monthly mortgage repayments the reverse mortgage loan is only available to homeowners who are at least 62 years old and who meet specific underwriting eligibility as the borrower you retain the title to your home and as such are responsible for ongoing expenses such as property taxes and home insurance the loan amount you can access is determined based on hud guidelines considering factors such as the age of the youngest borrower or spouse your home s value and current interest rates there are various types of reverse mortgages such as home equity conversion mortgages hecm federally insured and proprietary reverse mortgages each type has its own set of rules and loan limits before obtaining a reverse mortgage counseling from a hud approved agency is required this ensures that you fully comprehend the loan s terms implications and long term considerations such as the necessity to maintain the home and the impact on your home s equity over time notably reverse mortgages never have a prepayment penalty this grants you the flexibility to make any payment you wish or not including repaying the loan in full at any time lastly it s wise to consider alternatives to reverse mortgages like home equity loans or lines of credit to ensure this financial decision aligns with your long term goals and needs history of the hecm program since its introduction in 1989 the home equity conversion mortgage hecm program has been federally insured by the federal housing administration fha a branch of the department of housing and urban development hud this program has been instrumental in aiding thousands of homeowners in securely tapping into their home equity thereby enhancing their financial freedom and overall quality of life during retirement evaluating if it s right for you deciding whether a reverse mortgage suits your financial needs is a significant decision while these loans can offer substantial benefits for some they re not the best solution for everyone understanding the potential advantages and drawbacks is essential even though hearing caution from a lender might seem unusual considerations for short term financial needs if your financial requirements are short term other types of financing might be more appropriate reverse mortgages including the home equity conversion mortgage hecm often come with specific fees like closing costs and mortgage insurance premiums these added expenses can make reverse mortgages less ideal for those not planning to stay in their homes for long long term benefits of hecm on the flip side a hecm can be an excellent option for individuals intending to remain in their homes and seeking additional income to support their lifestyle or cover expenses we provide thorough information to help you understand how reverse mortgages work our resources cover frequently asked questions and dispel common myths offering a clearer picture of what to expect educating yourself and your family we strongly advocate for you and your family to educate yourselves fully about these loans our detailed guide discusses the pros and cons explaining the safeguards in place this way you can make an informed decision that aligns with your long term financial goals and living situation reverse mortgage eligibility to determine if a reverse mortgage is the right financial solution for you it s essential to understand the specific requirements you must meet these criteria are in place to ensure that a reverse mortgage is both suitable and beneficial for applicants understanding the basic requirements age requirement at least one homeowner must be 62 years or older this is a primary eligibility factor for a reverse mortgage primary residency the home you take a reverse mortgage on must be your primary residence this means you should be living there for the majority of the year eligible property types there s a range of properties that qualify including single family homes owner occupied 2 4 unit buildings townhouses approved condominiums and certain types of manufactured homes mandatory counseling session you re required to participate in a hud approved counseling session about reverse mortgages this session which can be done over the phone or in person is crucial for ensuring you fully understand what getting a reverse mortgage entails financial assessment applicants undergo a thorough financial assessment this assessment checks your ability to keep up with key financial responsibilities like property taxes and homeowners insurance payments after receiving the reverse mortgage meeting these requirements is essential not just for obtaining a reverse mortgage but also for making sure that it s a suitable financial tool for your situation how much can you get from a reverse mortgage when considering a reverse mortgage a key question is how much can you borrow the answer varies typically ranging from 35 1 to 71 3 of your home s value this amount is determined by several factors ensuring that the loan is tailored to your specific situation factors influencing your loan amount your age the age of the youngest borrower is a crucial factor generally the older you are the higher the percentage of your home s value you can borrow choice of reverse mortgage program different programs have different borrowing percentages current interest rates these rates play a significant role in determining how much you can borrow understanding loan limits the lending limit for the 2024 hecm home equity conversion mortgage program is capped at 1 149 825 if you re considering a jumbo loan program the limit can go up to 4 000 000 depending on your home s value and other qualifying factors get a personalized estimate with arlo for a more specific estimate tailored to your circumstances consider using arlo a unique reverse mortgage calculator arlo provides real time rates and eligibility information more than just a calculator arlo offers personalized guidance to help you select the reverse mortgage program that best fits your financial needs reverse mortgage payment options reverse mortgage borrowers have several options for receiving their loan proceeds each tailored to different needs and financial strategies understanding these options is crucial for making an informed choice line of credit usage flexibility borrowers can draw funds as needed aiding in managing living expenses growth potential the unused line of credit grows over time increasing available funds ideal for future planning beneficial for those who don t need immediate funds but desire a financial backup term and tenure payments term offer fixed payments for a specified duration this can be a strategic choice for those planning to defer social security benefits providing income support in the interim for example a 65 year old deferring social security until 70 could use term payments for income during those five years tenure guarantee monthly payments for the loan s lifetime continuing even if the payments surpass the home s value these payments cease only upon the borrower s death or permanent relocation it s important to continue paying taxes and insurance to avoid loan default combination modified plans combine fixed payments with a line of credit offering stability and flexibility lump sum disbursement lump sum suitable for significant immediate expenses like home renovations or medical bills or to pay off a substantial existing mortgage fixed rate allows you to determine the equity portion to use up to the maximum loan amount for instance if you are eligible for 80 000 but need only 30 000 for renovations you can opt for the lower amount closed end this fixed rate option prevents future borrowing against unused loan amounts any additional funds needed would require refinancing the loan when selecting a disbursement option it s essential to consider your financial goals and needs also explore our guide unpacking the 3 types of reverse mortgages for more detailed information on each option reverse mortgages for home purchase the reverse mortgage for purchase program is designed to aid older americans in maintaining greater financial flexibility and improved cash flow this program particularly benefits those looking to buy a retirement home without fully paying in cash or taking on a new traditional mortgage payment easier qualifications simplified requirements the qualification process for a typical reverse mortgage for purchase often referred to as home equity conversion mortgage for purchase or h4p is generally more straightforward for senior borrowers this is due to the program s more lenient underwriting standards which do not rely on debt to income ratios for income qualification alternative to cash buyer the hecm purchase program offers a valuable alternative for those who prefer not to pay the entire home cost upfront in cash while simultaneously eliminating the need for monthly mortgage payments ideal for non traditional financing candidates this program is particularly advantageous for borrowers who may find it challenging to qualify for conventional financing due to its more accommodating qualification criteria overall the reverse mortgage for purchase program offers a practical solution for seniors seeking to buy a home in retirement without the financial constraints of traditional mortgage products explore our purchase guide reverse mortgage purchase down payment rates eligibility for more detailed program information current interest rates adjustable rates from 6 870 1 750 margin fixed rates from 7 310 8 671 apr learn all about reverse mortgage interest rates and how they affect your available loan and future h...
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