Rate subject to change with market conditions. Specified rates may not be available for all borrowers. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. All loan approvals are conditional and all conditions must be met by borrower. Loan approval is not guaranteed and is subject to lender review of information.
#Fha mortgage calculator license
C2 Financial Corporation is licensed by the Colorado Division of Real Estate Arizona Department of Financial Institutions, Broker # 919209 Florida Office of Financial Regulations, OFR# MBR3519 Hawaii Department of Financial Institutions, DFI# HI-135622 Idaho Department of Finance, Broker license # MBL-9475 Michigan Department of Insurance and Financial Services, DIFS# FL0023565, SR0023566 Oklahoma Department of Consumer Credit, ODCC# MB014489 Tennessee Department of Financial Institutions, DFI# 135622 Texas Department of Savings and Mortgage Lending, NMLS# 135622 Washington Office Department of Financial Institutions, DFI# CL-135622 NMLS# 135622. This licensee is performing acts for which a mortgage broker license is required. To find out if this program might be a good fit for your situation, give me a call. These are hypothetical examples and is not tax, legal, or financial advice. With each of these reverse mortgage calculation examples, the borrower remains an owner on title, the responsibility for repayment shifts from the borrower to the home, as FHA reverse mortgages are non-recourse loans. When they draw on the money it is not taxed. Most people earn 0% on their home equity. They would unlock access to their home equity of $270,286, of which they could receive $138,273 in a lump sum or monthly installments of $1244 or a line of credit of $270,286 that earns compound interest between 3-5% each year despite any real estate market downturns.
#Fha mortgage calculator free
Their home is worth $500,000 and they own it free and clear. Our final example is Fred and Ethel, he is 72 and she is 70. Reverse Mortgage Calculator to Access Equity This amount includes the down payment and closing costs. They only need to put down $160,000 at 3% interest and they will not have a mandatory, monthly mortgage payment. They want to buy a patio home priced at $350,000. George finds it difficult to go up and down the stairs and Judy is excited about maintenance-free living. Joe is tired of mowing the yard and snow removal and Judy doesn’t want to clean her big house any longer. Next, George & Judy are both 75 and want to ‘rightsize’ their home. They have enough equity to eliminate their mandatory, monthly mortgage payment and the closing costs are rolled into the loan. The value of the home is $400,000 and they owe $150,000. Eliminate Mandatory Mortgage Paymentįirst off, let’s say Fred is 64 and Wilma is 62, we will use Wilma’s age of 62. the value of the home less what is owed, and.For most reverse mortgages, they are regulated by the Federal Housing Administration (FHA). Once the fields above are completed, click the "Calculate my Monthly Mortgage Payment" button to automatically calculate the estimated monthly payment.A senior homeowner’s biggest question is how much money can they get with a reverse mortgage? First, let’s talk about how this amount is determined. Enter the yearly tax you will have to pay on the value of the property. For example, if your home costs $100,000 and you plan to borrow $90,000 from the bank to pay for it, then you must make a down payment of $10,000 to make up the difference.Įnter the Annual Property Tax Annual Property Tax:Įach year, home owners must pay property taxes to the town they reside in. (Do not include any Private Mortgage Insurance (PMI) percentages your bank may require.)Įnter the amount you plan to pay upfront for your home.
Please note: All CHFA loans are 30 year loans.Įnter the annual interest percentage rate (APR) your bank will apply to the amount you borrow. (Mortgages paid over shorter terms have higher monthly payments, but are less expensive over the course of the loan.) Select the number of years over which you would like to pay your mortgage. This amount, less any down payment, will be the amount you borrow from your bank. This is total sales price of your new home in whole dollars. Enter the Sales Price of the Home: Sales Price:
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