The Reverse Mortgage Funding LLC (RMF) Reverse Mortgage Calculator App allows you to figure out the amount of funds you might be able to access with a reverse mortgage. Whether you want to refinance your mortgage or purchase a new home, the App will help you crunch the numbers to figure out how you can best finance your retirement. Plus, it is free and easy to use.
Simply input your current home value, age and the balance left on the mortgage to find out your estimated total proceeds after paying off an existing mortgage. Additional information provided includes Estimated Available Proceeds and Available Proceeds After First Year.
With the Purchase Portal you have two options.
Option 1. Enter the Purchase Price and find out the Estimated Down Payment Required
When entering the Purchase Price, along with Youngest Borrower Age, you can find out the Estimated Down Payment Required along with the HECM Estimated Loan Amount, or the estimated funding provided by the Home Equity Conversion Mortgage (HECM) – otherwise known as a reverse mortgage.
Option 2. Enter the Available Down Payment and find out the Estimated Maximum Purchase Price possible
Enter the Available Down Payment amount and the Youngest Borrower Age and get an Estimated Maximum Purchase Price, the amount you would have available to you when purchasing a new home including the down payment and the funds from the reverse mortgage.
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With Family Sharing set up, up to six family members can use this app.