HECM Calculator - Fairway Reverse Mortgage

HECM Calculator

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Property Value

Age of Youngest Borrower

Existing Mortgage Balance

State

The total loan amount you can use as cash, with closing costs included in the loan. Initial disbursement restrictions apply during the first year.

Available Cash

Your existing mortgage balance is paid off at closing using loan proceeds, eliminating the need for monthly mortgage payments. You must continue to pay essential property charges, like taxes and insurance.

Mortgage Payoff

The total of all fees included in your loan, such as origination, mortgage insurance, title insurance, credit, recording fees and other home-related costs (e.g., flood certification, pest inspection).

Closing Costs

This is the amount of home equity left after receiving the funds.

Remaining Equity

The total loan amount you may qualify for.

Total Proceeds

THE FIGURE AND GRAPHS IN THE REVERSE MORTGAGE CALCULATOR ABOVE ARE INTENDED AS AN ESTIMATE ONLY, BASED ON THE HOME VALUE, MORTGAGE BALANCE, AND BORROWER AGE YOU HAVE PROVIDED. YOUR ACTUAL LOAN AMOUNT MAY DIFFER BASED ON MARKET CONDITIONS AND APPLICABLE FEES IN YOUR AREA

For this example, EXPECTED RATE has been set at for an adjustable-rate HECM. Rates are subject to changing market conditions. The "Total Proceeds" amount you may be eligible for is the sum of your "Mortgage Payoff", "Available Cash" and "Closing Costs" such as initial MORTGAGE INSURANCE PREMIUM (MIP).

This is not a commitment to lend nor a loan approval. All borrowers must meet loan obligations, including paying all property charges (property taxes, fees, and homeowners insurance) as well as living in the property as the primary residence. The borrower must also properly maintain the home. If the borrower does not meet these loan obligations the loan may become due and payable.