How to use this calculator
The amount of funds available from the reverse mortgage are based on several factors which include the age of the youngest borrower or spouse, current interest rates, and your home's property value. Interest rates will have a direct effect on your available proceeds; the lower the rate, the more available funds you will receive.
Step 1: Enter your property zip code, estimated value and any mortgage balances.
Your zip code is important as ARLO™ will fetch accurate 3rd party closing costs such as title, recording and local taxes (if applicable). If you are unsure about your estimated home value, we will be happy to return a list of recent sales comparable an appraiser will likely use in their property estimate. If you have a mortgage balance, or HELOC balance be sure to enter this amount as all existing mortgage loans must be paid off from your available proceeds.
Step 2: Enter your age.
Your principal limit is based on the youngest borrowers exact age. This step only assures your calculations are returned as accurate as possible.
Step 3: View Your Analysis
Within the results you will be welcomed by ARLO™ with special program recommendations based on your individual goals. You can adjust the amount of funds you would like to withdraw at closing and view amortization schedules across all available plans. ARLO™ can also show you which program is best overtime, and which carry the least initial setup costs!
- Don’t forget to include your spouse’s age, even if they are not yet 62 as loan proceeds are always based on the age of the youngest spouse due to actuarial tables (life expectancy).
- When you close a reverse mortgage within 6 months of your next birthday, your calculations automatically move you into the next year’s principal limit factor.
- If you have a HELOC (Home Equity Line of Credit), be sure to include this balance as part of the total mortgage payoff.