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The Reverse Mortgage Calculator is for educational and illustrative purposes and may differ from actual loan approvals. All results shown are based on the information you provided. Listed are the amounts you could receive as an Upfront Lump Sum, Line of Credit or as a Monthly Income. Below is an explanation of how the calculator results are determined. The results can change based on current rates and program parameters which are subject to change without notice.
Adjustable Rates: The index that is used to calculate the adjustable results is the One Year London Interbank Offered Rate (1 Year LIBOR) which is published in the Wall Street Journal on the first business day of each week. The rate used to calculate the adjustable results is accurate as of the day and time the calculation is performed and can change without notice. HECM adds another 1.25% for the mortgage insurance. The Adjustable Rate will vary with a yearly adjustment CAP of 2% and a 5% Lifetime CAP over the initial rate.
Fixed Rates: The fixed rate used to calculate the fixed results is accurate as of the day and time the calculation is performed and can change without notice. HECM adds another 1.25% for mortgage insurance.
As long as you don't take more than 60% of the available funds in the first year, you will be charged an upfront MIP (Mortgage Insurance Premium) of 0.50% of the appraised value of the home. If you take more than 60%, the upfront MIP will be 2.50%.
Costs/Fees: Costs for a Reverse Mortgage include an origination fee for Adjustable Rate Mortgages equal to the greater of $2,500 or 2% of initial $200,000 maximum claim amount and 1% on the balance thereafter with a cap of $6,000 and a mortgage insurance permimum equal to 2% of the maximum clain amount. At the present time, Dollar Bank does not charge for origination fees. Closing costs for refinancing or a HECM for Purchase will vary depending on loan size. Additional costs include the monthly mortgage insurance premium, explained above. Property insurance is required and flood insurance is required if necessary. Property taxes are not included and are the responsibility of the borrower. Reverse mortgage calculation is provided by ReverseVision.
This advertisement was not directly provided or approved by the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA) or any other government agency. All information in this advertisement has been reviewed and approved by Dollar Bank’s Reverse Mortgage Professionals to be true and correct.