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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 Month London Interbank Offered Rate (1 Month 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 afterwards without notice. HECM adds another 1.25% for the mortgage insurance. The Adjustabel Rate will vary with a monthly adjustment lifetime CAP of 10% 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 afterwards without notice. HECM adds another 1.25% for mortgage insurance.
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 premium equal to 2% of the maximum claim amount. At the present time, Dollar Bank does not charge for origination fees. Closing costs will range between $2,000 and $5,500. Additional costs include in the monthly mortgage insurance premium. Property insurance is required and flood insurance is required if necessary. Property taxes are not included and are the responsibility of the borrower.