Reverse Mortgage Engine (Calculator)

This version is a totally redesigned application with new features. It yields the max claim amount, mandatory obligation, principle limit, mortgage insurance premium (MIP), total amount of qualifying fund, cash at closing(first year), and line of credit (2nd year). These numbers will be shown, after four input values of Age, Third Party Cost, Property Value, and Existing Mortgage are inserted into appropriate boxes. Reverse Mortgage is a HUD program for senior citizens who are 62 year old or more. With new regulations, only loan with adjustable rates are qualified for the line of credit (2nd year). The rate that is calculated in this application is based on the borrowers maximum benefit with the expected rate under 5.06 percent. A full version of Reverse Mortgage Engine (RME) with all different fixed and adjustable rate is available. For more information, please contact via email.