How much funds would be available with your reverse mortgage varies with each unique situation. That being said if you take any person with the same birthday, in the same county and with the same interest rate then they would receive the exact same as everyone else with the same specifics. Below are a few examples to help illustrate possible returns on the FHA HECM reverse mortgage.
Examples:
Monthly
Income - HECM Monthly
Net
Available - HECM Monthly
Retained Equity - HECM Monthly
Net
Available - HECM Monthly, Annual and Cash Account
Each example is unique; if you would like a quote specific to your age, zip code and interest rate please contact us.
Example #1 - Monthly Income (HECM Monthly)
With this example we are using a person who lives in Santa Clara County whose home is worth $362,790 or more and has no liens on their property. The monthly income is the maximum amount that can be received in relation to their age.
* Represents market conditions on 10/27/2006
Example #2 - Net Available (HECM Monthly)
With this example we are using a person who lives in Santa Clara County whose home is worth $362,790 or more and has no liens on their property. Net Available represents the total amount of funds that are available in relation to age.
*Represents market conditions on 10/27/2006
Example #3 - Retained Equity (HECM Monthly)
With this example we are using a person
who lives in Santa Clara County, is 62 years old, has no liens and lives in a
house valued at $500,000. The house is appreciating in value at a modest
6% (historically in Santa Clara County the average appreciation
is 8%). Additionally the borrower is receiving the maximum monthly payment
available. As you can see as the borrower gets older and receives monthly
income the retained equity continues to grow.
*Represents market conditions on 10/27/2006
Example #4 - Net Available (HECM Monthly, Annual and Cash Account)
With this example we are using a $1,000,000 house. We do this to illustrate the Cash Account, which benefits from the higher home value since the HECM has a limit set in place. The figures represent the net available for withdrawal at close of escrow.
*Represents market conditions on 10/27/2006