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#Reverse mortgage calculator monthly payments free#

Note: You can use our free reverse mortgage calculator above to see what you may qualify for. Since a HECM is a non-recourse loan, when the loan matures and is due and payable, the FHA guarantees that neither the borrower nor their heirs will owe more than the home is worth at the time it is sold. The HECM loan balance usually becomes due and payable when the last surviving borrower permanently leaves the home. So long as the borrower lives in the home and pays the property-related taxes, insurance, and upkeep expenses, the borrower can continue to defer repayment of the loan balance. Available to homeowners age 62 and older, it allows the borrower to convert a portion of their home equity into cash or a growing line of credit and defer repayment of the loan balance until a later date. The most common reverse mortgage is a Home Equity Conversion Mortgage (HECM), the only reverse mortgage insured by the Federal Housing Administration (FHA).

The Payout Level is prepared on the assumptions that (a) there is no change of interest rate and payment term (b) there is no Lump-Sum Payout other than the one at the first drawdown (if any) and (c) no other fees and expenses (such as counselling fee, building inspection fee and legal fee), which may be posted to the Outstanding Loan Balance, is posted to the Outstanding Loan Balance.What Are the Different Types of Reverse Mortgages? HECM Reverse Mortgages.

The maximum amount is calculated by the HKMCI by reference to a number of factors including the Specified Property Value, the Payment Term, your age and the aggregate amount of Monthly / Lump-Sum Payouts you have received.

The maximum amount of Lump-Sum Payout at the first drawdown will be reduced during the Payment Term.

If you request for and are granted the then maximum amount of Lump-Sum Payout whether at first drawdown or from time to time thereafter, you will not receive any Monthly Payout. Each time you borrow a Lump-Sum Payout, the amount of all subsequent Monthly Payouts will be reduced.

Lump-Sum Payout is the lump-sum amount which you may borrow at first drawdown or at any time during the Payment Term for any purposes, such as (i) repayment of your existing mortgage loan secured on the property, (ii) settlement of premium of the property (applicable to subsidised sale flat) for removal of alienation restrictions, (iii) repayment of the amount of indebtedness under your individual voluntary arrangement or (iv) any other purposes.

Hong Kong Prime Rate means the rate as specified by the HKMC from time to time.

(b) 80% of Appraised Property Value (capped at HK$25 million) (a) Sum of HK$8 million and 50% of portion exceeding HK$8 million, and Maximum Amount of Specified Property Value Specified Property Value means a figure in multiples of HK$10,000 which, by default, equals to the Appraised Property Value (or if the Appraised Property value exceeds HK$8 million, the relevant maximum amount of Specified Property Value as shown in the Table 1 below or, for the refinancing of an existing reverse mortgage loan, the relevant maximum amount of Specified Property Value as shown in Table 2 below), or any lower amount chosen or accepted by you.(b) the obligation to pay premium to the Hong Kong Housing Authority or the grantee of the Government Grant (as the case may be) before or upon disposal of the Property. (a) the obligation to resell the Property to the Hong Kong Housing Authority or its nominee pursuant to the Housing Ordinance or the grantee of the Government Grant pursuant to the Government Grant (as the case may be) and If the Property is a subsidised sale flat with unpaid premium under a Designated Housing Scheme, the Appraised Property Value is subject to the following restrictions being imposed on the Property owner, after taking into account of the applicable Discount Rate:

Appraised Property Value (a) means the value of the Property pursuant to the preliminary valuation conducted by the HKMCI and (b) if there is more than one Property mortgaged or to be mortgaged as security for a reverse mortgage loan, means the aggregate value of the Properties, subject to any adjustment the HKMCI may make at its sole discretion.