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Your zip code is important and allows ARLO™ to access accurate 3rd party closing costs such as title fees, recording and local taxes (if applicable) in your area. If you are unsure about your estimated home value, we will be happy to return a list of recent sales an appraiser will most likely use to compare to your home when determining their property estimate.
Your principal limit is based on the youngest borrower’s age. This step only assures your calculations are returned as accurately as possible. If you are uncomfortable about using your birth date, give us the month and year but just use the first of the month for now. An exact date is better as amounts can change based on ages, but this would work for a start.
The results ARLO™ will show you will also include special program recommendations based on your individual goals. You can review various options such as adjusting the amount of funds you would like to withdraw at closing. This allows you to view amortization schedules in advance. With ARLO™, you get the information to allow you to costs less over time, which carries the least origination fees and which program best meets your needs!
The results will display all programs for which you are eligible including real-time interest rates and custom amortization schedules, but remember, it is always your call. We give you the information to make an educated decision. As always, we are always here to answer any questions you may have.
The percentage of your home’s equity that is available to an individual for a reverse mortgage depends on several factors. HUD uses the HECM calculator to determine benefits for each borrower that takes into consideration the ages of the borrowers, the interest rates at the time the loan is originated as well as the value of the home or the HUD lending limit whichever is less.
Since borrowers can stay in their homes for life and never have to make a payment on the loan, the reverse Idaho loan installment loan calculator takes all these factors into consideration to determine the amount the borrower will receive in their Principal Limit, or maximum available loan amount. When considering jumbo or proprietary programs, those products often use the same considerations but are subject to the requirements of the investors who offer the programs rather than HUD numbers.
In short, it is very difficult to publish Percentages or “Loan to Values” that are available simply because they change as the factors change. Older borrowers receive more money than do younger borrowers since with a shorter life expectancy, they are not liable to remain in the home as long and accrue as much interest on the home.