Can anyone tell accurate formula for calculating reverse mortgage?

Question

I want formula for reverse mortgage.

formula for line of credit also.

Please give a clear formula.

Answer 1

IDK if this'll answer, but here's a website you can check out for a start. There's a mortgage calculator or two on it. It also has PLENTY of info on credit.

http://www.myfico.com

Have fun. I did! lol. Hope it helps. Take care. God bless.

Answer 2

Reverse Mortgage Formula explains reverse mortgages in easy language so seniors and their family members can fully understand and benefit from these useful loan products. Reverse loans allow seniors to convert part of their home equity into tax-free income, letting seniors easily borrow against the value of their home without selling it. Safer than ever, today’s reverse mortgages are non-recourse loans and lenders do not share in any appreciation or accrued equity. Safe and simple, reverse mortgages are a valuable option for senior homeowners having trouble living on a fixed income or in need of extra cash for any unforeseen expense.

Answer 3

You use the same formula for a reverse mortgage as you do for a regular one -- just the boundary conditions are different.  But it is much easier to just get a financial calculator (I like the H-P 12C), which has all the formulas programmed in.

Answer 4

On a reverse mortgage, you do not have to pay it back until you sell the house or when you pass on. I don't believe you can get a secured line of credit if you have a reverse mortgage on the property