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Reverse Mortgage Examples
| Example #1 – Mary & John Homeowner | |
| Age: | Mary 73 & John 75 |
| Home value: | $290,000 |
| Location: | Long Beach, CA |
| Equity: | $290,000 |
| Mary & John would receive a lump sum payment or a credit line of $174,923 or monthly income of $1117. | |
| Example #2 – Mike & Jan Spencer | |
| Age: | Mike 69 & Jan 70 |
| Home value: | $170,000 |
| Location: | Dallas, TX |
| Equity: | $170,000 |
| Mike & Jan would receive a lump sum payment or a credit line of $94,372 or monthly income of $583. | |
| Example #3 – Jane Smith | |
| Age: | Jane 83 |
| Home value: | $100,000 |
| Location: | Oklahoma City, OK |
| Equity: | $100,000 |
| Jane would receive a lump sum payment or a credit line of $67,341 or monthly income of $540. | |
Please Note: The above calculations we base on rates as of 04/28/2004 at a rate of 3.00%. All reverse mortgages have adjustable rates and the loan proceeds are based on the current interest rate at the time of closing.
