Reverse Mortgage Examples
Example
#1 - Mike & Doris Homeowner 1 |
Age: |
Mike
81 & Doris 75 |
Home
value: |
$250,000 |
Location: |
Seattle,
WA |
Mike
& Doris would receive either a lump sum
payment or a credit line of $168,000; or
monthly income of $1,100 for as long as they live
in their home.
|
Example
#2 - Bill & Jane Homeowner 2 |
Age: |
Bill
74 & Jane 70 |
Home
value: |
$150,000 |
Location: |
Vancouver,
WA |
Bill
& Jane would receive either a lump sum payment or a
credit line of $92,000; or monthly income of $550
for as long as they live in their home.
|
Example
#3 - Beverly Homeowner 3 |
Age: |
Beverly
80 |
Home
value: |
$200,000 |
Location: |
Portland,
OR |
Beverly
would receive either a lump sum payment or a credit line of
$143,000; or monthly income of $1,045 for as long
as she lives in their home.
|
Please Note: The above calculations were based
on rates as of 07/05/2005 at a rate of 4.9%, and assume there are
no liens against the property. All reverse mortgages have adjustable
rates and, among other criteria, the loan proceeds are based on
the current interest rate at the time of closing. The amount you
may qualify for will vary depending upon your specific circumstances.
|
