Reverse Mortgage Principal Limit Calculator
Reverse Mortgage Principal Limit: a planned Super Calculator tool. Covers appraised value (currency) and age of youngest borrower. Stub page. Not published yet.
Reverse Mortgage Principal Limit Calculator is a planned calculator in the real estate section of Super Calculator, covering home equity.
What this calculator will compute
Inputs: appraised value (currency), age of youngest borrower, expected interest rate (%), existing mortgage balance (currency) and payment plan type.
Outputs: maximum claim amount (currency), principal limit (currency), net proceeds available (currency), monthly tenure payment (currency) and growing line of credit projection (currency).
Formula, recorded as scope and not yet verified against a primary source: HECM principal limit = maximum claim amount * principal limit factor, where the maximum claim amount is the lesser of appraised value and the FHA lending limit, and the principal limit factor is read from a HUD table keyed on the age of the youngest borrower and the expected interest rate. Net available proceeds subtract the initial mortgage insurance premium, closing costs and any mandatory payoff.
Status
This page is a stub. The calculator is not built, no figure on this page has been verified against the authority that sets it, and nothing here should be used to make a decision. The page exists so that the site structure is complete and so that articles can link this concept on first mention.
The stub carries noindex, nofollow and is excluded from the sitemap.