Note: The Texas reverse mortgage calculator on this web page is specific to HECM reverse mortgages.
Based on the home value, mortgage balance, and borrower age you have provided, the figures and graphs above are intended as an ESTIMATE only. For this example, INITIAL RATE has been set at 4 ½ % . Rates are subject to changing market conditions. The “Total Proceeds” amount you may be eligible for is the sum of your “Mortgage Payoff” and “Available Proceeds” and does NOT INCLUDE CLOSING COSTS, FEES, or MORTGAGE INSURANCE PREMIUMS (MIP).
This is not a commitment to lend nor a loan approval. All borrowers must meet loan obligations, including paying all property charges (property taxes, fees, and homeowners insurance) as well as living in the property as the primary residence. The borrower must also properly maintain the home. If the borrower does not meet these loan obligations the loan may become due and payable.