Legal Disclosure
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Important disclosures about our calculators
Thank you for using our retirement calculators. Our calculators use the most current information about reverse mortgage products from our lenders, but loan options do change from time to time, and the products shown in our calculators are only estimates. Lending options provided by our calculators are not actual offerings and do not pre-qualify or qualify you for a reverse mortgage loan. We do not make credit decisions in connection with your loan application and do not guarantee any of the products made available.
In addition, not all loan products are available in all states, and some loan products offered are not federally insured by HUD. There are varying features, interest rates, and costs associated with these products, and the time it takes to apply and receive funds varies by lender as well.
Our calculators do not describe details of each loan product, but more details are available upon request. If you decide to apply for a reverse mortgage, you will need to complete an application complete a federally required counseling session, and complete the lenders' underwriting process for loan approval. For more legal information, visit our terms of use and privacy policy pages.
Assumptions made by our calculators
Our retirement calculators make a few assumptions in order to give you the best dollar value estimates. You may also visit our schedule of fees and closing costs or our interest rate page for a more detailed explanation of costs. Here are some of the assumptions we have made:
Interest Rate
All interest rates are based on indexes used by our lenders. Typically, these rates are updated on our web site weekly, but sometimes lenders make rate adjustments more frequently. Your actual interest rate may vary.
Fees and Closing Costs
Fees vary quite a bit based on your county, state, and individual loan circumstances. For our calculators, we have used an average of the closing costs nationwide for a borrower whose home is valued at $400,000. Your closing costs may differ.
Loan Amount
All loan amounts presented are estimates only. Once you apply for a reverse mortgage loan, you will be given a good faith estimate with a more exact schedule of the loan amount, costs, fees, and other expenses related to your reverse mortgage loan.
Your Age
Our calculators assume your date of birth based on your stated age. When a reverse mortgage application is taken, you and any co-borrower must provide your actual date of birth. Based on the actual date of birth of the youngest borrower, the specific terms of your loan may be different.
