Summary of Loan Terms

Your Reverse Mortgage Estimates

This Loan Calculator is provided by Ibis for illustrative and educational purposes only. The actual product offerings, interest rates and margins will vary as markets change. The numbers generated by the calculator are estimates only and may differ from those you receive from private lenders. Ibis does not endorse any reverse mortgage product or lender.

Click on "Quotes & Information" to receive an exact quote from a qualified lender and learn if a reverse mortgage is right for you.

This table shows how your estimates are calculated for the HECM reverse mortgage programs.

The effective loan rate below equals the interest rate index used by the program plus a lender's margin (which varies among lenders on adjusting-rate HECM's). HECM adds another one and a quarter percent (1.25%) for mortgage insurance. The Growth Rate in the HECM creditline will be the same as the total periodic rate being charged on the loan's balance. The Growth rate shown below reflects monthly compounding.*

Enter your desired creditline here:

You Could Get
You Could Get
Interest adjusts >

Interest rate index
Plus lender's margin
Initial loan interest rate
Plus mortgage insurance
Initial total loan rate
Initial creditline growth rate
Lifetime cap on loan rate
HECM Expected Rate
Monthly Service Fee
Value of the home
Home value limit
Lesser of limit or home value
Loan principal limit
Less Service fee set-aside
Available principal limit
Less Financed Items
Loan origination fee
Mortgage insurance
Other closing costs
Net Principal Limit
Less Lump-Sum Cash
Fixed-Rate Unusable Funds
Less Selected Creditline
Available In First Year
Left for monthly advance
Monthly Advance
No more lien payments
Increase in monthly cash
Monthly Term
Total Fees & Costs

HECM LIBOR
1-month LIBOR
Monthly

0.000%
2.500%
2.500%
0.50%
3.000%
3.042%
12.500%
2.500%
$0
$300,000
$970,800
$300,000
$195,000
$0
$195,000

$5,000
$6,000
$3,025.55
$180,974
$0.00
--
$50,000.00
$50,000
$130,974
$752.45
+0.00
$752.45
Tenure
$14,026

HECM LIBOR
Annual LIBOR
Annual

0.000%
3.000%
3.000%
0.50%
3.500%
3.557%
8.000%
3.000%
$0
$300,000
$970,800
$300,000
$195,000
$0
$195,000

$5,000
$6,000
$3,025.55
$180,974
$0.00
--
$50,000.00
$50,000
$130,974
$784.99
+0.00
$784.99
Tenure
$14,026

HECM Fixed
Fixed Rate


--
--
5.060%
0.50%
5.560%
--
5.060%
5.06%
$0
$300,000
$970,800
$300,000
$163,500
$0
$163,500

$5,000
$6,000
$3,025.55
$149,474
$84,074.45
$65,400
--
$0
$0
--
+0.00
$0.00
Tenure
$14,026

* Interest rates and margins may vary from lender to lender. The numbers shown on this page are for educational and illustrative purposes only.

These estimates are based on current interest rates, maximum origination and servicing fees, and an approximate average closing cost total. Interest rates are shown for the week of April 23rd. Actual loan amounts available depend on the rates in effect when a loan is closed, and the actual origination fee and closing costs charged. They also depend on the appraised value of your home and current equity limits in each program.

Click on "Quotes & Information" to receive an exact quote from a qualified lender and learn if a reverse mortgage is right for you.

April 25, 2024