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Old 09-23-2020, 11:39 AM   #61
Thinks s/he gets paid by the post
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Join Date: Nov 2013
Location: Twin Cities
Posts: 2,139
Originally Posted by PartIrish View Post

Have you tried out this reverse mortgage calculator? To understand the RM product, I just tried it on our home and the fees, which essentially discount the home value, are pretty high--$20K on a $600K home. Home values in our area have increase on average >6 percent/year since 2000, so the bank would definitely be the winner on a RM here.

No, I wasn’t aware of that calculator, so thanks. It’s pretty slick and I played with several scenarios. Basically, I found I couldn’t borrow enough upfront cash to payoff the remaining projected mortgage balance 13 years from now, so it answered my original question.
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