Originally Posted by PartIrish
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.