Mortgage reserve calculation. Jul 19, 2023 · If you would like to know how to calculate a mortgage payment on your own, the equation is the following. A mortgage reserve is a secured overdraft on a mortgage current account, where you borrow against the equity in your home. Step 4 – Payout Option. Let’s say your monthly payment breaks down as follows: Your total mortgage payment would be $1450 per month. Where: N = The Number of Monthly Payments (for a 10 year mortgage loan N = 10 x 12 = 120) , Rate (Monthly Interest Rate) = Decimal Rate / 12 , or Rate = (Annual Interest Apr 19, 2024 · A down payment is a percentage of the entire loan amount you pay upfront before closing on the mortgage. AmericanFinancing. We don’t offer them for new mortgage applications anymore, but you might have one if you’ve already got a mortgage current account. 2: Calculation of Reserves; Section 5501. 0025. He explored putting down $30,000 versus $40,000. The lender will not qualify you based on $100,000 in assets. Complete the schedule of items to be included in the Replacement Reserve Schedule. $643. At 34%, DTI falls within the home affordability sweet spot according 15. Input estimated annual appreciation rate. Prepare for homebuying and homeownership with these calculators and worksheets. Applicants typically need 50% equity to qualify for a reverse mortgage May 23, 2024 · HOW DID THE MORTGAGE CALCULATOR HELP? Using a mortgage calculator, Alex played with different down payment scenarios for a $400,000 home. Get approved now! May 20, 2024 · Review of Top 3 Reverse Mortgage Calculators. The audit checks that there’s enough money in the escrow to cover your insurance premiums and tax liabilities. Disclaimer: This calculator is intended solely for general information and educational purposes. Your estimated total is $739,222. You just need to enter some basic information, such as your age, home value and mortgage balance, and the calculator will show you different reverse mortgage options. Let’s say you have $100,000 in a retirement account. So to calculate your total VA mortgage eligibility. We recommend that you evaluate multiple scenarios to understand the mortgage Calculators & Worksheets. But, unlike a standard mortgage loan, it requires no repayment until the borrower no longer occupies the residence. 3 and 4 Unit Properties. HECM loans have a loan limit of $1,149,825, therefore you may notice that home values above $1,149,825 do not increase the loan estimate amount shown on our calculator. A cash reserve (also known as a mortgage reserve) is the "rainy day" savings you've set aside for emergencies—such as the loss of a job. How does Chase’s mortgage affordability calculator work? Chase’s mortgage affordability calculator creates an estimate of what you can afford and what your mortgage payments may be based on either: Income. Therefore, to spread out the gain over the maximum 5 years, you would have to receive your proceeds of disposition over at least 5 years. 4055 Lake Washington Blvd NE #100. If the lender says you need two months reserves you must have $2,000. 49%. Your money needs. ». 16. Jun 23, 2016 · MAXIMUM MORTGAGE CALCULATION Mortgagees must consult HUD Handbook 4000. You might find reverse mortgage originators that offer higher or Sep 9, 2023 · When lenders calculate reserve requirements, the goal is to make sure you have the funds to cover your principal and interest on your mortgage, as well as taxes and insurance (PITI). An escrow analysis is an audit, or review, of your escrow account. To find a reverse mortgage lender, use the HUD Lender List Search. VA (U. This calculator is a ready reckoner that's been designed to give a useful general indication of costs. In most cases, though, lenders will want to see at least a few months of housing payments in liquid assets. The results of using this calculator may not be applicable or accurate with regard to your individual circumstances. The lender will add a “margin” to the index to determine the rate of interest actually being charged. 63 after 10 years. ”. 43. Repair and Improvement Costs and Fees Total (Sum of A1 thru A4) $_____ 1. Conventional. “Everything was very clear, and well explained. You must be at least 62 years old to get a reverse mortgage. " Enter your gross monthly income on the second line. P: (425) 894-7852. Reserves: Minimum reserves of up to 30 months of principal, interest, taxes, insurance, and any additional assessments (PITIA) may be required. Here’s an example: If your 401K balance is $100,000, the lender cannot use the full $100,000 for qualifying. See what the interest rate will be on your Barclays The Mortgage Amortization Calculator provides an annual or monthly amortization schedule of a mortgage loan. In most cases, an automated underwriting system determines how many months’ worth of reserves you’ll need. 4th year. Feb 15, 2016 · Put that money in the bank and leave it there. rate depends on the mortgage type, SVR on most unless it is an offset mortgage then it is at the mortgage rate. You should not take any action on the basis of the information provided through this calculator. Can I still use my Mortgage Reserve? If you already have a Mortgage Reserve with Barclays, you can still use it. It also shows how fast the overall Reverse Mortgage Calculator 2024. But if no repayments are made, the interest will continue to accrue on the increasing balance. Mar 18, 2024 · To calculate mortgage reserves, simply multiply your monthly mortgage payment by the number of months your lender requires in reserves. At least until closing. Enter your total monthly debt payment on the first line of the equation. The calculator also shows how much money and how many years you can save by making prepayments. 00. (negative extra payments to pay less) Create an amortization schedule. For example, a 30-year fixed-rate loan will have 360 monthly mortgage Principal + Interest + Mortgage Insurance (if applicable) + Escrow (if applicable) = Total monthly payment. Reverse mortgages were meant to help seniors in or nearing retirement. Frequently Asked Questions. Nov 4, 2022 · Reverse Mortgage: A reverse mortgage is a type of mortgage in which a homeowner can borrow money against the value of his or her home, receiving funds in the form of a fixed monthly payment or a Apr 24, 2024 · Age Requirements. Bankrate’s guide to finding the best reverse mortgage lender for you. With a Home Equity Conversion Mortgage (HECM) you can: Pay off your current mortgage and other expenses to reduce your monthly expenses. Your recommendation. Learn More. Make a lump sum payment: If you receive a lump sum such as a tax refund, inheritance, a bonus, etc. n: Number of payments over the life of the loan. After considering his options, he decided on the $40,000 down payment. Our mortgage overpayment calculator uses the standard formula with fixed-rate mortgage loan: Monthly Mortgage Payment = { Rate / (1 − (1 + Rate) − N) } x Mortgage Amount. Apr 4, 2018 · Can anyone help me out with Tax Escrow reserves calculation of a mortgage? For example. If your $100,000 was fully vested, the lender would use $60,000 for qualifying. A reverse mortgage allows you to access the equity in your home and use the cash to supplement your retirement income. It is not necessary to claim the maximum allowed reserve in any year. Our calculator is preset to a “conservative” 28% DTI ratio; most lenders set a maximum DTI limit between 41% and May 22, 2024 · Increase the amount of your mortgage payments: Any increase in the amount you are paying towards your mortgage on a monthly basis will speed up the time it takes to pay off your mortgage. Instead, they will likely use 60% of the fully vested balance. Generally speaking, these reserves are Jul 29, 2021 · Reverse mortgages give you the flexibility to use your home equity in a number of different ways. E: kevinp@wfmtg. 0 to 6 months. 6 months for cash-out refinances with a DTI ratio above 45%. If you are interested in a home loan, please fill out our online application form or contact Kevin M. Having such knowledge gives the borrower a better idea of how each payment affects a loan. Let's assume the tax due dates are 1st Feb, 1st August, 1st October and 1st December. As a rule, HECM total origination fees are capped at $6,000. The other $25,000 should cover the taxes and penalties for withdrawing the funds early. By putting down a bigger mortgage deposit down you may be able to get much Our reverse mortgage calculator can help you determine how much money you might qualify to receive in a lump-sum payment. But if information from the credit bureaus shows the borrower makes $1,000 per month in debt payments, they can proceed with just $3,000 in reserves. Ready to talk to a specialist? 1-866-576-0374. 6 months Mar 18, 2024 · To calculate mortgage reserves, simply multiply your monthly mortgage payment by the number of months your lender requires in reserves. Dec 1, 2022 · Here are reserve requirements for FHA: 1-2 units: No reserves required. SUMMARY OF ISSUE. Feb 20, 2024 · Homeowner Strategically Uses the Reverse Mortgage Line of Credit. Looking to get a mortgage or refinance your home in Salinas, CA 93907? Reserve Salinas Branch at Motto Mortgage can help you find the best rates and close your loan fast. In order to obtain one of these loans, you and your co-borrower (if any) must be at least 62 years old. It also calculates the monthly payment amount and determines the portion of one's payment going to interest. 3 min read Jan 30, 2024. Posts: 26 January 2012 at 10:42AM. Get With a HECM, the percentage of your home’s equity you can borrow depends on your age, the interest rate you get on your loan, and the value of your home up to the HECM limit (currently $1,149,825). Generally, taking a reverse mortgage is more expensive than other types of home loans. No personal information is required to calculate your estimate. Variable for three- and four-unit properties. Provide the number of years you plan to occupy your home. Learn how getting a reverse mortgage can help you. For example, with a $4,500 monthly income, you should spend no more than $1,260 on monthly housing expenses. $881 towards principal, calculated by subtracting the interest payment from the total monthly payment of $1,381. Related: FHA Self-Sufficiency Test Calculator for 3-4 Unit Properties. How to adjust your price range. com. net : Home Buying – Mortgage Reserves and Assets Needed to Buy a Home (undated). Interest: The cost of the loan. Get started. Best reverse mortgage lenders in 2024. 3 months for three- and four-unit properties. Triplexes and fourplexes are a bit harder to qualify for due to this guideline. Our personalized tools and resources are tailored to fit your specific needs and can help you make informed decisions each step along the way. Select Estimated Home Value. May 2, 2024 · MoneyGeek's reverse mortgage calculator helps you find out how much equity you can access from your home. 3-4 units: 3 months of reserves required. You’ll need to repay the reserve by the end of your mortgage term, as it’s taken The “index” (our calculator uses the Monthly Adjusted LIBOR, which is a common index used in the market) will adjust regularly, as market interest rates move up or down. Pop up mortgage calculator. To also run scenarios for new payments by Sep 29, 2021 · Finance experts suggest that you start saving money to build a 3-month emergency fund which includes a 3-month mortgage reserve. Conventional loan. About All Reverse Mortgage (ARLO™) At All Reverse Mortgage, we are proud to be America’s leading HUD-approved reverse mortgage lender, consistently achieving a stellar 4. Contact a lender about your multifamily home purchase. Payment start date is 1/1/2018 Taxes are paid quarterly, which means at every due dates the taxes would be paid by the lender for 3 months. Step 3 – State. That’s not it, though. Reserves must equal or exceed three total monthly mortgage payments. Lenders typically require you to have 2 months of mortgage payments on hand in case of emergency. While the Amortization Calculator can serve as a basic tool for most, if not all, amortization calculations, there are other calculators available on this website that are more specifically geared for common amortization calculations. , and you can afford it, apply that lump sum towards your What are mortgage reserves? Reserves for mortgage loans are assets that you have easy access to if you were to need help covering your mortgage payments. Jan 8, 2018 · The funds that you can use, however, will not be counted at 100%. To avoid paying private mortgage insurance (PMI) on a conventional loan, lenders expect a down payment of at least 20%. If you claim a reserve, you still calculate your capital gain for the year as the proceeds of disposition minus the adjusted cost base and the outlays and expenses incurred to sell the property. * indicates required. The interest is a percentage of the amount borrowed that you pay to your lender. It was adaptable to our situation. Choose your loan and repayment types to see the average interest rate for new home loans in March 2024 (Reserve Bank of Australia). While the amount is based on your equity, you’re still borrowing the money and paying the lender a fee and interest. A reverse mortgage allows you to predictably supplement your income during retirement. This means the loan to value rates on mortgage reserve accounts are usually around 85% but you may be able to get a loan to value rate as high as 90%. Take note of the following upfront costs: Origination fees – Lenders cannot charge over $2,500 of the first $200,000 of the home’s value plus 1% of the amount over $200,000. From this, you deduct the amount of your reserve for the year. Loan type. May 1, 2024 · Mortgage rates are influenced by many elements, including the inflation rate, the pace of job creation, and whether the economy is growing or shrinking. 22%. Your home journey is unique. P = principal. Jan 3, 2024 · All manually underwritten loans must meet or exceed the following minimum reserve requirements: 1 and 2 Unit Properties. Debt-to-income ratio: 34%. Use our Mortgage Qualification Calculator to determine what size mortgage you qualify for based on your monthly gross income and debt expenses. Pennington. Use the free reverse mortgage calculator provided below and find out how much you can receive from a reverse mortgage. 98/5 star rating for our impeccable service. May 23, 2022 · The exact amount of cash reserves you’ll need will depend on your loan type, your credit score, and the amount of your loan versus the purchase price, or the loan-to-value ratio. For example, if your monthly mortgage payment is $1,800 and Jan 30, 2020 · A reverse mortgage is a home loan that allows homeowners ages 62 and older to withdraw home equity and convert it into cash. Lenders. The percentage you put down can vary by loan program, but it can be as little as 3% or as high as 20%. Your Reverse Mortgage Term. 1. Once the analysis is completed, you’ll receive an escrow analysis statement that Your lender will require your reserve funds, including those in your 401 (k), to be “seasoned. A reverse mortgage calculator uses several key factors to determine the loan amount: the borrower’s age, the home’s value (or the HUD lending limit if it’s lower), and current interest rates. For loans over $3,000,000: You're required to have liquid assets A reverse mortgage increases your debt and can use up your equity. First, add the proposed mortgage payment to the existing debt obligations to find the total monthly debt obligation: $1,500 + $550 = $2,050. Would have to check where the interest is added it should be in the documents you got with the mortgage. It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information. Kirkland, WA 98033. You can copy it from the "Debt log. If your monthly housing cost is $1,500 then you would need $3,000. The Federal Reserve's monetary policy is a 20%. These assets are money you have left over . Enter reverse mortgage loan amount (typically no more than 60% Let’s say that your total monthly housing costs will be $1,000. To help determine whether or not you qualify for a home mortgage based on income and expenses, visit the Mortgage Qualifier Tool. You can repay your Barclays mortgage reserve but paying money into your mortgage current account. For many homeowners, the monthly mortgage payment includes more than just Oct 24, 2018 · So, when you close on a home, your insurance impound calculation is: 1 full year of premiums + 2 or 3 months reserves = Total of 14 to 15 months. “I’ve been selling insurance all more…. For conventional mortgages, the calculations are based on an owner Learn which home loan program is right for you and how the mortgage process works. Next, divide the total monthly debt obligation by the gross monthly income: $2,050 / $6,000. May 21, 2023 · The Cost of PMI. Equitable Bank Reverse Mortgage. Aug 5, 2015 · A reverse mortgage is a loan that allows qualified homeowners who are age 62 or older to take part of their home's equity as cash, either as a line of credit, or monthly or lump sum payment, or combo of a credit line and payments. The federal government requires a specific amount of reserves in an escrow account. The financial projections showing the implications in different scenarios were clear. Learn how a reverse mortgage can improve your retirement income and lifestyle. 1 for detailed guidance on all 203(k) loan transactions. Fannie Mae Selling Guide (2021). The lower your credit score, the higher the reserves a Sep 11, 2023 · Mortgage Reserve Requirements. HECM Calculator Step 1 – Age and Home Value. Interest rates are rising, so the average rate may now be higher. Department of Veterans Affairs) N/A for one- and two-unit properties. This calculator estimates what you may be able to receive from the federally-insured Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage loan. Your lender will approve your home loan based on your job, credit rating, and your ability to make the monthly payment. Request a free personalized rate quote. Auto Loan Calculator. The Department of Housing and Urban Development (HUD) provides a table called the Principal Limit Factors, which sets the loan-to-value ratio based Check out the web's best mortgage calculator. Many factors affect what size mortgage you can afford including your credit profile, interest rate, loan type and length. Apr 25, 2023 · Mortgage Calculator. Do you offer a mortgage reserve facility? Barclays no longer offers a mortgage reserve service. Your mortgage payment is known as PITI (principal, interest, taxes, and insurance). Average interest rate March 2024 6. Mortgage guaranty insurance protects a lender against loss of all or a portion of the principal amount of a mortgage loan upon default of the mortgagor. If you’re 62 but your spouse is under the required reverse mortgage age, you can still get a HECM, but your spouse will be Jan 24, 2012 · Interest is calculated daily and added monthly. Start by inputting your property type, estimated home value, ZIP code, outstanding mortgage balance (if applicable) and the youngest co-borrower’s age (if Most of us know buying a home requires a down payment. For example, a borrower with a $1,000 monthly mortgage payment would need $4,000 in reserves to qualify for a compensating factor. NRMLA Reverse Mortgage Calculator. ) In order to determine the minimum amount of the Replacement Reserve , you must: Obtain a PCA ( Form 4099 ). If you pay less than 20%, lenders will expect you to pay PMI as part of your mortgage payment each month. Step 6 – Calculation Results. Because of this, the reverse mortgage age requirement is 62 or older. Your mortgage bank will usually go back about three months to verify your funds and reserves — if they see a big deposit that seems to exceed what’s possible with your income, they’re going to ask a lot of questions. Jul 26, 2021 · Section 5501. Your debt keeps going up (and your equity keeps going down) because interest is added to your balance every month. Then there are closing costs, which include third-party fees, appraisal fees, taxes, etc. Choose mortgage calculations for any number of years, months, amount and interest rate. Based on term of your mortgage, interest rate, loan amount, annual taxes and annual insurance, calculate your monthly payments. The calculator is easy to use with just a few fields to fill out, including the choice of the preferred reverse mortgage term, either 6 months, 1 year, 3 years or 5 years. To determine average mortgage rates, Curinos uses a standardized set of parameters. $-0. n = Number of Monthly Payments for 30-Year Mortgage (30 * 12 = 360, etc. Works in reverse also. Mar 28, 2024 · To calculate this, multiply your monthly income by 28 or 36 and then divide it by 100. Last Updated 06/23/16 LIMITED 203(k) PURCHASE Page 1 of 2 Step 1: Establishing Financeable Repair and Improvement Costs, Fees and Reserves A. The formula to calculate this would be x = (a × 28) ÷ 100, where a is your monthly income (1,260 = [4,500 × 28] ÷ 100). 2 months for second homes. They grant lenders peace of mind, knowing you can afford your loan should you suffer a major loss of income or unemployment. Instead, they can use 75% of it, or $75,000. For all other Woolwich mortgages, the Reserve interest is charged at Bank of England Base Rate + 3. The traditional monthly mortgage payment calculation includes: Principal: The amount of money you borrowed. Multiple your loan term by 12 to determine the total number of payments. FHA (Federal Housing Administration) 0 to 2 months for one- and two-unit properties. Use our free reverse mortgage calculator to determine how much equity you may qualify for. This means the money has been in the account for a certain length of time, typically 60 days Use the reverse mortgage calculator to help determine the balance of a reverse mortgage. Total: $1,500. $19,609. Estimate your monthly payments with PMI, taxes, homeowner's insurance, HOA fees, current loan rates & more. May 13, 2022 · The requirement for cash reserves varies depending on the purpose of your loan, the type of property you’re financing, your credit scores, debt-to-income ( DTI) ratio and the loan program. If required, you must have enough money set aside after closing to make up to 30 consecutive monthly mortgage payments, including PITIA. Jul 3, 2023 · HomEquity Bank has these calculators available for complete transparency and to enable homeowners to be well aware of the numbers in advance. So one month of mortgage reserves would be $1450. . Reserves must equal or exceed one total monthly mortgage payment. Jan 18, 2024 · In the first month, in line with the loan amortization method, your payment will cover mostly interest: $500 mortgage interest, calculated by multiplying the loan balance (the principal) by the monthly interest rate of 0. In general, you’ll pay between $30 and $70 per month for every $100,000 borrowed, according to Freddie Mac, a government-sponsored enterprise that buys and sells mortgages on The Debt-to-income calculator gives you a benchmark for planning. An AAG reverse mortgage professional can provide you an individualized consultation based on your particular situation and retirement goals. Also offers loan performance graphs, biweekly savings comparisons and easy to print amortization schedules. P = Principal Amount (initial loan balance) i = Interest Rate. MP=P [r (1+r)n/ (1+r)n-1] MP = monthly payment. m. To purchase a home, you typically don’t need to have a mortgage reserve. Repayment type. Use Your monthly mortgage payment is made up of principal and interest, and that's what our calculator shows. Jun 24, 2022 · Mortgage reserves are one month of your total mortgage payment. It differs from other types of property and casualty insurance in that coverage is long-term, and in most cases premiums are level and paid monthly. 13. Steve Turner, 78, lives in Demorest, GA, where he sells supplemental insurance for Medicare beneficiaries, commonly referred to as Medigap or Medicare Advantage. Mortgage Calculator. Mar 26, 2024 · Calculate total monthly mortgage payments on your home with taxes and insurance. We cannot accept responsibility for any errors. S. Mortgage insurance: The mandatory insurance to protect your lender's investment of 80% or more of To find a reverse mortgage counselor near you, search the HECM Counselor Roster or call (800) 569-4287. 3: Asset Eligibility and Documentation Requirements. To find a reverse mortgage counselor that provides telephone and face-to-face counseling nationwide, use the HUD Intermediaries Providing HECM Counseling Nationwide list. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time. LendingTree’s calculator defaults to a 30-year fixed-rate mortgage, but there’s a 15-year fixed-rate term option if you want to save on interest charges and can afford a higher monthly payment. However, if a reduced reserve is claimed in a year, the reserve claimed in the following year cannot exceed that amount. Open until 5:00 p. Then don’t touch it. What you end up with is the part of the capital gain that you have to report in the year Jul 19, 2023 · Reverse Mortgage Calculator Canada 2024. Borrowers don't have to pay taxes on the proceeds or make monthly Here are the steps to use a reverse mortgage calculator: Enter your home value: You will need to enter the estimated value of your home (you can use Ownerly to find your home value). Jan 17, 2018 · Because of this, your lender can only use 75% of the value of your 401K account. The principal portion goes toward paying off the total amount you've borrowed. Begin your home loan process today! Our mortgage advisors are standing by. 2. Remodel your home to accommodate changing health and age limitations. VA loans are typically available to those who meet the following qualifications: Eligible military service (typically 2 years on active duty or 6 years in the Reserves or The amount of cash a borrower pays upfront to buy a home; it goes toward the purchase price with mortgage loans typically used to finance the remaining amount. Term A certain period of time for which something lasts or is intended to last (for example, a five-year loan, a three-year certificate of deposit, a one-year insurance policy, a 30-year 6 days ago · Today’s Interest Rate on an FHA Loan. The NRMLA Reverse Mortgage Calculator is user-friendly and comes from a respected ethics advocacy group for lenders, making it a trustworthy resource. If you calculate based on income, the calculator will take information about your financial health and loan preferences, combined with Oct 25, 2023 · Reverse mortgages require that applicants be at least 62 years old and own a significant amount of equity in their home. Use the free reverse mortgage calculator below to see how much you can receive from a reverse mortgage. If your income varies from month to month, estimate what you receive in a typical month. For the matter of simplicity, we represent here a simplified version of the equation that doesn't incorporate all features involved in the calculator. You can make payments to reduce the outstanding amount on your Mortgage Reserve at any time. This calculator determines your mortgage payment and provides you with a mortgage payment schedule. For example, if your monthly mortgage payment is $1,800 and Apr 21, 2022 · Mortgage deposit: The mortgage deposit requirements for a mortgage reserve account mortgage are usually around 15%. Step 2 – Mortgage Balances and Payments. The mortgage payment calculation looks like this: M = P [ i (1 + i)^n ] / [ (1 + i)^n – 1] The variables are as follows: M = monthly mortgage paymentP = the principal amounti = your monthly For those who want to know the math that goes into calculating a mortgage payment, we use the following formula to determine a monthly estimate: M = Monthly Payment. Mar 26, 2024 · Use this calculator to calculate repayment of your mortgage and add extra payments to find how much it reduces the length of your loan term and the amount of interest you can save over the life of the mortgage. These tools are intended to provide guidance and financial estimates. Our unwavering commitment to integrity and exceptional customer support has earned us an A+ Exemplary Rating from the Better Reverse Mortgage Calculator. If you choose to go with the one-time lump sum Jan 17, 2024 · Table of Contents. Lower credit scores (700 or lower), low down Mortgage reserve requirements by loan type. Alternatively, if you’re closing on a refinance transaction your calculation is: (1 full year premiums + 2 or 3 months reserves) – # of months left on the policy. 0%. 6 months for investment properties. See your alternative options here. Use our mortgage calculator to estimate your mortgage payment with taxes and insurance and see your overview, breakdown and amortization. Those usually average around 3-5% of your loan amount. Replacement Reserve Schedule The Required Replacement Schedule to the Multifamily Loan Agreement (Form 6001 series) and the applicable parts of the Mortgage reserves, also known as cash reserves or emergency funds, are assets that can quickly convert to ready cash after closing if you need help covering your mortgage payment. How to Use This Reverse Mortgage Calculator. ET. Step 5 – Confirm and Calculate. bk za ab gs gj mz do ge jc rq