CHIP Home Equity Calculator
First, tell us a little about you and your home
Please enter first name. SKIP
March 31, 2019
A reverse mortgage is a loan that allows you to access some of your home’s equity without requiring you to sell or pay any regular mortgage payments. But what exactly is home equity? Home equity is the difference between the market value of your home and any remaining loans that are owed on the property.
Gertrude, below is your personalized report. Based on your inputs, here is a summary of what your reverse mortgage and home equity could look like over time.
Approximate Home Value:
$500,000
Reverse Mortgage Amount:
$100,000
Selected Product:
CHIP
Reverse Mortgage
Years Remaining in Home:
10 years
Interest Rate Term:
5 years
Annual Home Appreciation Rate:
6%
Today
In 10 Years
Home Value
$1,000,000
$1,480,244
Reverse Mortgage
$500,000
$500,000
Interest
$0
$403,054
Remaining Home Equity
$500,000
$577,191
After 10 years you could have $272,009 remaining in home equity.†
$2222
Home Value
Reverse Mortgage + Interest
Reverse Mortgage
Year
Principal
Interest Rate
Accrued Annual Interest
Estimated End of Year Mortgage Balance
Estimated Future
Home Value
Estimated Remaining Home Equity
0
$500,000
6%
$ -
$500,000
$1,000,000
$500,000
1
$500,000
6%
$30,450
$530,450
$1,040,000
$509,550
† Your remaining home equity is $0 because you cannot have less than $0 equity, even though your reverse mortgage and interest balance is greater than your home value.
1 Planned advances are subject to the current variable interest rate, the initial advance amount is subject to the interest rate selected.
2 Special interest rates are subject to the selected term and will reset to the posted interest rate upon expiration of special interest rate term.
Gertrude, based on your inputs, after X years you could have $XXX remaining in home equity.
Benefits of the CHIP Reverse Mortgage®
Access up to 55% of the value of your home in tax-free cash without having to sell
Funds received are tax-free and can be used for whatever you choose
No monthly mortgage payments required
Convenience of regularly scheduled advances
Provides you with additional income
Preserves investment portfolio & lowers long-term tax liabilities
No monthly mortgage payments required
Get access to cash for large unforeseen expenses
Funds received are tax-free and can be used for whatever you choose
Avoid high-interest loans or an additional mortgage
No monthly mortgage payments required
Access your home equity for short-term needs
Repay 100% of balance at any time with no prepayment charges
Flexibility to convert to a longer-term reverse mortgage solution at anytime
No monthly mortgage payments required
Ready to take the next step?
How to apply
Access up to 55% of the value of your home – the process is simple!
Estimate
Find out how much money you can get with a free estimate
Review
Our consultants and specialist will contact you to verify your information and answer questions
Receive
Receive the money you need in one lump sum or installments
Payment
There are no monthly mortgage payments required. The full amount becomes due when you are no longer in the home
Don't wait!
Call us now to access your tax-free cash.
*Calculation results and chart are approximations based on the data you have entered and are for illustration purposes. HomeEquity Bank does not make any representations or warranties with respect to the calculation results. External factors are not accounted for in the calculations and may affect future projections and are based on certain assumptions. The rate entered is a sample rate and is not considered a rate guarantee. HomeEquity Bank may change or update calculations without notification. This information is not intended as specific financial, legal, or tax advice for any individual and should not be relied on as such. Should the home owner decide to proceed, an independent appraisal of the home, among other things, will be required in order to establish a precise evaluation.