Reverse mortgage calculator
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EXAMPLE #1: John Bosworth, Age 68
            Home Value - $250,000
            Home Equity - $210,000
            Approximate Mortgage Balance - $40,000
 Challenge: John is a widower who lives at home alone. He would like to 
            keep his home, but is having trouble making payments and meeting expenses. 
            His monthly mortgage payment is $611. Even with both Social Security 
            income and pension, he is still short by $187 per month 
 Solution:  John takes out a tax free reverse mortgage for $142,496. He takes a 
            lump sum of $40,000 and applies it to his existing mortgage and the 
            balance in monthly payments of $681. After paying the mortgage off 
            entirely, John s monthly income rises to $1,291. That s $611 per 
            month for the mortgage payment, plus another $681 from the reverse mortgage.
EXAMPLE #2
    Craig Jenkins, Age 82, and Sylvia Jenkins, Age 79 (reverse mortgages are 
    calculated using the age of the youngest home owner)
  	Home Value - $375,000
 	Home Equity - $375,000
  Challenge:
      Craig and Sylvia both take medication to stay in good health. The cost 
      of monthly meds and treatments makes it difficult for them to find the 
      money needed to maintain the quality of life they once enjoyed.
  Solution:
     They take out a tax free reverse mortgage with the option of one lump sum 
     totaling $218,419, or a monthly income of $1,495. The extra cash flow from 
     their reverse mortgage more than covers their monthly cost for medication, 
     and allows Craig and Sylvia more freedom with much less stress.

 EXAMPLE #3
    Kathy Tobias, Age 63, and Rinaldi Tobias, Age 71 (reverse mortgages are 
     calculated using the age of the youngest home owner)
         Home Value - $165,000
         Home Equity - $165,000
    Challenge:
       Kathy and Rinaldi would like to spend their retirement traveling around 
       the U.S. in their RV, but don t have extra money they would need to help  
       pay for rising gas prices and other added travel expenses.
    Solution:
      They take out a tax free reverse mortgage of $82,419. This will give them  
      an extra $519 per month which they can use any way they d like, and more 
      than supplements their need for gas and RV maintenance. 
EXAMPLE #4
       Gordon Penilla, Age 62, and Joanne Penilla, Age 65 (reverse mortgages are 
       calculated using the age of the youngest home owner)
           Home Value - $850,000
           Home Equity - $850,000
    Challenge:
        Gordon and Joanne have no real debts, and their monthly income is  
        adequate for them to live life as planned, but they would like to 
        help out with the cost of college tuition for a grand child. For that, 
        their income monthly and savings do not suffice.
    Solution:
       Gordon and Joanne take out a tax free reverse mortgage credit line allowing 
       up to $265,411. Each grandparent can now bestow a monetary gift to the grandchild, 
       the amount being that which is currently allowed by law.

  Note 1: Reverse mortgage proceeds are based upon the current interest rates at the time the 
          loan closes, the age of the youngest borrower, and the equity in the home. The examples 
          above are based on an interest rate of 6.26%.
  Note 2: Borrowers can lock rates in for 60 days from the date of application to the closing. 
          All rates adjust weekly, and the rate for closing is determined by the weekly rate  
          set on Tuesdays of each week (excluding Federal Holidays) and stay valid until the following Monday.

  http://www.seacoastreversemortgage.com/loanOptions/Custom%20Pages/Scenario%20Examples/
  http://www.kiplinger.com/article/retirement/T035-C000-S001-reverse-mortgages-risky-for-boomers.html

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