Calculate Home Equity Gains Reverse Mortgage Eligibility Now
Calculating Your Home Equity
To determine your home equity, start by obtaining a current appraisal of your home's market value. Subtract the balance of any existing mortgages or liens from this value. For example, if your home is valued at $300,000 and you owe $100,000 on your mortgage, your home equity is $200,000. This figure is crucial for assessing your eligibility for a reverse mortgage and understanding how much you can potentially borrow2.