Project Detail

Description

I need to have someone build a reverse mortgage calculator for me in PHP. These are mortgages that allow people over the age of 62 to use their equity to receive monthly payments against the equity in their home.

The calculators are available online but the customer I'm working for wants their own. Below is a sample of the calculator as well as a link to the instructions for doing the calculations. The calculator uses a combination of the persons birthday, HUD lending limits for their county (DB already defined) and the amount currently owed on the property to calculate monthly payment and one time lump sum.

Additionally, once the calculator is completed, we'll need to develop the corresponding amortization schedule.

Developers with prior mortgage calculator and or mortgage application experience desired.

Calc Sample:
http://www.rmaarp.com/

Instructions (Section 4235.1):
http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=HBKS&s1=(4235.1)[no]&op1=AND&l=100&SECT1=TXT_HITS&SECT5=HBKS&u=./hudclips.cgi&p=1&r=7&f=G

Data used (HUD Lending Limits):
http://www.hud.gov/pub/chums/limits.txt