Preset limit cannot be exceeded. To encourage this open practice nationwide, Fannie Mae has created a True Cost Calculator. Building an heir of credibility can also come from clearly disclosing ownership information and making corporate and mission statements readily available. If you refinance it at 5%, earlier you used to pay $3000 every month now you will be paying only $2500 thus saving $500 every month.Reverse mortgage For those above 62 years, no income qualification involved, this mortgage helps you with monthly expenses and mainly medical bills which mount during these golden years.