We agree with the contractor that the damages resulting from increased interest rates are consequential damages. Increases in interest rates are not caused by delays in completion of construction contracts.
So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment. Hereâs an example: If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.
You can pay, potentially, thousands of dollars to get a reverse mortgage. The costs you would need to pay are the same costs that you would pay to get a traditional mortgage. Here are estimates on typical costs you will find on either a reverse mortgage or a traditional mortgage. 1  Appraisal $350.