Reverse Mortgage Calculators Help Convert Home Equity
A reverse mortgage is a unique product that acts exactly as it sounds; in reverse! The payment stream is reversed so that rather than you paying the bank, the bank pays you. In order to discover the benefits a reverse mortgage can provide for you and your loved ones, you should use a reverse mortgage calculator. This tool is a non-invasive way to see how much money you could receive from a reverse mortgage. A HECM, or Home Equity Conversion Mortgage is a unique type of mortgage that allows you to eliminate your monthly mortgage payment and convert any additional stored equity into usable funds. In order to qualify, the youngest borrower on title must be at least 62 years of age and you must own the home in which you live. The reverse mortgage works by converting a portion of your home’s equity into liquid assets.
How Do I Use a Reverse Mortgage Calculator?
To get an accurate estimate from the reverse mortgage calculator, you must enter your estimated home value, existing liens on the property, and the age of the youngest borrower on title to the home. The amount you qualify for will be based upon this information, as well as the interest rate of the prospective product. The reverse mortgage calculator will then provide you with an estimate of funds you could receive after paying off any liens on the property. A reverse mortgage calculator is the quickest and easiest way to obtain accurate information on how much money you can receive from a reverse mortgage after taking into account an estimation of the fees associated with this product. Most fees are currently reduced or waived in order to help you get the most money possible. Important to note is that a calculator cannot take the place of a consultation with a specialist.
Customize your Benefits with a Reverse Mortgage Calculator
Are reverse mortgages safe?
The federally-insured reverse mortgage, or HECM, has instituted many protections which aim to keep the borrowers safe. These include the caps on all fees, the non-recourse feature, and counseling. Reverse mortgage calculators provide a safe and easy way for you to see how much money you could receive with a reverse mortgage. Your information will be kept secure and confidential.