Reverse Mortgages, Simplified

Reverse mortgages can eliminate your monthly mortgage payment and provide you with extra funds to use however you desire. Discover how free your life can be with this unique financial product. Unlike traditional home mortgages, reverse mortgages do not have strenuous credit or income checks. This can make it easy to convert your home's equity to use as you please.

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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

This disbursement option on the reverse mortgage calculator describes taking all of the proceeds in a single, lump payment. This disbursement option is based off of a fixed interest rate for the life of the loan. In recent years, this has become the most popular option because it allows you access to the greatest portion of the home’s equity. Fixed reverse mortgage rates offer stability that many people prefer.
This disbursement option on the reverse mortgage calculator allows the funds to be accessed in a line of credit, similar to a traditional Home Equity Line of Credit. Just like any other option, there will never be any monthly mortgage payments required. This reverse mortgage calculator disbursement option is based off of an adjustable interest rate. The credit line is unique in that it grows in order to compensate for the probable appreciation of your home. This option offers flexibility because the money can be accessed whenever it might be needed.
This reverse mortgage calculator disbursement option allows you to see the amount of money for which you are eligible monthly, either for the rest of the time you live in the home, or a predetermined time, selected by you. This option is perfect for those looking to supplement their monthly income.
If you elect to receive the funds at once in a lump sum, the only way to access additional equity would be to refinance. If you chose a different disbursement option, you can often change your disbursement option at any time with the lender.  This can be helpful if you no longer need monthly payments and wish to keep the money in a credit line. More than likely, this is an easy procedure that is available for a nominal fee.

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. Please see our privacy policy to find out more about how your information is protected.

 

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