Reverse Mortgage Calculator
Most seniors who are interested in learning more about the
Reverse Mortgage process will often use a Reverse Mortgage
Calculator. Most online reverse mortgage calculators require the
current value of the home in question, the total amount of any
liens on the property, the ages of any individuals on the deed
and zip code. The Reverse Mortgage Calculator will then
immediately give a value that is fairly close to what an actual
Reverse Mortgage estimate will show.
Using a Reverse Mortgage Calculator is a great way to get an
idea of how much you could receive from a reverse mortgage, but
also remember it is just an estimate. All Reverse Mortgage
products use a variable interest rate, and some Reverse Mortgage
Calculators do not always stay completely accurate with the
current interest rate. Also, some Reverse Mortgage Calculators
will ask for the age of the individual, and not the exact birth
date. This can result in a difference between the estimate that
would be provided by a Reverse Mortgage Loan Officer and the
estimate prepared by the Reverse Mortgage Calculator.
A Reverse Mortgage is a loan that allows seniors age 62 and
above to utilize the dormant equity in their homes, but
different than a standard equity line, in that there are never
any payments required with a Reverse Mortgage while the senior
lives in the home. The formula uses the value of the property,
the age of the individual, and the current interest rate to
provide an amount of money that is usually anywhere from 20 to
60 percent of the home's appraised value. The funds many be
received in numerous ways, including a lump sum, a monthly
"annuity-like" payment, or an easily accessible Line of Credit.
For people interested in learning more about the Reverse
Mortgage program, a Reverse Mortgage Calculator is a great way
to get some initial figures and amounts that can be utilized
from the home's equity. After using the Reverse Mortgage
Calculator however, every person who is interested in learning
more should get a proper estimate from a Reverse Mortgage Loan
Officer. There should never be a charge to receive a Reverse
Mortgage estimate, and if that is ever the case, please report
the individual in violation to the Department of Housing and
Urban Development.
Reverse Mortgage Nation provides an online Reverse Mortgage
Calculator and a listing of Reverse Mortgage Loan Officers in
your state.