If you have been considering a reverse mortgage, it might be time to utilize a reverse mortgage calculator. Reverse mortgage calculators are online tools designed to help seniors determine how much they can borrow through a reverse mortgage. These calculators useful, completely free, and very easy to use.
How a Reverse Mortgage Calculators Work
To use a reverse mortgage calculator, users simply input the value of their home, the value of any existing liens, and their age. For a more accurate estimate, consumers can also input their estimated interest rate and origination fee.
The great thing about these calculators is that they are usually anonymous and obligation-free. Users are not required to provide their name or contact information to receive an immediate estimate. Seniors who like their estimates are welcome to contact a loan officer. Those who do not qualify for a reverse mortgage are free to continue researching other loan products. This helps seniors judge the eligibility without wasting a great deal of time.
Use a Reverse Mortgage Calculator to Begin Exploring Your Options
If you are eligible for a reverse mortgage, reverse mortgage calculators will estimate how much you can receive based on different payments options. Reverse mortgage proceeds are given a few different ways. Borrowers can choose to open a line of credit, take a lump sum, receive fixed monthly payments, or select a combination of these options. While your estimates might not be completely accurate, they will help you understand your options prior to speaking with a loan specialist.
If you are ready to discover exactly how much you can receive through a reverse mortgage, contact one of our loan specialists at 877-267-0274. One of our experts will evaluate your individual situation and help you begin exploring the reverse mortgage options available to you.