Senior Reverse Mortgage

A reverse mortgage calculator is a free online tool used to educate and assist senior consumers. These calculators use a senior’s age, home value, equity, and estimated interest rate to determine how much the individual might be eligible to receive. If you are currently considering a reverse mortgage, you will want to take advantage of these important tools.

Use a Calculator to Determine Whether You Qualify for a Reverse Mortgage

While most seniors know that they must be at least 62 years of age to qualify for a reverse mortgage, the equity requirements are not as clear. Unless you own your home outright, you might be uncertain as to whether you have enough equity to qualify. While a reverse mortgage calculator cannot approve you for a loan, it can tell you whether you meet the basic eligibility requirements. This can help you determine whether you should continue to pursue a reverse mortgage, or whether you should begin exploring other options.

Use a Reverse Mortgage Calculator to Estimate Payouts

In addition to determining eligibility, reverse mortgage calculators also calculate potential payouts. If your payout is significantly lower than what you were hoping to receive, a reverse mortgage might not be your best option. While calculating your estimated payout, experiment to see how your age affects your proceeds. This will help you determine whether now is the right time to get a reverse mortgage, or if it is in your best interest to wait.

Reverse mortgage calculators can also be used to estimate payouts according to different payment options. This will give you an idea of how much you might be eligible to receive in one lump sum, a line of credit, or in monthly payments. While there are many great sources of reverse mortgage information, using a mortgage calculator is the best way to get personalized information prior to speaking with a professional.