Online Reverse Mortgage Calculator
What to know and what to keep an eye open for:
A reverse mortgage calculator is a calculator that is able to figure out the amount a homeowner who is a senior can receive. This number is figured out based on a variety of different aspects which includes a lot of different questions. Some of the questions that are always asked with any reverse mortgage loan calculator are as follows but are not limited to:
* What is the zip code of your house
* What is the state that your house is in
* What county your house is in
* What the exact date of your birth is; including month, day and year
* What the exact date of your spouse or co-owner is; including month, day and year
* What the value of your home is
* If you have any liens and or mortgages out on the house already and if so what are they and how much was borrowed and how much is still owed
* What the monthly payment is you have to make on a mortgage if you have
* What the amount is for other cash you wish to have upfront
* What the amount is for the estimated repairs that need to be done to the house are
* What you would like your line of credit to be
* And more…
You can find a lot of different reverse mortgage calculators online, each one is slightly different but you need to know that the number that appears as the estimate online may not be the real estimate you receive in real life because interest rates are always changing as well as the margins are also changing and differ based on whatever the market is doing. Normally the reverse mortgage calculators that you can use online are for educational and or illustrative reasons; think of it as a way to help you see things in a more realistic point of view and use it to help determine if getting a reverse mortgage loan is right for you or not.
Also keep in mind that the calculator simply provides an estimate that you can get from the FHA and this is known as something that is federally insured; HECM of Home Equity Conversion Mortgage, it is the reverse mortgage program and the only way that you can properly receive one of these loans is if you as well as your co-borrower, if you have one at all, are both at least sixty two years of age or older. If there are more than one person on the loan application than the lenders use the youngest age of whoever is on the loan to determine the amount of money that can be given in a reverse mortgage loan if they were to accept it.
Plus when you answer these questions online most of your answers will probably be estimates but when you are doing this for real your answers are going to be exact because between you and the lender are the necessary paperwork and information are there such as stuff from the bank, the realty company and more.