| There are an estimated 80 million individuals on the | | | | mortgages in order to give potential borrowers more |
| brink of retirement, which means they will likely need | | | | options to choose from. Once a homeowner receives |
| additional sources of income. The recessing economy | | | | an estimate of the loan amount he or she could |
| has decreased the amount of retirement funds that | | | | receive, the calculator also shows the different |
| many expected to receive, and many homeowners | | | | disbursement options the homeowner can choose |
| do not want to eliminate their savings just to be able to | | | | from, including a lump sum, line of credit, monthly tenure |
| remain in their home. Many homeowners in this financial | | | | payments or a customized option that best suits the |
| predicament have found their solution in a reverse | | | | homeowner's needs. |
| mortgage loan, which helps homeowners save money | | | | This calculator simplifies the most difficult part of the |
| by eliminating monthly mortgage payments and | | | | decision process one goes through when deciding how |
| providing access to home equity. | | | | to finance his or her home. Once a homeowner's |
| What the Calculator Accomplishes | | | | eligibility and loan estimates are calculated, he or she |
| If a homeowner thinks a reverse mortgage loan could | | | | should speak with a reputable reverse mortgage loan |
| be a viable option, there is now an efficient way for | | | | specialist to confirm the accuracy of the information |
| homeowners to determine their eligibility for the loan, as | | | | he or she received. A loan specialist can verify the |
| well as determine how much they could possibly | | | | homeowner's eligibility and provide them with an official |
| receive. has recently launched a new reverse | | | | quote, which should either verify the estimates they |
| mortgage loan calculator that can help homeowners | | | | received or make them more precise. |
| who are considering this financial product with their | | | | Reverse Mortgage Loan Eligibility and Requirements |
| decision process. | | | | To be eligible for this loan, the homeowner must be at |
| The calculator first determines whether a homeowner | | | | least 62 years old and be financing his or her primary |
| is eligible for this financial product. Then, it uses the | | | | residence. The loan does not require monthly |
| homeowner's age, home value and mortgage balance | | | | mortgage payments as long as the homeowner |
| to calculate the loan amount he or she could possibly | | | | remains current on his or her home repairs, real estate |
| receive. While there are other, similar reverse | | | | taxes and homeowner's insurance. If these are not |
| mortgage loan calculators that exist, this calculator is | | | | kept up-to-date, the loan will be considered delinquent |
| unique in the fact that it uses an average of interest | | | | and will become due and payable. Homeowners who |
| rates and program fees from all over the industry to | | | | are considering a reverse mortgage, have questions, |
| provide the homeowner's estimate. The homeowner | | | | or have used this calculator to determine what they |
| can then compare their estimate with what is being | | | | want from a reverse mortgage and are ready to |
| offered by reverse mortgage lenders. | | | | proceed should contact a reputable mortgage |
| In addition to everything else, the calculator provides | | | | specialist for more information. |
| estimates for both fixed-rate and adjustable-rate | | | | |