August 17, 2009 – (RealEstateRama) — It is a good idea to understand what a reasonable amount of income to expect is from your reverse mortgage, based on your age, equity in your home and other financial variables in your life. You can use an online calculator to estimate what your reverse mortgage will look like.
The online calculator helps you to derive information about the amount you will receive from a lender for your reverse mortgage. It is only an estimate based on current interest rates and your particular situation, including your age and that of your spouse, the value of your home, and the loans currently associated with your home. The interest rate may change by the time you set up your reverse mortgage, thus the calculation by the lender may vary. It is important that you enter all of the information into the online form as accurately as possible to determine if you qualify for a reverse mortgage based on your age and the equity in your home. Stating your location helps the calculator determine which programs are available to you in your area and what fees will be rendered on your reverse mortgage. Plugging in the value of your home and the mortgage balance remaining into the calculator will help determine how much you will receive from your reverse mortgage after you’ve paid off your current mortgage with the funds. It will also indicate whether you will even qualify for this program. If you haven’t yet paid off your mortgage, you will need to use some of your reverse mortgage income to do so. This means that you may not end up with as much money as it seems when you are estimating your reverse mortgage benefits. The details matter when it comes to calculating a reverse mortgage for your particular circumstances, so it is best to enter all of your information into the reverse mortgage calculator.
With all the varieties of reverse mortgages available, you can expect there to be even more variety in the amounts and terms of individual reverse mortgage cases. When your are determining which one is best for you, or whether you need one at all, you consider the reverse mortgage in terms of your own situation, your short and long-term goals, and your priorities, like lifestyle, family, location, medical and other needs. Do not take out unnecessary reverse mortgage loans, because overall they are a costly way to borrow money. Think about your reasons for requesting the loan, and whether the outcome will be worth the costs.
Reverse mortgages can be confusing programs, and it essential that you understand how they work, how they will affect your home and your life, and the limitations they have. Take the guidance of an unbiased and well-informed counselor to guide you through the steps of obtaining a reverse mortgage and keep in touch with your lender throughout the life of your loan to stay abreast of importance developments in the reverse mortgage market.
If you would like more information, please call (866) 683-3690 or visit our Reverse Mortgage Calculator.
About Robert Griffin
A thirteen-year veteran of the mortgage industry, Robert Griffin specializes in reverse mortgages and has helped over 3000 Americans find financial security with a reverse mortgage. The owner of Griffin Financial Mortgage LLC, based in Fort Worth, Texas, his memberships include the National Association of Mortgage Brokers (NAMB), the Mortgage Bankers Association (MBA), the National Reverse Mortgage Lenders Association (NMRLA) and the Better Business Bureau (BBB). Robert Griffin is also co-author of “62 Senior Moments.”