You are probably wondering how a reverse mortgage calculator works differently from a conventional mortgage calculator or amortization schedule. We are often asked how interest rates affect the calculation, why the calculated results are so different in style, and how long the term of the loan is etc. To start with, most reverse mortgages are insured by FHA, as a result the FHA reverse mortgage calculator has built in limitations that may affect how your results are shown. For example, FHA has a maximum lending limit that varies for each county in the country. This will affect the maximum loan size you may borrow, however Jumbo reverse mortgage programs are available for those whose home values and loan needs exceed FHA’s limits.
The reverse mortgage calculation is based on a few key factors including age (62 years old is the minimum age to qualify for a reverse mortgage) the current interest rate charged, the zip code you live in, the type of property you have, the type of payout you want- such as a lump sum payout at closing, annuity style monthly payments made to you for 10 years, or guaranteed for life, what your current mortgage balance is, and the style of reverse mortgage you want. For example, reverse mortgage calculation results are different for a line of credit than for monthly annuity style payments, and both are different than a lump sum payment to you at the closing of your home.
Both fixed and variable rates are available pending the loan type you choose. To get your calculation now, simply complete the fields in our reverse mortgage calculator and press submit. You will get instant online results. Your information is secure, and there is no obligation.
Utah reverse mortgages are becoming more popular as consumers discover the true benefits they have to offer. At a time when economic factors have left many without the ability to live the lifestyle they always planned on and deserve, reverse mortgage loans may provide the means to regain financial freedom. Our reverse mortgage calculator above can give you a good estimate of how much you qualify for, and can give you a start to learning more about reverse mortgages or starting an application.
Reverse My Mortgage is committed to providing the top quality service you deserve and expect. There are many types of reverse mortgages in Utah available today. With so many seniors having varying needs, we typically find that while one reverse mortgage program may fit the needs of someone else you know, it may not be the right reverse mortgage program for you. In fact, a reverse mortgage may be used as a tool to protect your home and assets in cases where Medicaid is needed, or be utilized for tax planning, bettering retirement, and a host of other needs, wants and financial tools. As a result considerations need to be made on several fronts as you decide what is right in your situation. In order to better assist you in finding the right solution for you, our Utah reverse mortgage advisers are experts in reverse mortgage lending and are committed to providing sound suggestions and insights while helping you consider all aspects of your decision regarding reverse mortgages.
Our pledge is to provide this service in a friendly and professional atmosphere so you can be completely open as you as your questions and consider your options. Simply put we want to be your reverse mortgage adviser, and we are willing to provide the service, price and information needed to earn that privilege. Our online tools include our reverse mortgage calculator which will provide you with lump sum or monthly payment benefit results. Our free reverse mortgage guide is updated regularly with the latest pertinent information, information about “what is a reverse mortgage” and so forth.
For more information, please see the information below:
You may have asked what reverse mortgages Utah are and how they work. Many seniors considering reverse mortgages ask why a lender would want to invest in a reverse mortgage and want to understand what the lender gains in the transaction. The old adage “if its too good to be true, it probably is” is a question we are often asked when we discuss the topic: What is a reverse mortgage. The answer to that question is likely different than what you would expect. A reverse mortgage is in fact a safe investment for lenders and borrowers alike. Learn more about how both parties can benefit from reverse mortgage lending and why a Utah reverse mortgage simply makes sense for so many seniors today. (read full article)
So what are the real reverse mortgage pros and cons? You may have heard varying stories from friends and family as to what the benefits and drawbacks to reverse mortgage loans are. While there are many benefits to reverse mortgages, there are also drawbacks. Reverse mortgage cons need to be considered when making a decision on doing a reverse mortgage. Many consumers, and even financial experts have misinformation on what a reverse mortgage can do for them or their clients, and may not be aware of all the pitfalls. By understanding what a reverse mortgageUtah can and cannot do for you, you can avoid the pitfalls that could present difficulties later on with your mortgage. Learn more about reverse mortgage pros and consl
You may also call our hotline toll free at 855-473-8377 (855-reverse(e)) any time with questions.
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