Use a Reverse Mortgage Calculator to Determine Your Home’s Worth!
A reverse mortgage calculator can help you determine how much money you can get from your home. If you do not already know, a reverse mortgage is where you can take out a loan against your home that does not have to be repaid as long as you live there. It is dependant on age, home value, and current interest rates. A reverse mortgage calculator will use these three factors to tell you what kind of a loan you can get from various places.
This is important because the value you can get from each lender can differ greatly. For example, you may get $120,000 from HUD but only $30,000 from a competitor! A reverse mortgage calculator can assist you in determining which company could give you the most for your home’s equity.
Not only to do have to decide between different companies but you also have to choose a loan type as well, which a reverse mortgage calculator can help you do. The three types are:
- An immediate flat cash or credit line advance - this is one flat payment to use whenever you want. You can receive it as cash or as a line of credit.- A growing line of credit - This is like having your money in savings account. You will receive interest on unused money in the account. In 10 years a $120,000 loan could turn into $214,000!- A monthly cash advance - this is a flat rate given to you in monthly installments.
A reverse mortgage calculator will tell you which type may be best for you. It can even tell you how much your growing line of credit will blossom after a certain number of years.
If you are aged 62 or older, you should consider checking out a reverse mortgage calculator to find out just how profitable your property could be to you.
