Free Reverse Mortgage Calculator Tool
RTG Consultants has put together a page with reverse mortgage calulator information. These reverse mortgage calculators provides approximate estimates for nationally available reverse mortgage programs. These estimates do not reflect local cost variables, are not an offer to make you a loan, do not qualify you to obtain a loan, and are not an official loan disclosure. Reverse mortgage calculators can only provide a basic estimate, to get a full analysis with documentation, please visit our free reverse mortgage quote form.
Online Reverse Mortgage Calculator
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How to use a Reverse Mortgage Calculator
Because reverse mortgages works in such a different way than normal mortgages, it is important to make sure that the proper information is available before using a reverse mortgage calculator. One of the most important things that will be needed is the current value of the home that is the primary residence of the loan applicant. Next, the applicant needs to know what the payoff amount is for their first mortgage.
It is also helpful for the person applying for a reverse mortgage to know how much money they are wanting to receive and how they are wanting to receive it. The money can be received as a cash lump sum, a monthly stipend, a line of credit or a combination of the three. Once the appropriate information is filled in, the calculator will be able to automatically process that information and give the applicant a good idea of what to expect with this type of loan.