How To Use The Reverse Mortgage Calculator
Believe it or not, a reverse mortgage has now been around for over 50 years. It is only in the last decade or so that this form of loan has become very popular. The number of homeowners taking advantage of the cash-out, no-more-mortgage-payment features of reverse mortgages has exploded as more and more people reach the qualifying age of 62+.
Is a reverse mortgage good for your financial circumstances? What kind of monthly payout could you expect from a reverse mortgage? Zoom Reverse makes a reverse mortgage calculator available to you on our website, zoomreverse.com. This tool helps you see how a reverse mortgage can be tailored to suit your specific financial situation. A reverse mortgage calculator is a good place to start gathering the information you need to decide if you should take the next step and arrange a free consultation.
Remember to be eligible for a reverse mortgage you must be a homeowner aged 62 or older. Use the calculator to find out how much of a payout you can realize when you use a reverse mortgage to convert your home equity into a lump sum cash payout; or use the calculator to compute the monthly payment you can get. These payouts never have to be paid back as long as you continue to live in the home and they are tax-free. However, keep in mind, you still own the home and keep the title, so you are responsible for the taxes and insurance on the home.* The loan is insured by the U.S. government.
By the way, the calculator for a Zoom Revers mortgage does not indicate closing costs. This is because, with Zoom Reverse, there is a zero closing cost option for which you may qualify.
The computation for your payout with a reverse mortgage is a little complex, but the reverse mortgage calculator can make it easy The amount you are eligible to receive through a reverse mortgage is determined by several factors such as your age, current mortgage balance, and the estimated value of your home. This user-friendly tool only requires you to fill in some basic information related to your home and your existing mortgage. Most important, there is no need to provide any sensitive personal details.
Here are the three factors that will affect your payout as indicated by the reverse mortgage calculator:
1. The value of your home. That’s the primary factor that a reverse mortgage calculator takes into account to determine your payout amount. Go ahead and estimate your property value, but remember real estate values are always changing, so it might make sense to seek assistance from a licensed expert to get an accurate appraisal of the current value of your home
2. Mortgages on your home. The proceeds from your reverse mortgage are used first to repay all the existing mortgages on your property. So if you currently have a mortgage on your home the amount you receive through a new reverse mortgage will get reduced accordingly.
3. Your age. As a rule of thumb, the loan amount received by older applicants will be more than that received by younger applicants. If the spouse of the homeowner is included in a reverse mortgage the payout amount is determined by the age of the youngest borrower.
Now go ahead and calculate!
And then to dig a little deeper and to find out more give us a call at 1-844-3-REVERSE or Apply Here. At Zoom Reverse by United Mortgage you’ll find an experienced senior staff that specializes in reverse mortgages, can answer any questions you have and give you a very accurate idea of what you qualify for.
*homeowner must continue to pay taxes and insurance on the home or risk default