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New Reverse Mortgage Calculator: Is a Reverse Mortgage Right For You?
A reverse mortgage is a loan. You are borrowing against your home equity. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money borrowed as long as you are living in the home.
For many senior households, housing is usually the most costly expense as well as the most valuable asset. A reverse mortgage takes advantage of both of these facts. The loan enables you to eliminate ongoing mortgage payments, and for borrowers with sufficient home equity, access cash to use as needed or desired. However, the decision to secure the loan can be complicated and confusing.
Almost all financial products have pros and cons. Reverse mortgages are no exception.
Some of the factors you will want to consider include:
Your need for supplemental income or improved cash flow by eliminating mortgage payments
Your desire for financial independence
Your ability to stay in your existing home for the long term
Your financial values and attitudes toward loans
Your interest in maximizing your estate for heirs
What Are the Main Reasons Other People Get a Reverse Mortgage?
Mortgage Dogs offers a Reverse Mortgage Suitability Calculator that assesses whether or not the loan is a good fit for you. So far over 370,000 people have used this tool, and for these people the strongest reasons to secure a reverse mortgage are:
The desire for financial independence
The wish to remain in their own home for the rest of their lives
For those with some savings — but perhaps not enough to feel comfortable throughout retirement — the line of credit option provides instant access to cash to optimize drawdown strategies when unexpected expenses arise and during market downturns. If you get the line of credit now, the amount you can borrow grows as you age, effectively locking in immediate access to home equity when you need it most.
Reverse Mortgage Disadvantages
While there may be strong reasons to get a reverse mortgage and much has been done over the years to make reverse mortgages a stronger product, there are some downsides.
Here are some possible disadvantages to the product that you should consider when assessing your suitability:
You Accumulate Interest: There are no monthly payments on a reverse mortgage. As such, the loan amount — the amount you will eventually have to pay back — grows larger over time. Every month, the amount of interest you will eventually owe increases — it accumulates. However, the amount you owe on the loan will never exceed the value of the home when the loan becomes due. The loan and accumulated interest become due when you and your spouse die or move out of the home.
Disappointing Loan Amounts: Some reverse mortgage borrowers are disappointed by the amount of money they can borrow with a reverse mortgage. Your actual loan amount is determined by a calculation using the appraised value of your home, the amount of money you owe on the home, your age and current interest rates.
The Loans Are Complicated: The basics of reverse mortgages can seem so foreign to people.
It's be easier to get pre-approved for a reverse mortgage than you ever imagined. We believe in making it as easy as possible for everyone to make the best decisions for their situation. Click here now to get started, it only takes a few minutes online.
On the other hand, the advantages of the loans are clear. Reverse mortgages enable you to eliminate your traditional mortgage payments and/or access your home equity while still owning and living in your home. Given the right set of circumstances, a reverse mortgage can be an ideal way to increase your spending power and financial security in retirement.
Furthermore, the loans are flexible, have a low risk of default and are tax free.
New Reverse Mortgage Calculator Assesses Your Suitability – Is a Reverse Mortgage Right for You?
Many reverse mortgage calculators exist to help you estimate your loan amount or to assess whether you qualify for the loan or not, but – until now – nothing has helped you assess your suitability for a reverse mortgage.
Mortgage Dogs is proud to introduce the Reverse Mortgage Suitability Test. This calculator takes you through five questions and assesses whether the loan is something you should consider or not.
Reverse mortgages can be great for many people but is it right for you? The reverse mortgage suitability test gives you an overall grade about whether or not a reverse mortgage is something you should consider. You also get personalized commentary on various aspects of the loan and how they will impact your retirement.
It's be easier to get pre-approved for a reverse mortgage than you ever imagined. We believe in making it as easy as possible for everyone to make the best decisions for their situation. Click here now to get started, it only takes a few minutes online.
Tammy Metzger - NMLS# 1685285
It's be easier to get pre-approved for a reverse mortgage than you ever imagined. We believe in making it as easy as possible for everyone to make the best decisions for their situation. Click here now to get started, it only takes a few minutes online.
Tammy Metzger
Residential Mortgage Loan Originator
Assess Your Reverse Mortgage Suitability
Find out if a Reverse Mortgage is the right fit for you
Loan Resources
Loan Officer
Tammy Metzger,
Residential Mortgage Loan Originator
NMLS# 1685285
No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. A reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant. Xpert Home Lending, Inc. is an Equal Opportunity Lender and an Equal Housing Lender | NMLS 2179191 or if using a d/b/a (d/b/a name) powered by Xpert Home Lending, Inc. is an Equal Opportunity Lender and an Equal Housing Lender | NMLS 2179191
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.