Reverse Mortgage
The Complete Guide to Reverse Mortgages: Turn Your Home Equity into Instant Income!
by Tyler Kraemer

This book was so helpful in informing myself and my parents as to the options available for them. It was easy to read and easy to understand. It gave many helpful hints and helped us figure out if a reverse mortgage was approriate for them.

It is essential if you or someone in your family is considering, or wants to learn more about, a reverse mortgage loan. It walks you through the process from borrowing to repayment in a conversational, easy-to-read format. You can read about real life situations that are very helpful for you to see how a reverse mortgage can work for you.

The book provides precise information on each of the types of reverse mortgages that are available. You will find information about the ways in which you can receive your payments, and all of the incumbent fees and costs that may come with this kind of loan are revealed. It outlines how to protect yourself and how you are already protected. Checklists are provided covering all the points to consider before making each decision, such as how to choose a lender.

     

Reverse Mortgage - Reverse Mortgage Calculator

Reverse Mortgage * Reverse Mortgage Calculator

Reverse Mortgage Calculator   
Troy Shellhammer

Most seniors who are interested in learning more about the Reverse Mortgage process will often use a Reverse Mortgage Calculator.

Most online reverse mortgage calculators require the current value of the home in question, the total amount of any liens on the property, the ages of any individuals on the deed and zip code. The Reverse Mortgage Calculator will then immediately give a value that is fairly close to what an actual Reverse Mortgage estimate will show.

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Using a Reverse Mortgage Calculator is a great way to get an idea of how much you could receive from a reverse mortgage, but also remember it is just an estimate. All Reverse Mortgage products use a variable interest rate, and some Reverse Mortgage Calculators do not always stay completely accurate with the current interest rate. Also, some Reverse Mortgage Calculators will ask for the age of the individual, and not the exact birth date. This can result in a difference between the estimate that would be provided by a Reverse Mortgage Loan Officer and the estimate prepared by the Reverse Mortgage Calculator.

A Reverse Mortgage is a loan that allows seniors age 62 and above to utilize the dormant equity in their homes, but different than a standard equity line, in that there are never any payments required with a Reverse Mortgage while the senior lives in the home. The formula uses the value of the property, the age of the individual, and the current interest rate to provide an amount of money that is usually anywhere from 20 to 60 percent of the home's appraised value. The funds many be received in numerous ways, including a lump sum, a monthly "annuity-like" payment, or an easily accessible Line of Credit.

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For people interested in learning more about the Reverse Mortgage program, a Reverse Mortgage Calculator is a great way to get some initial figures and amounts that can be utilized from the home's equity. After using the Reverse Mortgage Calculator however, every person who is interested in learning more should get a proper estimate from a Reverse Mortgage Loan Officer. There should never be a charge to receive a Reverse Mortgage estimate, and if that is ever the case, please report the individual in violation to the Department of Housing and Urban Development.

Reverse Mortgage Nation provides an online Reverse Mortgage Calculator and a listing of Reverse Mortgage Loan Officers in your state.


Troy Shellhammer is a Reverse Mortgage specialist with Next Generation Financial Services, a division of 1st Mariner Bank. He advises seniors on the Reverse Mortgage process and produces Reverse Mortgage loans nationwide. Please visit his website at http://www.reversemortgagenation.com/troyshellhammer or call 1-888-9 REVERSE for any questions, information, or an e

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Reverse Mortgage Loans by Tony Robinson

If you were to ask the average consumer to define the reverse mortgage concept, you would find very few able to do so. Many consumers, especially those who aren't up on their mortgage products and their...

Just What Is A Reverse Mortgage? by Copyright ©2007 Carl DiNello

It's very common today to find many retired people having difficult financial times trying to live on a small pension, or on an even smaller Social Security Check. Trying to keep up with their bills can...

Getting Equity Out Of Your Home for Retirement by Barry Waxller

What is the one thing you read over and over? Buy a home! The advice makes sense in this case as a home is a good long term investment. The question, however, is how do you get the money out when you need...

Reverse Mortgages For Seniors, Extract Equity From Your Property by Larry "The Realtor Guy"

A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Moreover, it doest not require an income or credit...

Mortgage Tips for AZ and FL by Ajeet Khurana

Americans waste much of their working lives thinking about, planning for, and dreaming of their years of retirement. These dreams often include fantasies of settling into a life minus all worries and looking...

What is a Reverse Mortgage Loan? by Brian Ankner

Reverse mortgages have increased in popularity in the past few years. Economist report that due to the increase in housing cost, the amount of money people are saving in their 401(k) and savings accounts...

Access your home equity with reverse mortgage by Antonio Redford

With the passage of time, contribution of financial institution is increasing in improving living standard of human beings. To offer exclusive financial services globally these institutions are launching...