![]() Sum of all closing costs including origination fees & 3rd party costs.Interest rates including adjustable & fixed rate options.Available payment options such as line of credit, tenure or term payment plans.Eligibility, available loan amounts and mortgage balance.Your calculations should provide the following information: What a Reverse Mortgage Calculator Should Provide If you get one of these data requests, these companies may not simply send you the information you request, but rather send you pieces of a proposal, or call you and constantly push you hoping to get you to commit before you have an opportunity to compare other lenders.Ī true online calculator requires no personal information and is a valuable tool for the borrower that puts you in control.įor this reason, a calculator should be fast, accurate, easy to use and should give you the option of requesting a contact or not. They simply require interested parties to complete contact information and as much personal information as possible so solicitors can begin the process of trying to contact them. Still other “calculators” are not really calculators at all. These calculators require borrowers to complete a substantial amount of their personal information before the calculator will even give them the information the interested party is seeking (whether that is the borrower or someone looking for information on behalf of a prospective borrower). Many calculators exist on various sites, but borrowers should take care in which reverse mortgage calculator they ultimately choose to utilize.įor example, there are calculators on various lender sites, and other sites with calculators that exist only to sell consumer information to lenders. ![]() A Reverse Mortgage Calculator is a tool for consumers to use when shopping for a reverse mortgage.
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