When you’re looking into the HECM (Home Equity Conversion Mortgage) Reverse Mortgage program, it’s easy to quickly become bombarded with information and ideas you don’t necessarily understand. There is so much information available that it’s sometimes hard to weed out what’s valuable information from what’s garbage. Whether you’ve been reading different articles, watching videos, or visiting different websites online, you know that a Reverse Mortgage is an FHA government-insured loan that lets you pay off the existing mortgage balance and potentially use the equity that you’ve already invested in your home. There are certain qualifications such as anyone on title being 62 years of age or older, the home must be the homeowner’s primary residence, and the homeowners must have some equity already invested in the home. After learning and studying all of the program rules and qualifications, it usually leaves interested parties asking the age old question, “Well, how much do I qualify for?”
With today’s technological advances, it’s even easier to find out if you qualify for a reverse mortgage by using our HECM Reverse Mortgage Calculator. By answering a few simple questions about the age of the youngest homeowner and the estimated home value and remaining mortgage balance, we can give you an approximate estimate of how much equity you can take out from your home to use in whichever way you choose.
In using our HECM Reverse Mortgage Calculator, you are able to discreetly find out whether or not you qualify for the program along with how much money you are entitled to. This will instantly eliminate any type of doubts you may have as to whether this is something you and your family will be able to benefit from. You will know instantly if you are able to pay off your remaining mortgage balance and if you have any available equity coming to you, making it that much easier to find lenders that will be able to help you with any future reverse mortgage inquiries.
In using our HECM Reverse Mortgage Calculator you may get the results and wonder, “But what does this really mean?” The approximate loan value is how much you are qualified for. Once the remaining mortgage value and closing costs are deducted from the loan amount, you are left with the value of available equity you have coming to your pocket. There are a number of ways that you can take the remaining equity; in a lump sum, in monthly increments, or in the form of a line of credit, or a combination of the three. Each payout option has different interest rates associated with them, so it’s best to compare these options and figure out what will suit the family’s needs best. If you’re strapped for cash and need the money as quickly as possible, the lump sum would be the best option for you. If you want to make sure you have an extra source of income and are taken care of every month, then the monthly payment option would be your best bet. Say you don’t need a lot of money now but want the option for if anything comes up in the future. The line of credit option may be the most sensible, giving you the option to take as much or as little as you need at any given time.
There are also a couple different ways the amount of your Reverse Mortgage loan could increase. If you pay down your remaining mortgage or if the estimated value of your home increases, the loan amount would in turn increase. There are numerous different online appraisal sites that can give you a general idea of what’s going on in your neighborhood’s housing market but these entities are not always accurate. It is ok to use these figures for qualification reasons but the truest way to know how much your home valuation is by getting an appraisal, which is ordered by the lender you choose to proceed with further down the line.
After utilizing our HECM Reverse Mortgage Calculator, you’re ready to start speaking to lenders in order to find out what they will charge in closing costs and interest rates. No one is going to close a loan for free, so different entities charge different fees. We typically suggest that you gather as many quotes as possible from several different reverse mortgage lenders in order to find out who will give you the lowest rates and leave you with the most amount of money in hand. It could take a five minute conversation with a different lender to save you thousands in closing costs. Be open to exploring more than one option and keep a level head when making any major financial decisions.
For more information about the HECM Reverse Mortgage program or to get a better, in-depth look as to the amount you qualify for, contact the knowledgeable team at Reverse Mortgage Space to go over your concerns and to help connect you with the leading lenders in the nation!
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