Getting the Most from a Reverse Mortgage Calculator

By
Mortgage and Lending with Redwood Financial Services

How do you get the most from a reverse mortgage calculator?  More importantly how do you use it?  The benefit to using an online calculator for your reverse mortgage is you won't have any pressures from a sales person urging you to do a loan.  This leaves you the opportunity to move forward at your pace.

CalculatorBy now you should know what a reverse mortgage is or you probably wouldn't be looking at an article about a reverse mortgage calculator.  So why would anyone need to know more about a reverse mortgage calculator? The answer is simple, and so are the calculators.  You just need to know a few facts.

1. When using a reverse mortgage calculator on your own, just try to remember they only give you an estimate.  There are variables that need to be considered that will make a significant difference in how much money you will receive.

2. You loan officer will have the ability to waive certain fees (like origination) on some programs.  This can be a huge benefit to you.  This option probably won't show on the online calculator.

3. Knowing which program to pick.  There are a lot of programs to choose from.  The choices range from several adjustable rates to multiple choices for fixed interest rates.

While it is understandable that you don't want to be bothered by a sales person, there is a time when speaking with a knowledgeable loan officer is paramount in the decision process.  When it comes time to get answers to your specific needs, general reverse mortgage information on the internet may not suffice.

If you are getting close to making your decision, or you have questions about how a reverse mortgage works, please consider contacting us.  We will fill in the answers to the questions that will tie the whole program together.  More importantly, you will have the benefit of getting a more exact quote of what is available to you, rather than using a generic set of fees online.

You can reach me at our toll free number (877)339-6633, or by email at davidp@redwoodfs.com, using the subject line "reverse mortgage".

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