Welcome to Mortage Online Guide
Commercial Mortgage Lenders Article
This is a selection made from among articles on Commercial Mortgage Lenders. For a permanent link to this article, or to bookmark it for future reading, click here.
Reverse Mortgage Calculator
from: Troy ShellhammerMost 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.
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.
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.
About the Author
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
 |
 |
Commercial Mortgage Lenders News
Lehman Brothers, AbitibiBowater, Black Crow, W Union Square: Bankruptcy
Lehman Brothers Holdings Inc. said yesterday that it will invest another $1 billion in its two non- bankrupt bank subsidiaries, Aurora Bank FSB and Utah-based Woodlands Commercial Bank.
Read more...FHA to Reduce Upfront Costs on Reverse Mortgages
Membership is FREE and provides access to a world of timely information, expert insight and analysis, and an unparalleled array of resources not available from other commercial real estate media outlets.
Read more...NMFLA.com - National Mortgage Forensic Loan Auditors, Featured Premier Loan Audit Firm to Attorneys and Loan ...
National Mortgage Forensic Loan Auditors and Fidelity Commercial Capital, America's leading real estate finance and mortgage loan audit experts, were recently featured in the press showcasing the one big business idea given to business owners to help them thrive in our current economy.
Read more...Optimistic about the stock market
Tuesday's bad economic news, and the sharp selloff that resulted, are the latest signs that the stock-market decline is still going on.
Read more...Special fund offers a helping hand to some struggling nonprofits
Second-quarter results of local banks indicate they are increasing profits thanks to cost-cutting and low- to no-interest payments on deposits.
Read more...