Reverse mortgage calculator and tools
In this new era, retirees need to adjust their retirement plan to account for the continuously changing retirement landscape. Savings need to last longer while pensions are being reduced, putting an immense financial strain on many citizens.
Reverse mortgages enable homeowners, particularly the elderly over 62 years old, to borrow against their home equity to cover living expenses. Lenders don’t typically have income or credit score standards that could limit their approval rate.
Over 60% of U.S citizens are concerned they’ll outlive their retirement savings. A reverse mortgage is an excellent opportunity for retirement age- owners who want to hang on to their homes and have the funds to cover their daily spending.
How a Reverse mortgage calculator works
A reverse mortgage is the opposite of a traditional mortgage; you don’t borrow money to buy your home but rather tap into your equity to take out a cash loan.
Use the calculator below to get some rough numbers and then call Kevin A. Guttman to help you get all the information on a Reverse Mortgage.
This calculator does not approve you for a loan and is not an offer to make a loan to you. The estimates are based on the average current interest rate for a Home Equity Conversion Mortgage.
Reverse mortgage calculator tool