Use a free reverse mortgage calculator to determine if a reverse mortgage is right for you at SeniorBankServices.com
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(PRWEB) August 25, 2012
Once seniors determine if a reverse mortgage is right for them and whether they have enough equity to qualify for a reverse mortgage, they can do the research by calculating their payout based on different variables. In order to get an idea of how their age and equity will affect their payout, seniors can use a reverse mortgage calculator to see how much cash is available to them. Senior Bank Services new addition to the company’s homepage sheds a little light on the calculation process. The website believes this is just a starting point and the interested senior should seek a reverse mortgage specialist to have reverse mortgages explained in detail so there is no confusion.
The most important thing to understand is how a reverse mortgage calculator can show a interested senior how to live out the rest of the seniors live based upon the value of the home. If the person is least 62-years-old and own the own home, that senior may be eligible for a reverse mortgage. The way a reverse mortgage works is you can receive money from the home and the senior continues to live there. The reverse mortgage calculator will allow a person to see how much money one can get and how long that senior can continue living in the property. For example, if the senior is single (and continue to remain single) and believe they may live another 30 years; the senior can use a reverse mortgage calculator to see how much money that individual will receive every month. At the end of the term, after the senior’s death, Any residual sales amount is passed on to the people indicated in that senior’s will. The bank will not pass on debt to survivors and the residual amount can be estimated by using information on the reverse mortgage calculator.
Most seniors will use the most common type of reverse mortgage which is a Home Equity Conversion Mortgage, also known as a HECM reverse mortgage. Ninety percent of reverse mortgages are a HEMC; a HECM reverse mortgage is insured by the FHA, which implemented the program in 1989. Step one in obtaining a reverse mortgage is to have a reverse mortgage lender examine the current seniors equity position. While the homeowner applying does not need to own the property free and clear, the home does need to have a certain amount of equity to qualify. If the house needs of a lot of repair or has too much damage, it may not qualify under the terms of the reverse mortgage lender. A reverse mortgage lender will offer this type of loan on many different types of homes. But, the property must be the primary residence. For example, if the senior currently owns a multi-unit building, that individual could still qualify, according to the reverse mortgage guidelines, as long as one of the units is a permanent or primary residence. Senior Bank Services works with many reverse mortgage affiliates, and offers personal consultations for seniors that are considering applying for a reverse mortgage in San Diego California. To read more about the reverse mortgage lender visit, http://www.seniorbankservices.com/
For individuals researching on the internet for correct information concerning how to use a free reverse mortgage calculator to find out how much money you can expect, there is hope. The new reverse mortgage calculator offered by SeniorBankServices.com will help the applying senior better understand the use a of a reverse mortgage calculator to find out if the individual is eligible for a reverse mortgage on the property. Most importantly, understand how a reverse mortgage calculator can help indicate how to live out the rest of their lives based on the value and equity of the home. If the applicant is at least 62-years-old and own the own home, the individual may be eligible for a reverse mortgage. The way that a reverse mortgage works is that the homeowner will get money from the bank for the house, but the individual continues to live at the property. A reverse mortgage expert can use a calculation to see how much money the applicants will get the home.To find out about how to use a reverse mortgage calculator to determine payments or to speak with a reverse mortgage expert, call (888) 217-6222
Internet marketing professionals help the company promote the free reverse mortgage calculator online to help the by relaying the message about how important it is to reverse mortgage calculator if someone is considering applying for a reverse mortgage. SeniorBankServices.com continues its web presence by offering a one on one consultation at the office, or to visit the senior’s home and explain the process, and regularly posts reverse mortgage information on the company blog and social media pages. This information along with free consultations the company hopes to attract more senior citizens looking for a reverse mortgage. To read more on the company’s reverse mortgage Facebook page visit, http://www.facebook.com/ReverseMortgage.ReverseMortgages
About the Company: SeniorBankServices.com is a nationwide reverse mortgage information website that offers reverse mortgage information and connects prospective clients to qualified licensed reverse mortgage brokers and lenders to homeowners in San Diego California and throughout the United States. The company and its partners follow all rules and regulations regarding reverse mortgages. To learn more about the reverse mortgage Orange County service or a reverse mortgage San Diego lender, visit the company website to use their free reverse mortgage calculator, http://www.seniorbankservices.com/reverse-mortgage-calculator/