Unlike most online reverse mortgage calculators, the NewRetirement calculator uses an average of interest rate margins and program fees from across the industry, giving the homeowner a baseline estimate.
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San Francisco, CA (PRWEB) April 13, 2010
NewRetirement.com , a retirement information and advocacy company, has released a new reverse mortgage calculator for seniors and their relatives. The new calculator is available both direct to consumers on the NewRetirement.com website and for use on other websites in the form of a widget.
The calculator first screens user input to confirm eligibility for reverse mortgages. Then, after determining eligibility for those that qualify, the calculator shows a market based estimate of the size reverse mortgage loan the user can expect to receive from a reverse mortgage lender. The reverse mortgage calculator uses homeowners’ ages, value of their homes, and the balance on any mortgages or liens to calculate the estimated loan amount.
Unlike most online reverse mortgage calculators, the NewRetirement calculator uses an average of interest rate margins and program fees from across the industry, giving the homeowner a baseline estimate. This baseline can be used to compare with individual reverse mortgage offerings from various lenders in their area.
The calculator gives results for both HECM fixed-rate reverse mortgages, and adjustable-rate reverse mortgages. It also gives the homeowners a breakdown of how they can select to receive the loan, either in the form of lump sum payments, monthly payments, or as a line of credit.
The calculator is easily accessed on the NewRetirement website’s reverse mortgage section. To assist other websites provide their visitors with a quick reverse mortgage loan assessment, the tool is available for free and easily installed on any other website as a “widget”. Website administrators interested in learning more about the NewRetirement reverse mortgage calculator widget can visit the widget demonstration page or contact NewRetirement at 877-631-4007, or by email via the contact form on the NewRetirement website.
About NewRetirement LLC: NewRetirement.com, founded in 2004, is a retirement information and advocacy website that visited by hundreds of thousands of seniors each month. The website is dedicated to providing detailed and balanced information on the financial tools and options available to seniors in or nearing retirement. NewRetirement.com's corporate headquarters is located at 100 Pine St, Suite 590, San Francisco, California 94111. Paul Lowrey, Director of Marketing, can be reached at 415-373-0311.
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