A Reverse Mortgage Calculator is a tool for consumers to use when shopping for a reverse mortgage.
Many calculators exist on various sites, but borrowers should take care in which reverse mortgage calculator they ultimately choose to utilize.
For example, there are some calculators on some lender sites, and even some sites with calculators that exist only to sell consumer information to lenders, that require borrowers to complete a substantial amount of their personal information before the calculator will even give them the information the interested party is seeking (whether that is the borrower or someone looking for information on behalf of a prospective borrower).
Still other “calculators” are not really calculators at all.
They simply require interested parties to complete contact information and again as much personal information as possible so that solicitors can begin the process of trying to contact them.
If you get one of these data requests, these companies may not simply send you the information you request but rather send you pieces of a proposal or call you and constantly push you hoping to get you to commit before you have an opportunity to compare other lenders.
A true online calculator requires no personal information and is a valuable tool for you the borrower that puts you in control.
For this reason, a calculator should be fast, accurate, easy to use and should give you the option of requesting a contact or not.
What a Reverse Mortgage Calculator Should Provide
It should give you the information you are requesting and not withhold the loan option information, requiring you to either fill in your personal information (such as social security numbers and all your contact information including phone number) just so that you can get an idea of what is available to you.
An effective calculator must allow you to see all options available and give you the opportunity to choose the option that best meets your needs.
The calculator should be updated no less than daily and more often if needed.
It must have the ability to retrieve and populate the local third-party costs (appraisal, title insurance, recording fees, etc.) based on the zip code you provide so that your proposal has the most accurate fees and costs possible.
If the calculator or company you are using to compare programs does not give you all this information and functionality, you are not getting access to all the information available and are deciding at a distinct disadvantage!
Furthermore, you are not getting enough information to be able to compare and make an educated decision regarding the best option for you, especially if you want to compare several companies.
By using the calculator below, you will be able to compare all the programs for which you qualify.
The programs for both the government-insured programs and the private or proprietary (also referred to as jumbo) programs will allow you to compare and determine which option best meets your needs.
Everything a calculator should do with none of the pressure.
Here’s our Totally FREE Calculator, No Personal Information Required.