These costs can include an origination fee, mortgage insurance premium, appraisal fees, and closing costs. Keep in mind that a reverse mortgage is a loan, and like any other loan, it comes with costs and fees that you'll need to pay. The calculator will then provide you with an estimate of how much you could potentially borrow based on these factors.
This includes your age, the estimated value of your home, and your current mortgage balance if you have one. To use a reverse mortgage calculator, you will need to input some basic information about your home and your financial situation. A borrower that lives in Boise or Meridian, will have a different calculation that a person living in Sun Valley or Ketchum. It also takes into count that you live in Idaho, and also what county or city you live in. The calculator takes into account your age, the value of your home, and the current interest rates to determine how much you could borrow. That's where a reverse mortgage calculator comes in handy.Ī reverse mortgage calculator is an online tool that helps you estimate how much money you could potentially receive from a reverse mortgage. While this type of loan can be a great financial tool for some individuals, it's important to understand how it works and what the costs involved are. It is a good estimating tool if you’re just kicking tires.īut, if you wish to have the most accurate analysis, please give us a call we’re not pushy (really!) and are happy to visit with you.Reverse mortgages in Idaho are a type of loan that allows homeowners who are 62 years of age or older to convert some of their home equity into cash.
However, if you wish to remain anonymous at this time, there is no better or safer online calculator. Why? Because we live in Colorado and not in another State with a computer guessing at the costs and rates. However, I’ve found that the Reverse Mortgage calculator is conservative (using higher rates and fees) and will show an amount available that is typically less than what we can obtain for you. You will not be spammed or solicited by using this calculator! Any information entered into the Reverse Mortgage calculator is confidential and no personal contact information is even needed. The link below will take you to a site hosted by the NRMLA. Simply answer a few basic questions and you’ll see the reverse mortgage options that are best for you. To give you the assurance of anonymity, the link at the bottom of the page will open another window that will take you to a non-profit site ( ) and specifically, the Reverse Mortgage calculator that is hosted on their site. We’re your neighbor and want to maintain our good reputation in the community. Frankly, we want you to like us and help build our local reputation! We don’t play a numbers game like the telemarketers and spammers who are “dialing for dollars”. And when you do, we don’t push you or your family into the reverse product.
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Unfortunately, if you call the phone numbers often seen advertised on TV or in the Yellow Pages, or answer a few innocent “questions” online, you will be overwhelmed with marketing and pressure.Īt Colorado Reverse, our approach is different. And, without telemarketing strangers calling you multiple times that somehow already have your personal information (scary!). Knowing how much money you can access with your reverse mortgage will make you an educated borrower and help you plan for your future.Ī reverse mortgage is not the best solution for everyone… There aren’t many reverse mortgage companies that will tell you this.Īnother problem you’ll run across is if you just want the numbers! Without the pressure. Now it’s time for you to take advantage of your wise investment. You’ve worked hard to build the equity in your home. Reverse Mortgage Calculator Safely calculate how much tax-free cash you can get from your Home – It’s easy with this Reverse Mortgage Calculator!
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