We encourage you to shop around and compare, and we believe you will see that not all lenders are the same or have their calculators.
We will not give you just a partial list of costs to make things look better (some leave out HUD fees or title fees on their initial proposals) but a complete list of every known cost so you can compare. Our calculator includes information for the HUD Home Equity Conversion Mortgage (HECM), the government-insured reverse mortgage, and the jumbo or private programs for homes with values exceeding the HUD maximums.Īnd unlike some companies, we will send you a written proposal so you can compare. We will never hound you just because you visited our site, but we will always be ready to assist you if you desire. You never need to supply your social security number to receive your information, and if you do not wish to be contacted, all you need to do is let us know, and we will respect your wishes. You can modify your information so that the proposal you receive meets your needs and comes with current rates and fees offered by All Reverse Mortgage, Inc. is the best for borrowers shopping for a reverse mortgage because it allows them to receive real numbers in real-time with accurate costs matter where they live in the country. We believe that the All Reverse Loan Optimizer (ARLO) by All Reverse Mortgage, Inc. It’s important to use caution when these sites ask for your contact information if you do not want to receive any follow-up information.Īll these calculators can be helpful. Many lenders provide calculators on their websites, but some are hosted by third parties who may pass information to lenders, and some are more intrusive to borrowers about information requirements. The calculators typically break down how much a borrower would get if they receive their reverse mortgage funds in a lump sum, a monthly payment, or a line of credit. For most borrowers, this means considering either a fixed or adjustable rate forward or conventional loan or using the home equity conversion mortgage (HECM) reverse mortgage, which the Federal Housing Administration insures.įor some, it also means considering one of the private/proprietary or jumbo reverse mortgage programs if the individual lives in a higher-valued home and wishes for a reverse mortgage that will accommodate a larger loan amount than the government programs.
Some reverse mortgage calculators also detail how consumers can tap into their home equity. Many websites offer “free reverse mortgage calculators” that allow consumers to enter the home and personal information and calculate whether they’re eligible for a loan and, if so, how much of their home’s equity they’d be able to access. But it is essential to be selective when researching financial products and seek advice from a trusted resource. The Internet is an excellent tool for consumers to research many lending products.
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