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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
If you're like many seniors, your home is your largest asset,
and although you are concerned about the thought of borrowing
against it, your house may be the only way to increase your
income. Rising real-estate prices have caused many seniors'
homes to significantly increase in value. But unless they are
willing to sell, it may be an inaccessible gain during a time in
their lives when extra income and liquid assets would be very
helpful.
Many seniors don't qualify for home-equity loans based on
income, and in any case, those home-equity loans require a
monthly repayment, so they don't solve the cash-flow problems.
There is a way to put this equity to work - Reverse
Mortgages.
Reverse mortgages have been around for years, but it wasn't
until the early '90s that they began earning respectability
after the Federal Housing Administration started regulating and
insuring the program. Reverse mortgages are starting to catch
on. In the last three years the number of new reverse mortgages,
nationwide, has tripled.
How a reverse mortgage works
Reverse mortgages allow you to withdraw money from your home
equity, tax-free, with no requirement that it be repaid until
you die or move out of your home. You can use the money for any
purpose. And, as long as the you live in the home, pay the
property taxes and homeowners insurance, there no way you can be
forced out of your home. The loan might be in the form of a line
of credit that can increase over time and be drawn as needed, a
lump sum payout, a fixed monthly check for as long as you live
in the home, or a mix of options.
Typically there are no out of pocket expenses, as closing costs
and other fees can be wrapped into the loan. The reverse
mortgage also pays off any existing mortgage, ending that
monthly bite on income. The amount you can receive through a
reverse mortgage depends on your age, location of the home,
interest rates and value of your home. The actual amount is
easily calculated and will not vary from one lender to another.
How Do I Know If a Reverse Mortgage Is Right For Me?
A Reverse Mortgage might be worth considering if:
· You prefer to stay in your home, either because you don't want
to leave or because other housing alternatives are unappealing.
· You want to enhance your lifestyle and enjoy your golden years.
· You want a cushion for major expenses such as medical bills,
property taxes, and home repairs.
· You have a need for additional tax-free income to meet your
day-to-day expenses.
· You want the peace-of-mind that comes from knowing you have a
financial "safety net" to take care of unexpected expenses.
· You would like to purchase a more "senior friendly home" but
you do not want the a mortgage payment that would come with a
traditional mortgage.
What Are Some of the Advantages of a Reverse Mortgage?
· A reverse mortgage can help you maintain your financial
independence and an adequate standard of living.
· A reverse mortgage allows you to remain in your home and
retain ownership.
· The money you receive from a reverse mortgage is tax-free.
· A reverse mortgage can help you maintain your financial
independence without exhausting your other liquid assets.
· It allows you to remain in your home and keep title to your
property. · The money you receive is tax-free. It is not usually
considered income.
· You make no payments (principal or interest) until the loan
ends or the house is sold.
· Your income is not a consideration in obtaining the loan since
there are no payments until the loan ends.
· You cannot owe more than the value of the house at the end of
the loan.
About half of the 28 million senior homeowners who are 62 and
older are eligible for reverse mortgages. Reverse mortgages
provide a safe secure solution for seniors to live out their
life in the comfort of their own home with the dignity and peace
of mind they deserve.
About the author:
Barry Scoles is a leading expert in the Reverse Mortgage
industry. He can be reached at In Colorado 303-854-3035; Toll
Free (877) 217-0166 or bscoles@1strmusa.com