So... Whaddya know about reverse mortgages?
Most of the advertised websites lead to wanting to "get back to you" which usually leads to harassment. The ones that don't require that are very confusing to me. Putting the same numbers into three different calculators brought back 3 widely different results... by as much as 50%.
Am not looking to cash in or borrow, but mostly from curiosity, wondering about the availability of cash, or a line of credit.
How much:
loan initiation cost
amount of credit
amount of loan
percent... what does that mean?
surrender value
buyback costs
legal costs
when credit/loan is exhausted, what happens?
Here's what I put into the calculator (not my numbers, example only)
Age of DW and Self 65
Home value $250,000
Current Mortgage None
This is what came back:
Here's another site that gives more informqation, but with more explanation about availability and costs. Putting in the same numbers as above, gave very different numbers.
Reverse Mortgage Calculator - Interest, Payment, Purchase
.........................................................................................................
I guess what I was hoping for was a real life scenario, to see if it would be reasonable to use a reverse mortgage to be able to keep nest egg investments intact while staying in the homestead. Of course we know that it's a losing proposition... no free lunch, but what if... the
"IF" happened.
Any thoughts? Or a website that explains Reverse Mortgages as a practical matter, as well as what heirs would expect.
Most of the advertised websites lead to wanting to "get back to you" which usually leads to harassment. The ones that don't require that are very confusing to me. Putting the same numbers into three different calculators brought back 3 widely different results... by as much as 50%.
Am not looking to cash in or borrow, but mostly from curiosity, wondering about the availability of cash, or a line of credit.
How much:
loan initiation cost
amount of credit
amount of loan
percent... what does that mean?
surrender value
buyback costs
legal costs
when credit/loan is exhausted, what happens?
Here's what I put into the calculator (not my numbers, example only)
Age of DW and Self 65
Home value $250,000
Current Mortgage None
This is what came back:
........................................................................................................You Can Be Mortgage Payment FREE For Life
And Have Access to an Additional
$136,000 Line of Credit
With a guaranteed growth rate of 5.72%*
And $112,750 in Remaining Home Equity
If you would like more information on our exclusive programs via email please request your FREE, no hassle quote today!
Please Send My Free Quote!
What's Included With Your Quote?
Side-by-side comparison of our best programs Expert recommendation & decision guide "Line of credit growth rate guide" How this guaranteed growth rate can add security to your retirement
Here's another site that gives more informqation, but with more explanation about availability and costs. Putting in the same numbers as above, gave very different numbers.
Reverse Mortgage Calculator - Interest, Payment, Purchase
.........................................................................................................
I guess what I was hoping for was a real life scenario, to see if it would be reasonable to use a reverse mortgage to be able to keep nest egg investments intact while staying in the homestead. Of course we know that it's a losing proposition... no free lunch, but what if... the
"IF" happened.
Any thoughts? Or a website that explains Reverse Mortgages as a practical matter, as well as what heirs would expect.
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