Calculate your estimated reverse mortgage loan by visiting the website of one of these leading lenders! Reverse mortgages are special mortgage programs for adults ages 62 and older. With a reverse home loan, the lender receives the equity of your home and supplies borrowers with regular payments for as long as they’re in the home. Senior homeowners who want to remain independent often use reverse mortgages to supplement their retirement incomes or pay off major expenses such as medical bills or credit debt. As long as you either own your home outright or are close to paying off your mortgage, then getting a reverse mortgage is easy! Read on to learn more about three of the best lenders where you can calculate reverse mortgages.
American Advisors Group
American Advisors Group is the first lender on our list offering a free reverse mortgage calculator on its website. This reputable lender is focused on reverse mortgages, helping seniors with loans that let them continue living in their houses. A common concern about reverse mortgage loans is homes passing to lenders after the borrowers’ deaths with no opportunity for their heirs to reclaim the property. American Advisors Group overcomes this concern by offering heirs the chance to repay the mortgage, offering peace of mind for families who want to keep valuable properties for future generations. This lender is highly rated with the Better Business Bureau with a 96 percent satisfaction rate. The online calculator can be found in the footer of the company’s website.
Highlights:
- Calculator found in website footer.
- Heirs can repay home mortgages and keep properties.
- Highly rated with the BBB.
Live Well Financial
Another reverse mortgage lender with a free online calculator is Live Well Financial. Live Well offers a range of home loan solutions, including mortgages and mortgage refinancing. Customers who contact Live Well Financial first speak with consultants about whether reverse mortgages are the ideal solutions, and then customers can learn more about their qualifying loan amounts. However, anyone who is curious can use the lender’s free online reverse mortgage calculator, which helps people estimate their loan amounts in six easy steps.
Highlights:
- Offers other mortgage solutions.
- Six-step reverse loan calculator.
- Consultants educate borrowers before proceeding.
Liberty Home Equity Solutions
Last on our list is Liberty Home Equity Solutions. This reverse mortgage lender provides a two-step online calculator in which borrowers set their ages, home values, mortgage debt and other non-personal information. One difference about this lender is they refer to reverse mortgage loans as “home equity conversion mortgages.” This term more accurately reflects how borrowers convert their equity into payments for greater financial stability. People who get reverse mortgages through this company only need to maintain their homes and pay their taxes on time.
Highlights:
- Refers to reverse mortgages as home equity conversion mortgages.
- Two-step calculator.
- East to stay in homes.
Conclusion
Calculating the estimated amount of reverse mortgage loans can make the decision of whether to apply for this type of loan easier. Reverse mortgages are not for everyone, but they can be extremely helpful for seniors who need more monthly income. If you’re among the many homeowners who are nearing the end of their mortgage payments, then now might be a good time to try using an online reverse mortgage calculator.