Guide to Reverse Mortgages

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Reverse Mortgage Calculator

In order to make sure that a reverse mortgage is for you and that you can get the maximum amount out of the equity in your home, then you certainly need to spend some time using a reverse mortgage calculator. Most of the calculators that you find are online, making them relatively easy to use so that you can get the data you need right when you need it, but for some of us, using a reverse mortgage calculator may seem like more trouble than it is worth.

The most accessed reverse mortgage calculator is the one found on the American Association of Retired Persons (AARP) website. Their calculator consists of only four easy to use questions that you can answer to determine roughly what to expect should you sign up for a reverse mortgage within the next few days, weeks or months. By knowing your age, the value of your home, the age of your spouse and your zip code, you can be well on your way to determining how much you can get out of your home should you sign up for a reverse mortgage.

When you finally decide to use the reverse mortgage calculator on the AARP website, the first thing that you need to do is enter in all of the information required. For the box where they want to know the value of your home, you can either take a guess based on your taxes or how much you paid for it, or you can get a rough estimate from an online real estate service like Zillow. Once all of the data is in and you hit the calculate button, you will be taken to a page that will break down how much you can get as a homeowner from a reverse mortgage. The reverse mortgage calculator will tell you how much you can get if you take a single lump sum, a credit line account, or a monthly loan advance on your home.

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