A Real Online Reverse Mortgage Calculator

There are a lot of reverse mortgage calculators online, but too often site visitors do not know the factors used to create results and they cannot get an amortization statement.

However, there’s at least one interesting exception. CircleLending is designed to help those with capital assist friends and family without.

One financial product offered by CircleLending is a reverse mortgage. However, what makes this reverse mortgage different from many others is that you can get an amortization statement online — without “registering” (giving up your name). CircleLending also provides other great information.

I tried their calculator and it showed some interesting results.

Suppose you’re 65, have a home worth $600,00, want to borrow $300,000 at 6.25 percent and also want $3,000 per month. Press a button and you’ll find that the payments will last 17 years and that the total debt for the loan will be $1,096,526. Also, the LTV for the loan will be 110.8 percent. If you want a loan with 90% LTV, then the calculator says you can only get $2,416 per month at 4.13 percent.

It would be great if more online calculators quickly and easily provided more information for consumers — such sites would have a competitive advantage when compared with sites that do not offer such data.

As always with any reverse mortgage product, be sure to get independent advice from an attorney who specializes in elder law.

This entry was posted on Thursday, June 28th, 2007 at 2:09 am and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.