Reverse Mortgage Guide

We usually think of reverse mortgages in terms of the U.S. marketplace, but they also have reverse mortgages overseas.

For those who say that reverse mortgages are too complex to explain, you need to take a look at Sorted.org.nz. The site has exceptional information regarding various financial issues, including costs for New Zealand reverse mortgages.

One of the more interesting items on the site is a reverse mortgage calculator. This calculator is important because it plainly shows loan costs and not just loan pay-out amounts (or, as they are technically called, “the good stuff”).

Try the calculator and you get back a matrix which shows results for five, 10, 15 and 20 years. You plainly see the fees paid, interest costs, the projected property value and any remaining equity.

It would be great if we had similar calculators online for U.S. reverse mortgage products. Such calculators would give borrowers a chance to see costs up front, in private and without the need to register with anyone or to make an appointment.

I think a like calculator in the U.S. would be good for borrowers — and very good for lenders seeking to help members of the public make the best possible choices.

This entry was posted on Thursday, June 5th, 2008 at 8:19 pm 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.