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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Are you 62 or older and own your own home? Then, you probably
qualify for a reverse mortgage.
But, what the heck is it anyway? Well, if you still have a
conventional mortgage ... or had one until you burned your loan
papers ... this is simply the reverse of what you have or had.
A reverse mortgage is a loan against the equity in your home.
But unlike a typical home equity loan, you never have to make
loan payments during the term of the loan.
The loan is not due and payable until you no longer occupies the
home as a principal residence. This usually means until you sell
the home, move out permanently or die.
For many seniors, home equity is their largest asset. The
reverse mortgage allows them to get a lump sum or fixed monthly
payments to supplement their lifestyle, make home improvements,
pay for long term care or simply pay off existing debts to free
up more cash flow.
The amount of money you get from a reverse mortgage depends on
your age at the time you apply for the loan, the type of reverse
mortgage you choose, the value of your home, current interest
rates and, sometimes, where you reside.
The costs associated with a reverse mortgage are similar to
those with a conventional mortgage. This includes the
origination fee, appraisal, inspection fees, title search and
policy, mortgage insurance and other normal closing costs... all
of which can be financed as part of the reverse mortgage loan.
All reverse mortagages are non-recourse loans. This means you
can never owe (be obligated for) more than the value of your
home regardless of the loan balance. The title remains in your
name and the lender is only entitled to the amount of the loan
balance.
The proceeds from a reverse mortgage do not affect your social
security or Medicare benefits.
If you still have a balance on your conventional loan, it must
be paid off as part of the application process for the reverse
mortgage. This of course would eliminate your current monthly
payment.
The most well-known and widely available reverse mortgage is the
federally-insured Home Equity Conversion Mortgage (HECM). This
loan is back by the U.S. Department of Housing and Urban
Development and can be used for any purpose. It is generally
offered by mortgage companies or banks.
About the author:
Don Adams is a 24 year veteran financial consultant who has
helped hundreds of families solve a variety of money problems.
More mortgage
information is available at
http://personal-finance-on-the-net.com.