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Mortgage What is a Mortgage A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as liens against property or claims on property. If the borrower stops paying the mortgage, the bank can foreclose. In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the homes tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixedrate mortgage, the borrower pays the same interest rate for the life of the loan. Her monthly principal and interest payment never change from the first mortgage payment to the last. Most fixedrate mortgages have a 15 or 30year term. If market interest rates rise, the borrower’s payment does not change. If market interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage. A fixedrate mortgage is also called a “traditional mortgage. With an adjustablerate mortgage (ARM), the interest rate is fixed for an initial term, but then it fluctuates with market interest rates. The initial interest rate is often a belowmarket rate, which can make a mortgage seem more affordable than it really is. If interest rates increase later, the borrower may not be able to afford the higher monthly payments. Interest rates could also decrease, making an ARM less expensive. In either case, the monthly payments are unpredictable after the initial term. Other less common types of mortgages, such as interestonly mortgages and paymentoption ARMs, are best used by sophisticated borrowers. Many homeowners got into financial trouble with these types of mortgages during the housing bubble years. When shopping for a mortgage, it is beneficial to use a mortgage calculator, as these tools can give you an idea of the interest rates for the mortgage youre considering. Mortgage calculators can also help you calculate the total cost of interest over the life of the mortgage.

How Seniors Can Use a Reverse Mortgage Calculator to Their Greatest Benefit A reverse mortgage calculator is a tool used to estimate the amount of money an individual might be able to receive through a reverse mortgage. To use a reverse mortgage calculator, seniors simply input their age, home value, existing mortgage balance and estimated interest rate. The calculator will use this information to determine whether the individual could qualify for a reverse mortgage, as well as how much the person stands to receive. Use a Reverse Mortgage Calculator to Determine Whether Now Is the Right Time for a Loan To qualify for a reverse mortgage, seniors must either own their home outright or have a small remaining mortgage balance. While many seniors are aware of this fact, few know exactly how much equity they need to qualify for a loan. To determine how much equity one needs, seniors are welcome to use a free online reverse mortgage calculator. Using a seniors age, existing mortgage balance and estimated property value, the calculator will determine the individuals eligibility. Once seniors determine whether they have enough equity to qualify for a loan, they can continue their research by calculating their payout based on different factors. To get an idea of how their age and equity will impact their payout, seniors can use a calculator to see how much more money they could receive if they waited a few years to apply for a loan. Prospective borrowers can also explore their options by calculating their potential payout based on a higher property value, different interest rates and a smaller remaining mortgage balance. This should help borrowers determine whether now is the best time to get a reverse mortgage, or if it is in their best interest to wait. Is a Reverse Mortgage the Best Option? Use a Reverse Mortgage Calculator to Find Out While reverse mortgages are popular among senior homeowners, these loans are not the only way to access a persons home equity. Seniors can also borrow against their home equity using a home equity loan or a home equity line of credit (HELOC). While these loans will require borrowers to make monthly payments to their lender, they tend to carry smaller upfront costs. Before getting a reverse mortgage, seniors should consider both of these alternatives. One way to determine the benefits and disadvantages of each loan is to calculate the possible outcome of each option. Calculators are not only available for reverse mortgages; these tools are available for almost every type of loan. Before making any decisions, seniors should calculate how much they could receive through a home equity loan or HELOC, their potential closing costs and their estimated monthly payments. Comparing different loan products can help seniors determine whether a reverse mortgage is their best option. The great thing about using a reverse mortgage calculator is that these tools are completely free. Calculators are designed to help seniors educate themselves and gain a better understanding of reverse mortgages. While no reverse mortgage calculator can promise to provide entirely accurate results, they can help seniors figure out whether they want to continue pursuing a loan.

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