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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.

Thinking About a Loan Try a Reverse Mortgage Calculator Home Equity Conversion Mortgages (HECMs) remain popular with seniors interested in making the most of their home equity during retirement. While many of the requirements necessary to qualify for an HECM are clear, others are somewhat hazy. Seniors who are interested in these loans often wonder if they have enough home equity to qualify. Others wonder how much their age will really affect their payout. A reverse mortgage calculator is a tool that can answer both of these questions. Reverse Mortgage Calculator: Free, Commitment-Free Tool for Seniors A reverse mortgage calculator is an online tool that can be used by any senior who is interested in learning more about a reverse mortgage. These calculators are completely free to use and do not require any commitment from prospective borrowers. Seniors can simply input their information, get an estimate and walk away if they do not like what they see. For many consumers, these calculators are an easy way to measure their true interest in a loan. To use a reverse mortgage calculator, seniors input their age, state, estimated home value and any existing lien amounts. Using this information, the calculator will instantly determine whether an individual has enough equity to qualify and how much he or she might be eligible to receive with an HECM. While reverse mortgage calculators can only provide preliminary estimates, these predictions are still extremely useful. Getting an idea of how much one might qualify for often helps seniors decide whether to continue pursuing a loan or begin exploring other avenues. The Next Step After Using a Reverse Mortgage Calculator Before using a reverse mortgage calculator, seniors should know that the results they receive are just a rough estimate. Reverse mortgage payouts depend on much more than just age, equity and existing lien amounts. A borrowers interest rate, loan product, payment option and closing costs will all impact proceeds. To get a more individualized estimate, many calculators allow seniors to leave their contact information. A calculator may ask for the users name, address and/or e-mail address. Providing this information can open lines of communication and get more accurate quotes underway. However, offering ones contact information does not mean that a senior has made any lasting commitment to a loan or even a specific lender. Seniors who are happy with their calculated estimates can begin communicating with a lender or seek out a reverse mortgage counselor. Attending counseling is the first real step in the loan process. During counseling, a licensed housing counselor will review a seniors quotes, explain the loan process and discuss the ins and outs of HECMs. After completing counseling, seniors will receive a counseling certificate and may formally apply for a reverse mortgage. Once the application is submitted, it will be processed, underwritten and hopefully approved. After being approved, borrowers may set a closing date and finally receive their tax-free proceeds. While the actual loan process takes a bit longer than using a calculator, these tools are where many loans first get their start.

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