Prospective Borrowers Reverse Mortgage Simulator™ Introduction
In this Reverse Mortgage Simulator™ Section of this Do-It-Yourself Reverse Mortgage™ website you can learn about the initial Reverse Mortgage evaluation and qualification process on your own time and at your own speed without any involvement by a Reverse Mortgage Loan Originator (RMLO - a salesperson).
As a Prospective Borrower, you may re-visit by Logging In to the Reverse Mortgage Simulator™ at any time in the future at no cost (it's always FREE) to determine if the prior results have changed.
The Reverse Mortgage Simulator™ follows the process (simulates) what an RMLO typically uses to determine if a specific borrower and if their primary residence (the Subject Property) qualifies for a Reverse Mortgage and if qualified, what possible Reverse Mortgage programs may be available.
Please remember, as indicated in the Educational Section, that only an NMLS and State licensed RMLO can provide Reverse Mortgage interest rates, terms and other loan details, which initially are presented in a Reverse Mortgage Proposal document to be used in the mandatory Counselling session.
The Reverse Mortgage Simulator™, via the data you provided and additional data it collects from third-party sources, performs an extensive analysis process that is used to prepare the Reverse Mortgage Simulator™ Report which presents the possible Reverse Mortgage loan options based on the Prospective Borrower's age, the Subject Property's estimated value and each program's current interest rates.
All data collected by the Reverse Mortgage Simulator™ is placed in a secure password-protected database record for each Prospective Borrower which can only be accessed by that Prospective Borrower after passing the secured Log In procedure.
For additional security for the Prospective Borrower, only the month and year of birth are used (versus the full date of birth – DOB) and no other sensitive identity information (such as the Social Security Number) is collected, other than the Prospective Borrower's needed name and the Subject Property's address.
The Reverse Mortgage Simulator™ is easy to use and understand, and includes the following steps:
- Creating a Prospective Borrower record tagged with the Prospective Borrower's Account Number.
- Collecting Prospective Borrower(s) name and age information (user entered),
- Collecting Subject Property location (user entered)
- Collecting Subject Property mortgage information (if any) (user entered),
- The Reverse Mortgage Simulator™ estimates the Subject Property's current property value (from third-party sources),
- The Reverse Mortgage Simulator™ analyzes the collected information and compares it to the available current Reverse Mortgage loan programs to determine all possible options (for which the Prospective Borrower qualifies),
- The Reverse Mortgage Simulator™ prepares and presents the comprehensive Reverse Mortgage Simulator™ Report,
- The Reverse Mortgage Simulator™ provides analysis and explanations related to the Report's results.