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 Reverse Mortgage "initial evaluation process" on your own time and at your own speed without any involvement by a Reverse Mortgage Loan Originator (RMLO).
As a Registered User, you may re-visit the Reverse Mortgage Simulator™ anytime in the future at no cost (its FREE).
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 Reverse Mortgage and if qualified, what possible Reverse Mortgage programs may be available.
As indicated in the Educational Section, 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 the current interest rates.
All data collected by the Reverse Mortgage Simulator™ is placed in a secure password-protected database record for a specific Prospective Borrower which can only be accessed by that Registered User 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 other than the Prospective Borrower's needed name and the Subject Property's address, no other sensitive identity information is collected, such as the Social Security Number.
The Reverse Mortgage Simulator™ is easy to use and understand, and includes the following:
- 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.