The Reverse Mortgage Simulator™ Report

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Reverse Mortgage Loan Programs available HECM – Age xx Proprietary - Intro with description Have code that collects from RMS T2 to compose report

VOICE

Here is your Reverse Mortgage Simulator™ Report

As learned in the Educational Section, there are a variety of ways that the home's equity can be converted in both the HECM and the proprietary Reverse Mortgage loans.

and then explain the meaning of the various versions – hecm/prop $ out methods, etc

This is cumulative toggle chart……. Have this in sequence of inputs above

Borrower 1 inputs
Borrower 2 inputs
Subject Property address
Subject Property has a Reverse Mortgage (only if so)
Current mortgage balance (combined all) (show zero if none – free and clear)
Current monthly mortgage payments (combined all) (do not show if free and clear)
1st mortgage interest rate (do not show if free and clear)
Estimated Subject Property value
Principal Limit
Subject Property's remaining equity at the close of the Reverse Mortgage

The report module: (hecm vs prop If 62 do hecm if 55 do hecm and prop, – what if shortfall?? Explain the math using current monthly mortgage payments – 24/30/36. If no mortgage – RM no good and suggest when to look again) Report for: B1 Name, Age 65 and B2 Name, Age 61 (Report age used is 61) [Both are 55so both hecm and prop are included.] Subject Property address Subject Property estimated value Current mortgage balance (all combined or Zero) Current monthly mortgage payments (all combined or Zero) 1st Mortgage interest rate (rate or N/A) Principal Limit PL $$ Standard loan costs used: Mortgage Insurance, Origination Fee, Other Fees – closing costs Mortgage Payoff Available funds HECM Adj HECM Fixed Show Tenure and Term and LOC Cash-out at 60% remaining LOC 1 year for HECM and unlimited for Prop Savings monthly if current mortgage balance (special note for the RM 2nd)

text and graphics? Lots of explanations and definition H4P with down payment versus 80/20 and excess cash in pocket Again review report versus motives explained

Disclaimer in report – only an estimate

Save key data in DBMS age(s), PV, rate(s) both hecm /prop, mortg balance. Monthly payments,

VOICE

As you review the Reverse Mortgage Simulator™ Report, please keep in mind your personal motivations which may include:

Pay off the current mortgage(s) (if any) with no monthly payments required,
Take cash-out, and/or set up a line-of-credit, or receive monthly payments,
Use the cash-out and/or the line-of-credit without limitations:
Have a financial safety net for medical expenses or other emergencies,
Eliminate financial support from family members,
Pay for home improvements (to "age in place"),
Pay-off non-mortgage debt,
Extend retirement assets by not selling in a down market,
Fund a family member's education (grandchildren?),
Refinance an existing Reverse Mortgage,
Take vacations (finally!)
Fund a lifelong dream or other things.

The next step: list depends on good RMS or RMS shortfall to close

Ask to be referred to an NMLS and State licensed RMLO.
Continue the FREE To Use Reverse Mortgage Simulator™ going forward, with no time limit, as you decide if a Reverse Mortgage may be of benefit to you.

Disclaimer: the information presented in this Do-It-Yourself Reverse Mortgage™ website, its Reverse Mortgage Simulator™, and its Reverse Mortgage Simulator™ Report is for educational purposes only and is not intended to take the place of information provided by an NMLS and State licensed Reverse Mortgage Loan Originator (RMLO). This Do-It-Yourself Reverse Mortgage™ website is not a lender and does not offer any Reverse Mortgage loans.