Reverse Mortgage Simulator™ - Review
Thanks for the above data inputs – the Reverse Mortgage Simulator™ will perform its analysis and estimates and prepare its Report
(have a timer sound and or revolving graphic for a set period??)
VOICE
While waiting for 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.
VOICE
As learned in the Educational Section, there are a variety of ways that the home's equity can be converted and distributed in both the HECM loans and the proprietary Reverse Mortgage loans.
Under program control it goes to a new page