Reverse Mortgage Texas
September 13, 2006
Now available for you at no cost or obligation is a reverse
mortgage calculator. The addition of the
calculator to this website allows you a quicker way to estimate the amount that
you would receive from the three most popular reverse mortgages: FHA/HUD
monthly, Fannie Mae Home Keeper and Financial Freedom’s Cash Account Advantage with
Credit Line Option.
It gives persons using our website the opportunity to look at the calculations at their own leisure, and go back to look at them again for as long as they wish.
Lines of credit options are available on each of the three loans shown. The beginning amount of the line of credit option will be the same as the lump sum cash option shown on the calculator.
The FHA/HUD annual reverse mortgage is not shown on the calculator because it is rarely used. However we always review this option with potential reverse mortgage customers of ours.
If the home and homeowner qualify, we also review two other Cash Account Advantage Plan options with potential reverse mortgage customers. These options are the Combo Option and the Cash-Out Option.
While the calculator is a handy method, it only provides an estimate of the funds available. Until we have an appraisal of the home’s value, other necessary data, and a completed loan application, it is difficult to be precise. Our policy is to always notify homeowners of the exact amount of money they will receive prior to loan closing.