do reverse mortgage calculators work

Do Reverse Mortgage Calculators Work?

If you have recently done any online research regarding reverse mortgages, you are likely wondering the same thing everyone else doing so is too...  Do reverse mortgage calculators work? The biggest craze in the reverse mortgage lending industry is the advertisements promoting senior homeowners to use a reverse mortgage calculator. The calculator is supposed to show them monetary figures which ultimately could be the answer to any and all of their financial retirement concerns by just punching in their numbers online. So, of course, the big question on the minds of many senior homeowners is... Do reverse mortgage calculators work? The answer is… It really depends on who you actually ask the question to.

Do Reverse Mortgage Calculators really Work

Question #1

Asking the lender...

Do Reverse Mortgage Calculators Really Work?

If you ask the question, do reverse mortgage calculators really work to a loan officer who is given the information to call upon after the homeowner has submitted all of their information into the calculator, their answer will probably be yes. The more leads with a phone number of individuals who are looking into reverse mortgages the loan officer gets to call, the better opportunity they will have to close more loans each and every month. The more reverse mortgage loans they close, the more money they make from the paid commissions they receive from each one.

Do Reverse Mortgage Calculators actually Work

Question #2

Asking the homeowner...

Do Reverse Mortgage Calculators Actually Work?

If you ask the question, do reverse mortgage calculators actually work to a senior homeowner, the results may vary. If the homeowner got a reverse mortgage they are happy with and it is working good for them, their answer will most likely be yes. On the other hand, if you asked the same question to a homeowner who primarily made their decision to actually work with a certain lender based on the reverse mortgage calculator's figures and they are not happy, their answer to the question of, do reverse mortgage calculators actually work, would most likely be no. They may feel they got stuck into something they didn’t understand or found out there were better loan options available in which the lender never informed them about.

do jumbo reverse mortgage calculators work

How about jumbo reverse mortgages...

Do Jumbo Reverse Mortgage Calculators Work?

The same set of circumstances apply for jumbo reverse mortgages. If you ask, do jumbo reverse mortgage calculators work, to both the lenders and homeowners, you will pretty much see the same results. A jumbo reverse mortgage is a private loan that allows homeowners the opportunity to borrow more than the Federal Housing Administration's Home Equity Conversion Mortgage (HECM) loan limits. You will find a greater amount of jumbo reverse mortgage loans in California where the home values tend to be much higher than the national average.


Jumbo Reverse Mortgage Calculations

The best way to figure out the most accurate jumbo reverse mortgage calculations for you and your family is to actually speak with an experienced and professional loan offer. Just because jumbo reverse mortgages are done with higher valued homes which are higher than the average HECM loan amount, does not take away those homeowners still have different individual living circumstances, wants and needs just like everyone else.  Jumbo reverse mortgage calculators obviously can not accurately factor in all of that criteria either.

REVERSE MORTGAGES WORK

Regardless of the calculator debate... reverse mortgages work. When the homeowner gets the best loan available, to best meet their needs, reverse mortgages work extremely well, even life changing for many! However, the reason reverse mortgages work has little or nothing to do with the use of a reverse mortgage calculator. In California, there are over 50 reverse mortgage options. Every reverse loan is not created with equal benefit to the homeowners. Every homeowner has different viewpoints and objectives for their retirement lifestyle, which a reverse mortgage calculator is not going to consider when calculating the true results this type of loan can provide. While one reverse mortgage may be a perfect for a certain homeowner, it may be a bad fit for another.


The most successful way for a homeowner to find the best reverse home loan for their wants and needs is to work with a mortgage company which has access to all of the State's reverse mortgage loan options and to have personalized, detailed conversations with that lender so everyone is on the same page with one another.


When talking reverse mortgage pros and cons, one of the biggest cons is that many of the larger sized lenders do not have access to all of the reverse mortgage loan options available. Those larger mortgage companies and their branch offices operating under them, too frequently, only offer reverse mortgage programs under the veil of their corporate structure. Hence, there lies the problem. If a loan officer is engaged with a client and there is a better reverse mortgage program or option for that client, which is not provided by the loan officer's company, what do you think happens? In that situation, how often do you really think the loan officer will share any information to the customer about any other program that may lead them to go elsewhere for their reverse loan? If they go elsewhere, that officer or agent loses any opportunity to make a commission from their advice. More often than not, the lending agent probably doesn't even know enough about other reverse mortgage programs to share or recommend because how much training do you think they receive about programs their company does not offer?

Calculate Reverse Mortgage Private Jumbo No Cost Loans in California

Green Monarch Mortgage has access to all of the reverse mortgage loans in California and can do them at no cost! You can even calculate no cost into private jumbo reverse mortgage loans in California when done by us as well.  From conventional to private jumbos, we can provide the lowest rates in California and with no out of pocket cost to the homeowners. Also, we do not rely on or even use the reverse mortgage calculator in California for our business. We focus on getting to know our customers with informative, hassle-free, personalized, in-depth conversations which help empower them to make the best possible financial decisions for themselves and their family. 


If you would like to speak to one of our friendly and professional advisors at our reverse mortgage lending company in Orange County CA, just give us a call at 800-345-2041 or schedule a complimentary, no obligation consultation through this link.

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