REVERSE MORTGAGE CALCULATOR

The Reason We Pulled the Reverse Mortgage Calculator From Our Website & Why it Matters!

Most Reverse Mortgage companies offer some form of a reverse mortgage calculator on their website and will allow anybody to access it if you provide your personal information. Questions like "what is your age" and "what is the value of your home" are asked, followed by a request for all of your contact information (phone number & email) so the office can contact you with details. We thought that instead of trying to collect customer data we would just offer a reverse mortgage calculator for the public to enter their age, home value etc, run numbers and get a general idea of how much money they could get with a reverse mortgage! "What could go wrong" we thought?!

Unfortunately, we discovered that users would run numbers on a calculator, get a quote and assume that the number given was their only option. Users would never return or engage with us about more information, missing out on potential life changing opportunities.

Calculators are Incapable of Assessing a Person's Individual Circumstance & Addressing Options!

We came to find out that most people think that with a Reverse Mortgage, a bank or lender will give you a certain amount of money in exchange for your house. This is not true!!! A Reverse Mortgage is a loan on the home and homeowners are allowed access to a certain amount of equity depending on their age and the value of their home.

Is it a mortgage?.............YES, and just like any other loan you are responsible for paying it back just like the mortgage you have now. You do not exchange your home for your loan either! You KEEP YOUR HOUSE just like you are keeping your home with the mortgage you have now. The difference is that you are not mandated to make a mortgage payment on your loan and if you don’t make a payment the interest accrues on your balance. If you want to make payments or just pay the interest, you can do that. Reverse mortgages are not as complex as one might think, but if you are still unclear about how they work, we are here to help!

REVERSE MORTGAGE CALCULATOR CALIFORNIA

Calculators Don't Take into Account that California Offers Over 50 Reverse Mortgage Options!

Getting back to the calculator. Let's think about a reverse mortgage calculator California residents may look at using.  The reason a California reverse mortgage calculator doesn’t work well is that there are over 50 different Reverse Mortgage options, not just one! Everyone's situation is unique. Each homeowner has different needs and desires! What works for one person may not work for someone else.

There are also variations in costs based on personal choices and preferences. Each program can offer different loan amounts, while most people leave their money in a Line of Credit anyways. A reverse mortgage calculator for California or anywhere else, doesn't have the capability to provide all of these options which is why you should not be using one to figure out whether a reverse mortgage is the right solution for yourself.

The Best Way to actually calculate a California reverse mortgage loan and get accurate information is to Speak with a Loan Officer that Specializes in Reverse Mortgages. Explain to Them what you would like to accomplish & See If You Qualify!  (If you would like the opportunity to speak with Dave, the person who wrote this article, and a reverse mortgage specialist, CLICK HERE)

If cost is a concern, let them know! If your rate is the most important aspect, let them know! Whether you need money to pay for medical costs or you want to buy a new car... let them know! This way you can have someone run numbers that will make sense for your specific needs!

In a nutshell, use 50% of the home’s value as a starter when it comes to finding out what a Reverse Mortgage pays out. Is it close?......close enough! If you are older than a certain age the % increases and other programs can give more money, but it depends on other factors.

A Reverse Mortgage Calculator Does Not Listen & Ask Questions

You will never know exactly what you can get unless you are working with a professional that has all the programs and knows what you are trying to accomplish. We pulled our California Reverse Mortgage calculator off our website because in the end we thought it did more harm than good and left users with too many open-ended questions.

The Internet and Reverse Mortgage Websites are poor places to thoroughly gather information about making a life changing decision. We say, feel free to do some of your own research, gather your notes, BUT THEN call a PROFESSIONAL REVERSE MORTGAGE LENDER, and Lay It All Out! Share with them what you are trying to do, what your vision is for your financial future and list all of your concerns. Be sure to call multiple places to find the right company to work with! You want to work with people you like and trust! The better Loan Officers will shine!

When speaking with a loan officer, don’t be shy with your questions, throw them out there! The more you know the better the chances are you will find that a reverse mortgage may be a great alternative for solving some of your financial needs.

Best Thing to Do is Speak with an Actual Loan Specialist!

And last but not least…….. Stop listening to others who knew someone, who knew someone who had a reverse mortgage! The program is always changing and rates these days are lower than ever before!

Reverse mortgages change people's lives and provide an incredible sense of security and peace of mind. A reverse mortgage could be the perfect solution that you have been looking for but you may never know if you don't look into your options!  With a free consultation you have absolutely nothing to lose!

We don’t care who you call, but be sure to call someone that is a loan officer specializing in Reverse Mortgages so you can receive accurate information and get your questions answered.

Trust but verify and know that truth never loses ground by inquiry!

Article Written By:

David Bancroft

President of Green Monarch Mortgage

San Clemente, CA 92673

Would you Like to speak with Dave?

For a limited time only, Dave is doing personalized reverse mortgage consultations, via phone call, for California residents only.

Would you like to schedule a personal, one-on-one, reverse mortgage phone consultation with Dave? Schedule Now

Best California Reverse Mortgage Calculator

If you have a chance to speak with Dave, the best California reverse mortgage calculator will be an interactive one for sure. Dave is excited about having some time to speak with you. Whether you are looking into a reverse mortgage in California for the first time or if you currently have one, he will personalize the call specifically for you and your family's specific situation along with your wants and needs.

The best California reverse mortgage calculator will be an interactive one for sure. Dave is excited about having some time to speak with you. Whether you are looking into a reverse mortgage in California for the first time or if you currently have one, he will personalize the call specifically for you and your specific situation and needs.

Call times are limited and filling up fast, so please fill out the from below and we will follow up as soon as possible to try to schedule a call with Dave for you.

When it comes to higher valued homes, you may come across the jumbo reverse mortgage calculator being promoted versus just the conventional one. Although there are some differences in jumbo reverse mortgage programs than conventional ones, which allow for the homeowner to borrow more money from their equity, when it comes to the jumbo reverse mortgage calculator, we have the same viewpoint on it as the conventional reverse mortgage calculator. The higher the value of your home, the even more reason one should not rely on information delivered by simply typing in some numbers versus having a conversation directly with a consultant highly experienced in jumbo reverse mortgage lending.

Jumbo Reverse Mortgage Refinance Calculator California

There is no jumbo reverse mortgage refinance calculator California residents with existing conventional or jumbo reverse mortgage loans should rely upon either. No calculator will provide the information you will want to know about the current jumbo programs, rates and options available to you better than a live jumbo loan specialist can.

Green Monarch is a conventional and jumbo reverse mortgage lender in Orange County CA. We would look forward to speaking with you to help assist in any questions or concerns you may have in regards to refinancing a current California jumbo or if and how you can refinance into a California reverse jumbo mortgage. It is important you know, it will be a friendly, information based conversation. There will be zero pressure to do anything whatsoever. Just know, as a borrower, you are not locked into dealing with the same lender without the option to refinance with another mortgage company if you so choose.

Do yourself a favor and give yourself the ability to calculate reverse mortgage California jumbo loan rates, programs, options and more with a professional advisor through a complimentary California jumbo retirement home loan consultation.