What is the formula for calculating a reverse mortgage?

What is the formula for calculating a reverse mortgage?
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Getting the reverse mortgage on your home entails finding the area the home is located, the amount of the mortgage owed on the home, and the estimate of the home value. It usually helps elderly clients if their home value is significantly more than the mortgage owed, if any.
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Related questions

What is the difference between a reverse mortgage and a standard mortgage?

Description : What is the difference between a reverse mortgage and a standard mortgage?

Last Answer : answer:Simply stated, mortgage is a loan to purchase a house, which is paid off over many years and costs many thousands af dollars in interest over the life of the loan. Once the mortgage is completely ... monthly payments, and the loan is paid off when the borrower dies or moves out of the house.

Once denied a reverse mortgage, can you apply again through another bank?

Description : Once denied a reverse mortgage, can you apply again through another bank?

Last Answer : I don’t see why not. Each bank makes their own decision on weather to lend or not. That doen’t mean they’ll make a different decision though.

reverse mortgage

Description : reverse mortgage

Last Answer : Find out here > http://ww2.reverseourmortgage.com/022/?ab_id=t0024_n2&mktsid=RoMsmbing08102010ms811&kw=Reverse%20Mortgage

Reverse Mortgage Calculator?

Description : Reverse Mortgage Calculator?

Last Answer : Reverse Mortgage CalculatorUse this calculator to help determine the balance of a reversemortgage. This calculator is specifically designed to show you howthe outstanding balance of a reverse mortgage can rapidly grow overa period of time.

Is a Reverse Mortgage Safe?

Description : Is a Reverse Mortgage Safe?

Last Answer : Taking out a reverse mortgage is easy. The requirements are few and the sum of money you can borrow depends on your age and the unpaid balance of the original home loan. The reverse mortgage loan will be ... that a reverse mortgage is not as safe as it sounds.1. Understand that to qualify for a

Can you describe to me what a reverse mortgage is?

Description : Can you describe to me what a reverse mortgage is?

Last Answer : A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.

What is a HUD reverse mortgage?

Description : What is a HUD reverse mortgage?

Last Answer : A HUD reverse mortgage is a low-interest federally regulated loan that allows senior homeowners to convert a portion of the value in their home into tax-free cash. You can apply for one through an insurance company.

Where can I find a good reverse mortgage broker?

Description : Where can I find a good reverse mortgage broker?

Last Answer : MetLife Bank provides a lot of great information on reverse mortgages, including how to find a reverse mortgage broker. By simply providing your information, MetLife will send you an informational kit which includes a video.

What is a reverse mortgage broker?

Description : What is a reverse mortgage broker?

Last Answer : A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.

Is it possible to still get a reverse mortgage loan with bad credit?

Description : Is it possible to still get a reverse mortgage loan with bad credit?

Last Answer : You can get reverse mortgage, but you must also realize that if you pass away or sell your house you do not get all of the money. They will take it and all the interest that goes with it.

What are the reverse mortgage scams taking place today?

Description : What are the reverse mortgage scams taking place today?

Last Answer : Yes, there are reverse mortgage scams, as well as regular mortgage scams. You need to be careful who does your reverse mortgage, so you do not get scammed

What is a reverse mortgage loan, and where can I get one?

Description : What is a reverse mortgage loan, and where can I get one?

Last Answer : A reverse mortgage is a type of (lifetime morage) for people the ages of 62 and over. It allows the homeowner to access a portion of their equity. I was always told it wasent a good idea.

Where can I find out about reverse mortgage financing?

Description : Where can I find out about reverse mortgage financing?

Last Answer : Reverse mortgage financing is where you are paid per month and when the house is sold you then pay back all the money that was borrowed. In order to get more information about reverse mortgages ... local credit union or bank. If you are searching on-line check with your current mortgage provider.

What exactly is a reverse mortgage?

Description : What exactly is a reverse mortgage?

Last Answer : A reverse mortgage is actually an equity loan. You don't have to actually pay it until you yourself lose custody of the house - when selling, in which you use the money gained to pay it off, after you die, in which the heirs pay it off, etc.

How can one most easily benefit from reverse mortgage marketing?

Description : How can one most easily benefit from reverse mortgage marketing?

Last Answer : Reverse mortgage is a loan provided to a home owner with payments provided based on home equity. The best way to benefit from this would be for a retired person or couple who might have high equity paid up with low mortgage balance. This would afford them to lower the monthly payments significantly!

Where can I get a reverse mortgage and more facts on it?

Description : Where can I get a reverse mortgage and more facts on it?

Last Answer : In order to get more in depth or detailed facts about reverse mortgage you will probably want to consult your mortgage broker. They will be able to give you up to date and factual information. Most ... that you need, but some websites such as hud.gov should help you with any questions you have.

Where can I find information about american reverse mortgage.?

Description : Where can I find information about american reverse mortgage.?

Last Answer : American Reverse Morgage company is a company based out of FL that works with seniors to use the equity in their homes. This company only provides services in reverse mortgage and ... links to various companies and websites that will provide more information about reverse mortgages in general.

Where can I learn about liberty reverse mortgage?

Description : Where can I learn about liberty reverse mortgage?

Last Answer : You can learn about liberty reverse mortgage from any local tax consultant or by finding it on a website which deals specifically with liberty reverse mortgage.

How do you define reverse mortgage?

Description : How do you define reverse mortgage?

Last Answer : A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the ... The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.

Reverse mortgage senior citizens?

Description : Reverse mortgage senior citizens?

Last Answer : A reverse mortgage is an additional loan taken out against the equity already paid into your home. To qualify for a reverse mortgage you must be aged 62 to older and occupy the home as your primary residence.

Is getting a reverse mortgage a good idea?

Description : Is getting a reverse mortgage a good idea?

Last Answer : A reverse mortgage is for older individuals to borrow against their homes. This allows them to not have to sell there home and the bank to make monthly payments to the owner.

Can I get a reverse mortgage through my bank?

Description : Can I get a reverse mortgage through my bank?

Last Answer : Many lenders do not offer reverse mortgages and without knowing who your bank is, it is difficult to say if they are a good choice. You may want to start there and look for their recommendation if they do not offer them.

Does WellsFargo offer training on how does a reverse mortgage work?

Description : Does WellsFargo offer training on how does a reverse mortgage work?

Last Answer : No, Wells Fargo doesn't offer training on reverse mortgages. They might be able to explain to you what they are but it's not a class per se. To learn about reverse mortgages visit http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/.

A legal agreement between the lender and borrower where real estate property is used as a collateral for the loan is termed as ________ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Description : A legal agreement between the lender and borrower where real estate property is used as a collateral for the loan is termed as ________ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Last Answer : A. Mortgage Explanation: A loan that is secured by property or real estate is called a mortgage. In exchange for funds received by the homebuyer to buy property or a home, a lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost.

A financial product which provides senior citizens with funds against their home equity is referred as _______ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Description : A financial product which provides senior citizens with funds against their home equity is referred as _______ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Last Answer : B. Reverse Mortgage Explanation: A reverse mortgage or home equity conversion mortgage (HECM) is a special type of home loan for older home owners (62 years or older) that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and home owner‘s insurance.

What is the formula for calculating velocity?

Description : What is the formula for calculating velocity?

Last Answer : Answer: Velocity = Distance ÷ Time

Is there an Excel formula for calculating a length of time and converting it to decimals?

Description : Is there an Excel formula for calculating a length of time and converting it to decimals?

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Description : What is the simple formula for calculating Infiltration Rates?

Last Answer : I would say use the mm/min equation then multiply by 60 to get the mm/hour.

What is the formula for calculating the rate of water escaping through a hole in a pipe?

Description : What is the formula for calculating the rate of water escaping through a hole in a pipe?

Last Answer : answer:I’m not entirely sure if this is what you are looking for, but it may be helpful. http://www.1728.com/flowrate.htm Scroll down past the calculator to the flow rate equation (# 3). Again, not sure if it’s exactly what you are looking for, but maybe you’ll get something out of it.

In the formula for calculating interest the principal is multiplied by the rate and then multiplied by the?

Description : In the formula for calculating interest the principal is multiplied by the rate and then multiplied by the?

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Description : What is the formula for calculating BMI for weight loss?

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In Chezy’s formula V = C rs for calculating the velocity of flow in circular sewer of diameter running full, the value of hydraulic mean radius is A. D B. D /2 C. D/3 D. D/4

Description : In Chezy’s formula V = C rs for calculating the velocity of flow in circular sewer of diameter running full, the value of hydraulic mean radius is A. D B. D /2 C. D/3 D. D/4

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Formula for calculating cotton ginning percentage is a. Weight of cotton seed / weight of cotton lint x 100 b. Weight of cotton lint / weight of seed cotton x 100 c. Weight of cotton lint x weight of seed cotton d. Weight of cotton lint x weight of seed cotton / 100

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