You are probably looking at this article because you have seen some information about a reverse mortgage and now you are trying to get more information. If the calculators are simple to use, why would anyone need to know more about them? You are right; they are simple and so is the answer. Just by knowing a few facts you will keep being mislead.

1. If you’re using the reverse mortgage calculator without a professional, don’t forget that the calculation is only an estimate. How much money you receive can be changed significantly depending on a few variables.

2. Your loan officer will have the ability to waive certain fees (like origination) on some programs. This can be a huge benefit to you. This option probably won’t show on the online calculator.

3. How do you know which program to choose? With all the variations available, it can be confusing. There are multiple choices for both the fixed rate and the adjustable rate mortgages

When it is time to make an educated decision, you are going to want to speak with a knowledgeable loan officer. You may not want to be bothered by a sales person, but there comes a time when if you want to get the specific answers to your situation, and the general information available online may not suffice.

If you have more questions about how a reverse mortgage works, or you are getting closer to making your decision, you probably should contact us. We can take your specific needs and fill in the blanks that tie the program together. Most important of all, you get the benefit of an exact quote that fits your needs, rather than just a generic quote online.

When using the online reverse mortgage calculator, consider speaking with one of our professionals. They will give you all the details you need for your specific reverse mortgage needs. Call us at (877) 399-6633.

Grants Pass, Oregon was named one of the top 5 places to retire by Time Magazine. With beautiful mountains and two rivers, an active retiree can find many things to do. There is boating, snow skiing, or just taking a scenic drive.

If you are up for a drive, the Pacific Ocean is only about an hour and a half away. If you are a little less adventurous, the extra monthly income from your reverse mortgage can go towards shopping our many local shops. You might even be able to visit the grandkids a little more often.

You can now buy a home with a reverse mortgage in Grants Pass, the market has taken a bit of a hit and there are deals to be made. You can get a great deal on a home and put down as little as 25%, depending on your age. The great news is, that once you buy the home, you will never have a house payment again. Use our FREE reverse mortgage calculator to see what you qualify for.

A reverse mortgage will allow you to live a more fulfilling retirement by freeing up some cash that is locked up in the equity of your home. You will be guaranteed a home for the rest of your life, without payments, as long as you live there as your primary residence. So if you are 62 or older, and you own a home, you owe it to yourself to see what your eligibility is.

Want to get more information on reverse mortgages and how they work? Follow any of the links in this article and you will get a great education, helping you make an informed decision. You can contact me directly at (541) 471-1900. Remember to ask for David.

1. Lump Sum – You have the option of taking all the funds available to you at one time. You can use the money for anything you want, but the most common use is paying off the existing mortgage (if you have one) on your home.

2. Monthly Annuity – Not a true annuity, but a monthly amount of money that is guaranteed to continue as long as you or your spouse lives in the home. Wouldn’t retirement be more comfortable if you had a little more money each month? There is also a tenure option that gives you a larger payment for a specified period of time. More common though, is the lifetime payment.

3. Credit Line – If you don’t need the money today, and you want to have a reserve account for emergency, this is probably the option for you. There is no interest being accumulated unless you use the money. It will only be charged if you actually borrow it.

4. A Combination of the Above – You can customize your loan to combine any of the above options. If you need a small lump sum, a monthly boost to your income, and you want the rest to be in a line of credit, mixing and matching is the way to go. Additionally you can alter your plan anytime you want to get more monthly or get an additional lump sum for a small fee.

If you choose anything other than a lump sum, know that you will have to take the adjustable rate mortgage (ARM). There is only one option if you choose the fixed rate. It is a lump sum. You will have to draw it all when your loan closes.

Prior to committing to any reverse mortgage programs, make sure you have all the facts. Visit our website for more reverse mortgage information. There is also a free reverse mortgage calculator to see how much money is available to you.