Reverse Mortgage Loan Calculator Helps Homeowners Determine Their Potential

There are an estimated 80 million individuals on the brink of retirement, which means they will likely need additional sources of income. The recessing economy has decreased the amount of retirement funds that many expected to receive, and many homeowners do not want to eliminate their savings just to be able to remain in their home. Many homeowners in this financial predicament have found their solution in a reverse mortgage loan, which helps homeowners save money by eliminating monthly mortgage payments and providing access to home equity.
What the Calculator Accomplishes
If a homeowner thinks a reverse mortgage loan could be a viable option, there is now an efficient way for homeowners to determine their eligibility for the loan, as well as determine how much they could possibly receive. Newretirement.com has recently launched a new reverse mortgage loan calculator that can help homeowners who are considering this financial product with their decision process.
The calculator first determines whether a homeowner is eligible for this financial product. Then, it uses the homeowner's age, home value and mortgage balance to calculate the loan amount he or she could possibly receive. While there are other, similar reverse mortgage loan calculators that exist, this calculator is unique in the fact that it uses an average of interest rates and program fees from all over the industry to provide the homeowner's estimate. The homeowner can then compare their estimate with what is being offered by reverse mortgage lenders.
In addition to everything else, the calculator provides estimates for both fixed-rate and adjustable-rate mortgages in order to give potential borrowers more options to choose from. Once a homeowner receives an estimate of the loan amount he or she could receive, the calculator also shows the different disbursement options the homeowner can choose from, including a lump sum, line of credit, monthly tenure payments or a customized option that best suits the homeowner's needs.
This calculator simplifies the most difficult part of the decision process one goes through when deciding how to finance his or her home. Once a homeowner's eligibility and loan estimates are calculated, he or she should speak with a reputable reverse mortgage loan specialist to confirm the accuracy of the information he or she received. A loan specialist can verify the homeowner's eligibility and provide them with an official quote, which should either verify the estimates they received or make them more precise.
Reverse Mortgage Loan Eligibility and Requirements
To be eligible for this loan, the homeowner must be at least 62 years old and be financing his or her primary residence. The loan does not require monthly mortgage payments as long as the homeowner remains current on his or her home repairs, real estate taxes and homeowner's insurance. If these are not kept up-to-date, the loan will be considered delinquent and will become due and payable. Homeowners who are considering a reverse mortgage, have questions, or have used this calculator to determine what they want from a reverse mortgage and are ready to proceed should contact a reputable mortgage specialist for more information.

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Purchase Structured Settlements A Guide

The idea of buying structured settlements is quite very interesting. The settlements made by insurance companies against the claims or any damages that are awarded by the quotes for the lawsuits that have been filed either in installments or in lump sum annuities. The damages that are paid in installments are known as structured settlements.

It is basically an arrangement that one makes with the financing agency or the third-party, bearing the financing agency or the third-party pays the money on the half off the person or the insurance company, who is obliged to pay for the damages. Whether the receiver of the money needs to lump sum money to meet its financial urgencies or to invest in an alternative plan would depend on his personal requirements. In any case, he will have to approach willing agencies to purchase them.

Method of obtaining the Structural settlement:

Some experts believe that purchasing settlements have drawbacks and many legal hurdles. Another factor is inconsistency of different legal formalities between various states and provinces. It have to be obtained or purchased with a lot of care and after carefully examining all the legal niceties associated with the intended purchase.

Brokers:

There are always some brokers who are willing to buy Structured Settlements. In case you're willing to sell Structured Settlements, you must carefully watch all the conditions and terms that the broker offers you. The broker you sell the Structured Settlements to must be a reputed one. He should be a registered broker and must have authentic certificates to buy your settlements.

Trade Association:

Different states have Settlement Association. The association has authority to safely trade structured settlements either with private investors or agencies. These associations make sure that the entire process is carried on smoothly and it benefits both parties -- the seller and the buyer.

Quote:

It is important to obtain the best quote before selling the settlement. Make sure that the quote is sufficient enough for your future planning.

Commission:

The company that is purchasing the Settlements may charge a high amount towards commission. This can be a major disadvantage in selling your structured settlement. In order to offset the loss, you must ensure that the commissioned amount is not excessive and retains its margin.

Brian Sibet also writes about Retirement Planning and Annuities including Lump Sum Annuity and Personal Injury Settlements

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