0
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.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is the formula for calculating a mortgage payment?
PMT=[P(APR/n)]/[1-(1+(APR/n))^(-nY)]
What is the formula for calculating how much concrete you need?
How do you calculate your house mortgage?
Calculating your house mortgage can be a pain. Here are some easy steps: know your house's cost, and subtract the percentage you paid, then divide that by the lenght of your mortgage loan (amount of years you have to pay), last multiply that by your interest rate.
What is the formula for insurance premium calculation?
The formula for calculating insurance premium uses the DRF and the 6-month basic rate. It is:p = 2rbwhere p is the annual premium, r is the DRF, and b is the 6-month basic rate.
When calculating simple interest you should first?
When calculating simple interest, you should first
What is the formula for calculating APR for an adjustable rate mortgage?
a
How can I go find out more about how reverse mortgage formula is calculated?
Reverse mortgage reviews your current mortgage payments with the amount of equity you have built up. There are several companies with this option but the majority only offer this for seniors.
What is the formula for calculating a mortgage payment?
PMT=[P(APR/n)]/[1-(1+(APR/n))^(-nY)]
How can I use the reverse mortgage formula to make more income?
If you do a reverse mortgage you should be able to refinance your home and have lower monthly payments that way you can have more money for the rest of your bills!
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
What is a reverse mortgage lead?
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
What are the reverse mortgage scams taking place today?
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 reverse equity mortgage?
a reverse equity mortgage usually refers to a reverse mortgage, also referred to as a HECM loan. (Home Equity Conversion Loan). The key difference between a regular mortgage and a reverse mortgage is that no monthly mortgage payments are due on a reverse mortgage. A reverse mortgage also does not have credit or income requirements because there are no payments due. Qualification is based on age- minimum age 62- the value of the home and its location.
What is new reverse mortgage and where can I learn about it?
You can not get a reverse mortgage if you already have a reverse mortgage in exsistence. If you do not have one you can go to a few places for help such as; rvmortgage.com and allrmc.com
Reverse Mortgage Calculator?
Reverse Mortgage Calculator Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
What is American reverse mortgage?
American reverse mortgage is when you borrow money based on the value of your house. A reverse mortgage has the option of being a lump sum or installments.
Where can you find a reverse mortgage calculator?
Reverse mortgage calculators can be found on line on most mortgage websites.There are hundreds of mortgage loan sites.& This calculator makes it easier to understand the reverse mortgage math and to let you see if this type of mortgage is best for you.
