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Calculate Reverse Mortgage
Cathy Said:
what is reverse mortgage, how is it calculated?We Answered:
A Reverse Mortgage is a way for homeowners over the age of 62, to use the equity they have built up in their homes without having to make a payment for as long as they live in the home.The calculation is based on the age of the youngest borrower, the current interest rate (1.5 plus the US 10 year t-bill), lending limits in your area, home value, and how much is owed on the home - any leins, mortgages, seconds etc.
There is a link to a reverse mortgage calculator on
www.reversemortgagefinance.com