New Retirement released a new reverse mortgage calculator available to both consumers and website providers through a widget that can be placed on their website.
Designed for seniors and their relatives, the calculator uses homeowners ages, home values, and the balance on any mortgages or liens to calculate the estimated loan amount said the company.
According to New Retirement, its calculator is different from others in the market because it uses an average of interest rate margins and program fees from across the industry, giving the homeowner a baseline estimate. This estimate can be used to compare with individual reverse mortgage offerings from various lenders in their area.
Powered by Reverse Vision, the calculator gives results for both the HECM fixed and adjustable-rate reverse mortgages as well as a breakdown of how they can select to receive the loan, either in the form of lump sum payments, monthly payments, or as a line of credit.
Consumers can find the calculator in its reverse mortgage section of New Retirement or companies can provide their visitors with a calculator tool on its website for free through a “widget” said New Retirement. You can see a screenshot of the results below or checkout the new calculator here.