Reverse Mortgage Calculator
BrickWood Reverse Mortgage Calculator helps you understand and set proper plans for your mortgage. Our customers love our personalized one to one service and convenient location in Surfside Beach; we are your friendly neighbor and the best local mortgage company near Myrtle Beach, Market Commons, Carolina Forest, DeBordieu, Charleston, Mount Pleasant and beyond, we serve all of South Carolina. Contact us to see if reverse mortgage loan programs meets your needs.
What Our Customers Are Saying
We were very pleased with Paul.He is a super nice man.He was very helpful.He took us through the whole process without hitch.Again,a very nice experience.
Brickwood Mortgage and Paul Hankins did a great job! Paul went over and beyond the call of being a home mortgage specialist. When it came
Paul is the best mortgage broker in the business! He is knowledgeable, honest, professional, and super efficient. He kept us informed on a daily basis
Reverse Mortgage Calculator FAQs
A reverse mortgage calculator is a tool used to help calculate your financial position when taking a reverse mortgage. It takes several factors into account, such as the age of the borrower and current interest rates, to determine how your future could look when purchasing a property or using existing equity in a property. Use BrickWood Mortgage’s calculator and make more informed decisions this year.
The exact calculation of a reverse mortgage will depend on the loan type, the lender, and current interest rates. Fortunately, you don’t need a degree in finance or to sit doing all sorts of calculations because our reverse mortgage calculator can help (as well as our professionals, if you want to talk to us directly).
The amount of money you can get from a reverse mortgage depends on a variety of factors, including the equity you have in the property (or will have, if purchasing), the appraised value of the home, and any additional fees and/or taxes. Ultimately, the more equity you have or will have, the more money you can receive.
Yes, you can get a lump sum with a reverse mortgage; you also have the option to receive monthly payments or access your funds through a line of credit. Depending on your financial needs, the lender will work with you to customize a payment plan that best suits you.
As a general rule seen across the industry, the 60% rule suggests that borrowers can only access 60% of the maximum principal limit in the first twelve months. For additional help, be sure to contact our amazing team.
When heirs receive a property, they may be able to sell the home for 95% of its value to pay off the loan if the loan’s balance is higher than the property’s value; this is known as the 95% rule. The exact details will vary depending on the type of reverse mortgage and the lender, so be sure to contact BrickWood Mortgage for the best advice.