Hone Equity Conversion Mortgage (HECM) Calculator Reverse Mortgages gives you an idea of your benefit.
Calculator ( for information purposes only- make not be as accuate as what i might send you in an illustration) for Home Equity Conversion Mortgage. Home equity conversion mortgage (HECM) is the proper name for the slang term Reverse Mortgage.
Reverse Mortgages and the information is completely free, no obligation, no one will call and you can see how much you qualify for.
When you are ready to become more involved, we are Alabama’s most experienced Reverse Mortgage team which means everything from start to finish in your Reverse Mortgage process will be handled here in Alabama. Why not deal local- you will get personal service, lower closing costs, and close in under a month!
Reverse Mortgage Alabama’s team will help you understand the payout options, the HECM Calculator will show most options and give you an idea how much is available. Keep in mind this is a generic calculator that most lenders use, as a broker we are able to give you much better more becuase we simply have extremely low over headas compared to the big guys retail team. We will be able to offer you a better deal with thee same company- we are just on thier wholesale saide!
Tenure is equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term is taking equal monthly payments for a fixed period of months selected.
Line of Credit is having unscheduled payments or in installments, at times and in amounts of borrower’s choosing until the line of credit is exhausted.
Modified Tenure is a combination of line of credit with monthly payments for as long as the borrower remains in the home.
Modified Term means a combination of line of credit with monthly payments for a fixed period of months selected by the borrower.