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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
While only comprising about 1% of all mortgages, the reverse
mortgage has gained in popularity in recent years. Federally
insured since the late 1980’s, the reverse mortgage allows
owners of paid-off homes of at least 62 years of age to borrow
against the equity in their homes in the form of a lump sum, a
line of credit, or in the form of monthly payments. The loan is
repaid when the owners die or when the home is sold or no longer
occupied.
In the early years of its existence, the
reverse mortgage was regarded as a “last resort” step to avoid
foreclosure, pay
medical expenses or keep the home from disrepair. More
recently, however, retirees have been finding creative ways to
use the equity in their homes to allow their retirement years to
be more enjoyable.
The huge growth of the housing market
during the last five years has left millions of homeowners with
large amounts of equity in their homes. Californians who bought
homes in the early 1960’s at modest prices are now retiring;
many of them have home equity in the mid-six figures. With that
sort of equity, homeowners are using their equity to buy
recreational vehicles, boats, luxury vacations, and even second
homes. The structure of a reverse mortgage makes it possible for
some homeowners to pay cash for a vacation home, while
continuing to live in their primary residence for as long as
they like, or are able. Once they die, the primary residence
would be sold to pay pack the loan, while the second home would
become part of their estate.
This has provided a rare
opportunity for many couples, who struggled to raise families
and pay mortgages during the working years, to enjoy a few
luxuries in their retirement years. Couples who could never
afford to travel can now dip into their home equity and see
Europe or take that cruise that always eluded them.
While
this may seem like a win-win situation for all involved, those
in the lending industry express caution. For most people, the
equity in their home is their single largest asset, and
borrowing against it should done only after careful
consideration. What if a lengthy hospital stay became necessary?
Would the homeowner have sufficient funds to pay for that after
buying a second home through a reverse mortgage? What if a
husband or wife became incapacitated and required permanent
housing in a nursing home? These are things that must be
considered before using home equity for a houseboat or RV, and
those considering such a move should consider discussing their
plans with a financial advisor.
Despite the potential
drawbacks, the use of the reverse mortgage to fund a fun and
adventurous retirement seems to be growing. With interest rates
still near all-time lows, the trend will almost certainly
continue in the near future.
About the author:
©Copyright 2005 by Retro Marketing. Charles Essmeier is the
owner of Retro Marketing, a firm devoted to informational
Websites, including http://www.End-Your-Debt.com
/ and http://www.HomeEquityHelp.n
et/