As the old adage goes, planning is key to success. This universally accepted truth also applies to our financial life, specifically when planning for retirement. Among numerous financial instruments available to retirees and seniors, reverse mortgage has surfaced as a prominent option. American Advisors Group (AAG) has evolved as a reliable name in the reverse mortgage industry, offering several exceptional reverse mortgage calculators that can assist you in planning your future. Let’s delve into some of the top AAG reverse mortgage calculators in 2024.
Firstly we have AAG's primary reverse mortgage calculator. This tool provides prospective borrowers a quick and convenient way to know their borrowing power. Users simply input details such as their age, estimated home value, and existing mortgage balance. The tool swiftly computes the maximum loan amount they can borrow based on these inputs. This calculator factors in interest rates, mortgage insurances, and lending limits as set by the FHA, providing users with an accurate estimate.
Secondly, there is the AAG Jumbo Reverse Mortgage Calculator. Not all properties fit within the usual FHA lending limits, with some homes valued significantly higher. AAG's jumbo reverse mortgage calculator caters to such homeowners. Similar to the primary calculator, users input their personal and property details. The calculator then provides an estimate for a jumbo reverse mortgage loan.
The third one is the AAG Reverse for Purchase Calculator. This calculator serves those looking to use a reverse mortgage to purchase a new home—a relatively new concept but gaining interest among seniors. This tool lets users calculate the approximate size of a reverse mortgage they would need for their new property purchase. Users input the estimated cost of the new property and their age to get the desired value.
Last but not least is the Life Expectancy Set-Aside calculator. This tool is particularly useful for individuals dealing with financial planning for healthcare. It provides an estimate of the mandatory set-aside amount to cover health and living expenses, considering essential variables like age, property value, and current interest rates.
In conclusion, AAG’s variety of reverse mortgage calculators aim to cater to different needs and scenarios, making financial planning more accessible and understandable for seniors. It’s important to remember that while these calculators provide estimates, a consultation with a trained AAG loan advisor can give a more comprehensive picture of your potential financial future. As we step further into 2024, many seniors are expected to utilize these digital tools to bolster their retirement plans.