As a senior over or approaching the age of 62, you know the importance of monthly cash liquidity. You also may know that Home Equity Conversion Mortgages offer potential benefits. One problem is that these financial products may come with confusing figures and details. Fortunately, the Quontic Bank HECM calculator may make it a little easier to estimate how much you can safely borrow.
How the Quontic Bank HECM calculator works
Making a HECM estimation doesn't have to be hard. We've streamlined the process. All you have to do is fill out a few simple pieces of information, like your estimated value of your home, the remaining balance on your mortgage and your age. Then, our tool will tell you an estimate of how much you may be able borrow. The whole process takes only minutes of your time and it provides information that you can use in estimating your borrowing capability.
Why should you try the Quontic Bank HECM calculator?
Although HECMs have numerous benefits, like monthly disbursements and potential financial flexibility, the suitability of each lending product depends on your situation. Each person's financial circumstances are unique. Our goal is to provide information and tools that enables you to pick the perfect time and situation to take out your reverse mortgage. One such tool is the reverse calculator.
Could you be missing out on the benefits of a reverse mortgage?
With our HECM calculator, you no longer have to feel left in the dark. It's no secret that planning for your retirement and managing mortgages can be daunting. We firmly believe, however, that arming yourself with information gives you the knowledge to make better decisions.
Using the Quontic Bank HECM calculator is about far more than simply learning the estimate of how much you can borrow, it’s the beginnin
While we hope that you choose Quontic Bank as your preferred reverse mortgage lender, we want to provide you information to help you make the best decision. Let us guide you through the differences between lenders and lending options that help make your finances during retirement easier.
Why choosing top reverse mortgage lenders matters
Reverse mortgages are geared to elderly property owners supplement their finances and make retirement easier. They work by paying you from the equity that you’ve accumulated in your home over many years. In addition, you don’t need to pay these loans back on a monthly basis while you continue to live on the property as your principal residence and abide by the mortgage obligations.
There are many reverse mortgage lenders to choose from. Here's how to understand the differences between individual providers and make an informed decision.
The reverse mortgage lending industry
Your lending options are extremely varied. For instance, your local or state government may provide a single-purpose reverse mortgage, or you might seek a proprietary reverse mortgage from a reputable financial institution. In many cases, homeowners pursue the security associated with Home Equity Conversion Mortgages, or HECMs, which are Federal Housing Administration's reverse mortgages program that are insured by the federal government and HUD.
According to one Congressional report by the Consumer Financial Protection Bureau, or CFPB, in the early days of HECM programs, the number of loans made each year was under 10,000. The National Reverse Mortgage Lenders Association says that during the 2015 fiscal year, lenders made more than 58,000 HECMs. Although this growing market is only a small fraction of the entire mortgage sector, it still represents an important resource for aging Americans.
Difference between lenders
CFPB data reveals that reverse mortgage and HECM lenders include many corporate entities with diverse business models. For instance, most lenders underwrite and fund loans, but several also provide origination services, such as processing your application, arranging the loan terms and helping you make important retirement decisions.
Some lenders focus exclusively on selling reverse mortgages. These companies often sell your loans for profit following their creation. Compare this to seeking a loan from a bank that operates on a wholesale or retail lending model and also offers you additional financial services.
Choose Quontic Bank as your reverse mortgage lender
Quontic Bank is a Member FDIC bank, regulated by the U.S. Office of the Comptroller of the Currency. We are authorized by the U.S. Department of Housing and Urban Development (HUD) to make Federal Housing Authority (FHA)-insured mortgage loans in all fifty states. We have an A+ rating from the Better Business Bureau and were named to the Top 200 Healthiest Banks In America in 2016, ranking No. 88 of the 6,199 federally insured banks in the U.S., according to DepositAccounts.com. We were also ranked the 12th largest reverse mortgage lender in the U.S. by "Reverse Mortgage Daily” in September 2017. Quontic Bank is a member of the National Reverse Mortgage Lenders Association (NRMLA) and holds NMLS ID 403503.
Contact Quontic Bank to learn more about reverse mortgage options
For more information about reverse mortgage options, please contact Quontic Bank at 1-800-388-7689 today.
of the journey of better understanding reverse mortgage
Try our HECM reverse mortgage calculator
Ready to discover more and obtain your quote? Try the reverse mortgage calculator today.
For more information about a reverse mortgage, please contact Quontic Bank at 1-800-388-7689 today.
Quontic Bank is a Member FDIC bank, federally regulated by the U.S. Office of the Comptroller of the Currency. We have an A+ rating from the Better Business Bureau and were named to the Top 200 Healthiest Banks In America in 2016, ranking No. 88 of the 6,199 federally insured banks in the U.S., according to DepositAccounts.com, a website that monitors and informs consumers of how well financial institutions perform. We were also ranked the 12th largest reverse mortgage lender in the U.S. by "Reverse Mortgage Daily," a reverse mortgage news website.