A reverse mortgage is a special kind of loan that is available to all United States citizens over the age of 62, you must own the property in question, and it must be your primary residence. If you are unsure about whether or not this type of loan would be beneficial, there a number of websites on the internet that offer special calculators, aptly named reverse mortgage calculators, that can help you determine a good estimate on what your advance would be. While the number determined by these websites may not be completely accurate, they can give you a number that will be close enough so that you can make sure that you are making the right decision on the type of loan to pursue. There are pros and cons to every type of loan, and a reverse mortgage calculator is a tool you can use to decide if the advance you would receive would be a pro or a con in your future.
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