There’s a new player in the world of [tag]reverse mortgage[/tag] calculators and it looks like they have a product that offers some very useful and cool new features. ReverseVision has introduced a graphical reverse [tag]mortgage calculator[/tag] that really helps make the complex dynamics of reverse mortgage loans more understandable to the lay person.

The ReverseVision calculator initially looks and works much the same as the popular Netirement [tag]reverse mortgage calculators[/tag] found at [tag]AARP[/tag], [tag]Wells Fargo[/tag] and numerous other reverse mortgage lender sites. Data input screens are similar to these other calculators and, like the Netirement calculators, side-by-side loan comparisons are limited to the HUD [tag]HECM[/tag] and [tag]Fannie Mae[/tag] HomeKeeper products (Financial Freedom is not included). Numeric results in a few sample calculations came out close to the Netirement calculator results.

But the key value-added feature of ReverseVision’s reverse mortgage calculator are the chart tools. Especially useful is a dynamic pie chart that allows users to “play it forward” with their assumed loan scenarios in one-year or ten-year increments. With this tool, users get a clear graphic representation of how the allocation of loan receipts, fees, accrued interest, and other items change over the life of the loan.

For example, advancing forward one year at a time, you can easily see the point at which accrued interest owed on a hypothetical reverse mortgage loan exceeds the total funds paid out to you.

Perhaps the biggest criticism of the ReverseVision calculator is that it might provide too much information for casual users. For instance, in addition to the pie chart, there are multiple other charts available, some of which seem of limited use. As an example, information on a separate chart showing the decline in home equity over the loan’s life might be more useful if consolidated on the “play it forward” pie chart - as was done with information on rising home value.

Regardless, if you’re surfing the web trying to determine whether a reverse mortgage is right for you, the ReverseVision Graphical Calculator is definitely worth taking a look at.

Social tagging: Reverse Mortgage Calculator > reverse mortgage resources

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