Blog posted On July 07, 2022
As homeowners age, they begin to prepare for retirement. Most homeowners would prefer to be debt-free by retirement, but many still pay a mortgage. Reverse mortgages are one home financing option that can help homeowners eliminate monthly mortgage payments. But there are other options that can help you achieve a debt-free retirement.
All In One Loan™
Reverse Mortgage Amortization Schedule
One of the items reverse mortgage lenders provide applicants is an amortization schedule, which details how the loan’s balance will grow over time. The best way to conceptualize this is to create a hypothetical amortization schedule even before you begin the process of shopping for a reverse mortgage. Upon using a reverse mortgage calculator, you will clearly see how your loan balance will increase (as interest and principal compound) until the reverse mortgage is repaid. Because you aren’t required to make monthly payments, the loan balance will grow exponentially and the accruals on interest will continue to rise.
Let us know if you would like to explore options that can help you retire with MORE.