The problem with using them is their unreliability. As of this time there are many more choices for a Reverse loans than there were a few years ago, making it extremely difficult to present each one in such a limited format.
And if you don’t answer the questions correctly on the calculator, you will not receive the right figures and everything will be off. The other issue is that they must be updated each week as the interest rates on each loan progam changes on a weekly basis.
If the administrator for the site isn’t on top of this and not updating the rates each week and if the individual who is requesting a quote enters any of the information incorrectly that is needed to determine a loan amount , the end result will obviously be wrong.
Due to the fact that there are so many different Reverse loan programs these days, it’s impossible to list each one within the confines of a calculator, and it will result in limited information for the consumer. And if the consumer tries different calculators from several web sites, they will probably come up with many differing figures, further confusing them.
As a professional, I would be remiss in providing a method that is at best, “sort of, maybe, kind of” the numbers that a person wants to see but are typically wrong. For anyone to make a decision as to whether or not the loan is appropriate, it’s best to speak with a trained Reverse loan consultant who can give you many examples for your review.
Please feel free to contact me if you wish further details, as there is no obligation on your part to do business with me. I personally feel that it’s crucial to illustrate the correct figures as of the time of the inquery and to be educated on the benefits of the loan.