Your new mortgage will pay for the in interest costs. “If you can make back the cost of the refinance in 30 months or less, you should do it.” - learn more about this rule. If you are having any issues with the calculator, please let us know. Payment savings are great too, but if they aren’t accompanied by interest savings you may end up paying more for your home in the long run. Payment Savings: While this calculator will measure both, Clark wants you to focus on interest savings when considering a refinance of your mortgage. Remodel your home to accommodate changing health and age limitations. With a Home Equity Conversion Mortgage (HECM) you can: Pay off your current mortgage and other expenses to reduce your monthly expenses. You can read more details on why this is important here. Reverse mortgages give you the flexibility to use your home equity in a number of different ways. Clark believes that refinancing is only a good idea if you can recoup all refinancing costs through interest savings within the first 30 months of the new loan. It’s called a reverse mortgage simply because it’s the exact opposite of having a loan in which you pay a lender every month and build equity.
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