A reverse mortgage is a home loan that provides cash payments based on home equity. Homeowners normally "defer payment of the loan until they die, sell, or move out of the home." Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage company. Specific rules for reverse mortgage transactions vary depending on the laws of the jurisdiction.
Getting a reverse mortgage loan estimate just got a lot easier. While people who are 62 and older have long been visiting websites and loan officers to learn more about tapping into their home equity through a federally-insured reverse mortgage loan, now they can receive an estimate by plugging in few data points into an easy-to-use mobile app.
"Years ago, when people were still saying that seniors don't go online, or only trust face-to-face interactions, All Reverse Mortgage Company was busy learning about marketing to the online consumer," says Cliff Auerswald, ALLRMC president. "Well, it turned out that older Americans now represent one of the fastest-growing age groups to go online."
Today, about 60% of Americans who are 65 and older report online use, according to the latest senior technology survey from the Pew Research Center, and 77% have cell phones.
This is a strong increase from just a few years ago when online users comprised a majority of people from younger generations - Millennials and Gen Xers.
All Reverse Mortgage found through its company data analysis of online traffic that mobile traffic among those seeking reverse mortgage information has increased exponentially over the past year.
To meet the needs of the mobile demographic, All Reverse Mortgage Company is pleased to release its "Reverse Mortgage Calculator" app, available today for download on Google and Apple mobile devices. Users can access it at the Google Play store or at the iTunes store, free of charge.
"Naturally, I wanted to accommodate our visitors with not only a mobile friendly version of our website, but also an application that works on their phones and tablets, allowing us to be with you at the kitchen table, on the couch, or on the go," Auerswald says.
The application is available now, free of charge on all devices in both iTunes and Google Play stores.
Users of the app can enter a few pieces of information including their age and estimated home value to get an idea of how much they may be eligible to borrower under the Home Equity Conversion Mortgage program.
Users can also use the app to compare available loan programs to find the right reverse mortgage to fit their needs. They can have a quote delivered by email or start the application process and be well on the way to getting a reverse mortgage with All Reverse Mortgage, an Award-Winning HUD Approved Direct Lender.
For questions or suggestions on how All Reverse Mortgage may improve the user experience for our new app please email us at firstname.lastname@example.org.
You can also visit All Reverse Mortgages free full browser version calculator at: www.allrmc.com/reverse-mortgage-calculator.php