Not all reverse mortgage calculators are created equal

What you need to know to choose best payment option

One of the great features of the home equity conversion mortgage (HECM) program is that eligible seniors have multiple options designed to meet a variety of different needs. They can a) draw cash upfront; b) select a credit line on which to draw in the future at their own initiative; c) receive a tenure annuity for as long as they remain in their home; and d) receive a term annuity for a period the senior selects. These options allow seniors to meet a large variety of needs. Here is a partial list, indicating the option involved: They can relieve themselves of the monthly payment obligation on an existing mortgage or other debt by paying it off with a HECM, which has no required payment (a). They can minimize the cash drain involved in purchasing a house by taking a HECM in conjunction with the purchase (a). They can draw funds intermittently to meet unanticipated or special occasion cash needs (b). They can offset t...