Reverse mortgage calculator
Here we explore a different type of loan – the reverse mortgage. A reverse mortgage allows you to borrow money using the equity in your home as security, and it can be taken as a lump sum, a regular income stream, a line of credit or a combination of these options. As with any other loan, interest still applies but you don’t have to make repayments while you live in your home. The interest compounds over time and is added to your loan balance, you remain the owner of your house and can stay in it for as long as you want. This can be an attractive way for retirees to supplement their retirement income in situations where the equity in their home is substantial. With our reverse mortgage calculator, just follow the instructions regarding your borrowing power, payment option, property and mortgage details and then view your results – you’ll see the way the property value, loan balance and remaining equity track together over time.
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- Budget planner
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- Compound interest calculator
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- How long to repay calculator
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- Reverse mortgage calculator
- Saving calculator
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- Savings goal calculator – how much to deposit
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