

- All reverse mortgage calculator full#
- All reverse mortgage calculator plus#
- All reverse mortgage calculator series#
The results from this calculator are an approximate guide only and do not constitute specialist advice. Rates and repayments are indicative only and subject to change. Loan repayments are based on the lowest interest rate (either standard variable or 3-year fixed rate, owner occupier) from our lender panel over a repayment period of 30 years. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.ĭisclaimer - Borrowing power: The borrowing amount is a guide only. The results from these calculators are an approximate guide only and do not constitute specialist advice. To find out more about reverse mortgages, please see our Reverse Mortgage Fact Sheet here. Talk to your Mortgage Choice broker to identify the reverse mortgage lenders and reverse mortgage interest rates suitable to your needs.
All reverse mortgage calculator full#
Like a normal loan, interest continues to be charged on the sum, but unlike a normal loan, a reverse mortgage (including interest and fees) is usually repaid in full when your home is sold, you pass away or, most commonly, you move into aged care. How does a reverse mortgage work?Ī reverse mortgage allows you to take a loan as a lump sum, an income stream or a line of credit without having to make repayments while you The other benefit is that unlike a traditional loan, in a lot of cases borrowers do not have to have a making an income at the time of application and the loan is typically only paid back when the borrower sells, moves out or passes away. Starting from the age of 60, these loans allow seniors to convert the equity they have built up in their homes to cash that they can use as they wish. Reverse mortgage rates for seniorsĪ reverse mortgage loan is a great option for pensioners and retirees that typically have a lot of their wealth tied up in assets. This makes it important to use our reverse mortgage calculator to understand the impact on your home equity over time. Reverse mortgage interest rates do tend to be higher than for regular home loans.

To use our reverse mortgage calculator, enter the period of time you expect to need the loan (this should be the number of years before you intend to sell the property).
All reverse mortgage calculator plus#
And the big plus of a reverse mortgage is that no repayments are necessary until your home is sold. That can make a reverse mortgage loan a valuable source of extra cash in retirement.
All reverse mortgage calculator series#
Most reverse mortgages give you a choice about how you receive the funds: As a lump sum payment, a regular series of payments, or a combination of both. It’s a type of loan that lets you access the equity that you have built up in your home without having to sell the property. Many people are unsure about what a reverse mortgage loan is.
