Reverse Mortgage Calculator
As experts in our field, we discuss the following in this article:
Don’t waste more time!
Use our accurate reverse mortgage calculator today and find out how much cash your property could contribute towards your retirement.
The sooner you find out how much cash you can release from your property, the sooner you can make informed financial decisions.
In this article, we’ll help you understand:
- How a reverse mortgage calculator works.
- What to expect from a reverse mortgage calculator?
- The benefits our reverse mortgage calculator offers.
- Answers to your questions about reverse mortgages.
Our retirement analysts constantly research new and relevant financial products for our later life readers so that we can give you the most accurate and up-to-date facts.
Use our reverse mortgage calculator today!
Before You Start Reading….
Let’s See How Much You Can Release 👇
How Do Reverse Mortgage Loan Calculators Work?
Reverse mortgage loan calculators work by inputting your property value, address, and age.
It then applies algorithms and estimates how much equity you can release from your home through a reverse mortgage.
It should be quick and easy to use with no need for your personal information to be submitted or for you to be contacted.
What a Reverse Mortgage Calculator Should Provide
A reverse mortgage calculator should provide you with details about your eligibility for a reverse mortgage.
It needs to present how much cash could be available to you whilst considering your current mortgage balance.
You must also be provided with available payment options, including interest rate information and the sum of all closing costs.
Eligibility, Available Loan Amounts & Mortgage Balance
A genuinely reliable reverse mortgage calculator needs to provide you with all the available options you can choose from.
It should include information about each reverse mortgage option’s eligibility criteria and if you meet them.
Each alternative presented for you to consider should provide a breakdown of the loan amount available to you whilst your mortgage balance owing is taken into account.
Available Payment Options
Available payment options need to be presented to you in an easy-to-understand format that allows you to compare plans and then make an informed decision.
Interest Rates
All interest rates available to you need to be presented and include fixed-rate and flexible rate details.
Sum of All Closing Costs
A good reverse mortgage calculator needs to include all the closing costs related to taking up an offer.
Closing costs include all fees associated with arranging the mortgages, home valuation fees, solicitor’s fees1, and possible adviser charges.
Before You Continue Reading….
Let’s See How Much You Can Release 👇
How to Calculate Reverse Mortgage Amount
To calculate the reverse mortgage2 amount, you need to use our quick and easy calculator to get an accurate estimate.
As a general rule, you can release about 60% of your home’s market value in cash with a reverse mortgage.
You’ll also need to factor in approximately 5% of the 60% to cover closing fees.
Benefits of Using Our Reverse Mortgage Calculator
The benefits of using a reverse mortgage calculator are that you’ll get an accurate estimate of how much equity you can release from your home before you consider applying.
A good calculator should tell you if you’re eligible for a reverse mortgage and what the options available to you entail.
It’ll give you an idea of more or less what the interest rates offered to you could be.
Common Questions
How Much Equity Do You Need for a Reverse Mortgage?
How Much Will I Pay in Reverse Mortgage Costs?
What About My Taxes and Insurance?
What Percentage of Equity Can You Get on a Reverse Mortgage?
In Conclusion
A reverse mortgage is an excellent tool to assist you in funding your retirement needs.
Why not arm yourself with invaluable information by using our reverse mortgage calculator and start the process towards a more comfortable retirement today?
How Much Can You Release?
Use the FREE Calculator Below 👇