Mortgage - Reverse Mortgage Calculator

Reverse mortgage is a type of loan that’s only available to senior citizens. This is a special type of mortgage. Reverse mortgage is used to release the home equity in a given property as a lump sum or multiple payments for the loan. Thus the homeowner’s are not required to repay the mortgage until the owner dies, the house is sold, or if the owner leaves it.

A person can find out how much he can earn over a reverse mortgage by using an online mortgage - reverse mortgage calculator. It will also indicate what will happen to his home equity as time progresses. If the value of the property increases after a reverse mortgage is taken out, the person could take out another reverse mortgage on the property, if the law of the area where the property is located permits it.

To use the mortgage – reverse mortgage calculator, a user must know the value of his home, how much the initial lump is worth, the amount of payment per month, the number of years, the interest rate, its monthly fees, the establishment costs, and finally, the assured annual increase in home value.

Once everything is inputted in the mortgage – reverse mortgage calculator, it will automatically show the total initial mortgage, the initial mortgage as percentage of the home value, and the number of years in which the equity will reach zero value.

It will also plot a graph where it will indicate the equity remaining, the value of the home and the mortgage debt. This would make it clear as to whether the reverse mortgage would be profitable for you or not. As you can see a simple web tool such as a reverse mortgage calculator can be a big help in determining your final decision on the matter at hand.


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