Reverse Mortgage Calculator

A reverse mortgage calculator is a valuable tool that can help you understand the potential benefits of such mortgages. These financial products allow homeowners aged 60 and over to access the equity in their homes without having to sell it. If you’re interested, 7 Mortgages can help you find the right one to match your needs.

What Is a Reverse Mortgage?

A reverse mortgage allows homeowners to access a portion of their home’s equity without having to sell their property. You receive regular payments, either as a lump sum, monthly instalments, or a line of credit. The loan is repaid when you sell your home, move out permanently, or pass away. A reverse home loan calculator can help you find the exact amount and prepare accordingly.

How Does a Reverse Mortgage Work?

Reverse mortgages provide regular payments to the homeowner. This can be done as a one-time payment, a credit line, or a combination of both. The entire sum is repaid when the property is sold, typically upon the death of the last surviving borrower. Depending on the reverse mortgage interest rates, this can differ from one individual to the next.

Calculate Your Reverse Mortgage Today

So, are you ready to get started? Try our reverse home mortgage calculator now, and feel free to reach out for more details. Let us help you take control of your finances and unlock the full potential of your home’s equity. For more information, don’t hesitate to call us on 0413 277 413 / 03 9544 2642 or drop us an email at admin@7mortgages.com.au. We look forward to helping you find the right reverse mortgage lenders.