Reverse Mortgage Calculator
By using this reverse mortgage calculator you are able to see the value of your house, reverse mortgage outstanding and the equity remaining over time.
Reverse Mortgage Calculator Details
Please enter the following information into the calculator above.
Basic Reverse Mortgage Calculator Details
Your Details
- Age, please enter the lower of yours or your partners/home co-owner’s age. For example if you are 67 and your wife is 65 you’d enter 65. This persons information will be used for all of the following fields.
- Sex, enter your gender (please enter the gender of the person whose age you inputted above).
Loan Details
- Interest rate on loan, if you’re are just doing initial research please look at our rates page to get an idea of the interest rate you’ll likely pay. Alternatively you can fill out our form at the top of this page to get a quote that’s tailored to your unique situation.
- Establishment costs, have a look at our fees page to get an understanding of how much you are likely to pay. In general reverse mortgages have fees of around $5,000 – $8,000 in total.
- Monthly fees, these vary quite a lot but are generally around $25 – $35 per month
Home Details
- Value of your house, it’s best to get a licensed real estate agent to do a valuation of your house. This typically costs around $300, if this isn’t an option or you are just wanting to get an overall idea then have a look at similar local property’s sale prices.
- Assumed annual increase or decrease in home value, this will help determine whether your house will increase or decrease in value. In most cases houses will at least match inflation (2-3% usually) but each area is different so when you get your property valued please ask your estate agent their estimate on future housing prices.
Payment Details
- Initial lump sum, this is the amount of money you’d like to receive as a lump sum at the start of your mortgage. Please DO NOT include any fees/charges that are associated with your reverse mortgage as this has been taken into account above.
- Ongoing monthly payment, this is the amount of money that you’d like to receive monthly.
- Years of monthly payment, this is the number of years you’d like to receive your monthly payment. If you’d like to receive monthly payments until you die then set this slider to 50 years.