Use the Atomic Home Loans Reverse mortgage calculator to project & illustrate how much a reverse mortgage will cost and the home equity you can retain.
A reverse mortgage is a type of home loan that allows you to borrow money using the equity in your home as security. The loan can be taken as a lump sum, a regular income stream, a line of credit or a combination of these options.
Interest is charged like any other loan, except you don’t have to make repayments while you live in your home – the interest compounds over time and is added to your loan balance. You remain the owner of your house and can stay in it for as long as you want.
You must repay the loan in full (including interest and fees) when you sell your home or die or, in most cases, if you move into aged care.
While no income is required to qualify, credit providers are required by law to lend you money responsibly, so not everyone will be able to obtain this type of loan.
There are some downsides and risks associated with reverse mortgages, including:
This reverse mortgage calculator allows your input your details and work out how much you can borrow, how you can receive the funds, as well the end result after your mortgage term. That is, how much you will have owing in comparison to how much to value of the property. In other words, the remaining equity.See All Calculators