Considering retiring yet not certain you have enough superannuation saved to live comfortably? This calculator can help you find out how many years you will be able to live off the equity in your home before it returns to a zero value or protected level. The interest that accumulates on a reverse mortgage compound monthly and develops quickly. You can use this calculator to see if using a reverse mortgage could be beneficial for you or what works better for you.
Conclusion: How much you can borrow is calculated on lenders’ Age and LVR model which can differ from lender to lender. The property increase/decrease rate remains constant over the life of the loan however in reality this rate may rise and fall over time. Interest rate does not change over the loan term.
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