In reverse mortgage, the lender allows you to borrow money using the equity in your home as security. A monthly repayment is not required as you only have to repay the money when you no longer live in the house, suddenly pass away, decide to sell your home, or move into a retirement home.
When should you use Reverse Mortgage Calculator?
Use this calculator to find out the possible increase in your debt, changes in the interest rates, house prices, and how all of these will affect the equity in your home
TIP: Know your mortgage to get an insight on what you’re up against in case you decide to give up the house.