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FREE Reverse Mortgage Calculator

This useful Reverse Mortgage Calculator is developed to help you to understand (1) how much you will owe on a reverse mortgage over time (the mortgage debt accumulated), (2) how much of your home equity remains over the period of your mortgage, (3) in how many years that your home will be worth less than your loan, and (4) an estimated future value of your property.

This free Reverse Mortgage Calculator is built based on the Australia Government official online reverse mortgage calculator available from website with the consideration of the consumer price index (CPI).

A reverse mortgage allows you to borrow money against the equity in your home. No income is required to qualify. 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) if you sell your home or die or, in most cases, if you move into aged care.

The reverse mortgage loan can be taken as a lump sum, a regular income stream, or a combination of these options. This free Reverse Mortgage Calculator allows you to estimate any of these scenarios.

Here is a screen shot that will give you a better idea that what you need to do and how this free Reverse Mortgage Calculator may help you.

FREE Reverse Mortgage Calculator

View full size image of FREE Reverse Mortgage Calculator

According to, there are certain risks associated with any reverse mortgages. These risks inlude:

(1) Interest rates are generally higher than average home loans.

(2) The debt can rise quickly as the interest compounds over the term of the loan - this is the effect of compound interest and is something you need to be aware of before making any decisions.

(3) The loan may affect your pension eligibility.

(4) You may not have enough money left for aged care or other future needs.

(5) You could end up owing more than your property is worth unless your loan has a No Negative Equity Guarantee (NNEG). Members of the Senior Australians Equity Release Association of Lenders (SEQUAL) must offer reverse mortgages that have a NNEG.

(6) You could lose your NNEG if you don't repair and maintain your property to a standard set by the lender.

(7) If you are the sole owner and someone lives with you, that person may not be able to stay when you die.

(8) If you fix your interest rate then the costs to break your agreement can be very high.

You may want to read the official informational education material on reverse mortgage from The Australian Government also has a reverse mortgage case study which is really good to help you understand the reverse mortgage which is a complex product that can have a significant impact on your finances and relationships, and your quality of life in retirements.

This calculator is built in Microsoft Excel worksheet. You need to have Microsoft Excel 2000-2010 and Microsoft Windows to use it.

Download FREE Reverse Mortgage Calculator Now!