Reverse Mortgage Loan CalculatorMortgage loan reverse calculator
Mortgages Affordability Calculator
This calculator provides numbers for illustration only. Repayments of loans: No liability can be accepted for any losses resulting from actions or failures to use this computer. Home-owner loans: As a rule, mortgage mortgages are subjected to a strict evaluation of the real estate and evidence of your income.
YOU CAN REPOSSESS YOUR HOME IF YOU DO NOT MAINTAIN YOUR MORTGAGE PAYMENTS OR ANY OTHER GUARANTEED DEBTS.
Equity Release (Reverse Mortgage) Calculator in the App Store
It is a straightforward capital relief (or reverse mortgage) calculator that takes into account an early flat-rate capital relief and/or periodic (monthly, quarterly, annual) subsequent capital take. Ultimately, the concept behind a reverse mortgage is that a house owner may have included an (estimated) amount of capital (over and above any already outstanding mortgage or loan) in the value of his home.
In order to free this capital without having to sell the house, the owner can turn to a local banking institution to obtain the capital in the shape of a first fixed amount, followed by periodic monetary instalments charged at a certain interest and for a certain period of time. Income is hedged against the expected capital surplus that remains in the company.
As an example, if the house is rated at 300,000 and has an already existent mortgage of 50,000 then there are 250,000 of capital in the home that can be used. Therefore, it may be possible for a house owner to bargain with a banking institution over a period of, say, 13 years at a 4.5% per annum interest fix to achieve an early capital relief of 50,000, followed by periodic capital income of 750 per annum over the 13 years.
Releasing this capital would "cost" 246,209, which would be more than the 250,000 above. Homeowners should have an understanding of how much capital remains in the home, and by diversifying the flat -rate amount and/or capital maintenance per month over different maturities and interest dates (the "variables"), the owner can use the calculator to determine optimum conditions for capital relief.
Reported own funds were allocated between principal and interest to show the borrower the amount of own funds remitted in relation to the overall amount of interest disbursed for the use of the facilities. As regards the calculation of interest, (i) the starting amount shall be set off annually at the yearly interest rates entered by the beneficiary; (ii) the value of the periodic own funds shall be determined on an annuitant base by means of a set of periodic (monthly, quarterly or annual) instalments at the respective interest rates (annual/12, annual/4 or annual).
ATTENTION that your use of this computer is at your own peril and should not be interpreted as investment counsel.