ASIC launches new reverse mortgage calculator

by Darren Moffatt on April 10, 2013

  • Sumo

After quite a long period in development, ASIC recently released their new reverse mortgage calculator. You can find it HERE.

I was part of the industry panel that provided input into this tool, and I have to say I think ASIC have done a great job here. This reverse mortgage calculator is much easier to use, more intuitive than the previous version. It’s a great resource for brokers & borrowers.

I ran a test projection based on the following parameters:

  • a $50,000 loan
  • a home valued at $500,000
  • 7.5% interest rate
  • 3% annual growth on house

And here’s what it looks like:

Users can save projections to their desktop & print them out as well.

If you’re dealing with a broker or lender for a reverse mortgage loan, they should provide you with an equity projection prior to submission of the loan application so you can get an idea of what will happen to your equity over time.

If you have any questions about this or need help deciding which reverse mortgage is best for you, feel free to drop me a line at info@reversemortgagewatch.com.au

Regards, Darren

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