How to use FIDO reverse mortgage calculator

by Darren Moffatt on June 3, 2009

  • Sumo

When contemplating a reverse mortgage it is good practice to do ‘equity projections’ using the FIDO reverse mortgage calculator.

This FIDO reverse mortgage calculator is provided by the consumer arm of the Australian Securities and Investments Commission (ASIC), and is a highly useful tool for working out how much your reverse mortgage might be worth in the future. It also projects future property growth at high, low and medium levels so you can in effect work out your ‘net equity’ at any given time.

(‘Net equity’ is the amount of money you would have left after selling the house and paying back the reverse mortgage loan at any time, either during your lifetime or after you’ve passed away).    

By loading in the loan amount, your age, gender, current interest rate and likely annual rate of property growth, the FIDO reverse mortgage calculator will immediately project how much equity you will have left up to the age of 120!  You can also find the FIDO reverse mortgage calculator here and here. 

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