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Reverse Mortgage Calculator
Estimate how a reverse mortgage could work for you based on your age, property value, and loan amount.
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Reverse mortgage explained
What is a reverse mortgage?
A reverse mortgage allows homeowners aged 60 and over to borrow against the equity in their home without making regular repayments. The loan is repaid when the property is sold, typically when the borrower moves into care or passes away.
What are the risks of a reverse mortgage?
The loan balance grows over time as interest compounds. This can significantly reduce the equity remaining in your home. It is important to understand the long-term impact before proceeding.
Is a reverse mortgage right for me?
A reverse mortgage suits some retirees who are asset-rich but cash-poor. It is a significant financial decision and should be considered carefully. A GCW broker can explain the options and help you weigh the alternatives.
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