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Reverse Mortgage Calculator
Our reverse mortgage calculator has been designed to demonstrate how much of your home equity you can potentially access to improve your retirement funding.
How do I use the calculator?
The reverse mortgage calculator requires several key inputs:
- The age of the borrower/s (note: the youngest borrower must be aged 60+)
- Whether your home is a house or apartment
- Your postcode
- The estimated value of your home
Once you submit that information, if eligible, you’ll see an estimate of the amount you may be able to borrow.
How are reverse mortgages calculated?
Your age and home value are used to calculate your loan to value ratio (LVR). This must comply with maximums prescribed by the Australian Securities and Investments Commission (ASIC). This determines how much home equity you can access.
Who should use the calculator?
If you’re aged 60+ and would like to pay out a bank mortgage, improve your retirement income or draw a capital sum for renovations or a new car, you should use our reverse mortgage calculator to see how using your home equity could transform your retirement.