Reverse mortgage shadow shop

Our shadow shop revealed poor advice and information from reverse mortgage sellers.
 
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05.Reverse mortgage calculator

The calculator shows you how long it could take until the loan is worth more than your house.

The ‘no negative equity guarantee’ normally offered by the lender protects you against this. What this means is that the lender covers the difference if the sale price of the house doesn’t cover the debt.

Make sure your loan offers an unconditional guarantee otherwise the lender may not honour it if you’re in default at the time of the sale.

CALCULATOR MISSING

Note: House value compounded annually, loan interest compounded monthly.

Disclaimer: Every effort has been taken to ensure the accuracy of this information. You should check product details and conditions with any institution concerned before committing yourself. Our recommendations are of a general nature and have not been developed with your individual circumstances and needs in mind. Consult a licensed financial services professional if you require advice about your specific financial needs.

 

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