Reverse Mortgage (Equity Release) Calculator 2.0
Free Version
Publisher Description
This is a simple reverse mortgage (or equity release) calculator that considers an initial lump sum equity release and/or regular monthly equity receipts thereafter. The idea behind a reverse mortgage is that a homeowner may have an (estimated) amount of equity (over and above any pre-existing mortgage or borrowings) locked up in the value of their home. To release this equity without selling the home the homeowner may approach a bank to arrange to release this equity in the form of an initial lump sum followed by regular monthly payments calculated at a specified rate of interest and for a specified term. The receipts are secured against the estimated equity remaining in the home. For example, if the home is valued at 300,000 and has a pre-existing mortgage of 50,000 then there is 250,000 of equity in the home that can be released. Therefore, over a term of, for example, 13 years at a fixed annual rate of interest of 4.5%, it may be possible for a homeowner to negotiate with a bank to provide an initial equity release of 50,000 followed by regular monthly equity receipts of 750 over the 13 years. This equity release would "cost" 246,209 which would be more than covered by the 250,000 equity referred to above. The homeowner ought to have an idea of the equity remaining in the home and by varying the lump sum and/or monthly equity receipt requirements over different terms and interest rates (the "variables"), the homeowner can use the calculator to establish optimal equity release terms. If any of these variables do not apply then enter "0".
Requires iOS 10.0 or later. Compatible with iPhone, iPad, and iPod touch.
About Reverse Mortgage (Equity Release) Calculator
Reverse Mortgage (Equity Release) Calculator is a free app for iOS published in the Accounting & Finance list of apps, part of Business.
The company that develops Reverse Mortgage (Equity Release) Calculator is Giles Morris. The latest version released by its developer is 2.0.
To install Reverse Mortgage (Equity Release) Calculator on your iOS device, just click the green Continue To App button above to start the installation process. The app is listed on our website since 2016-10-15 and was downloaded 0 times. We have already checked if the download link is safe, however for your own protection we recommend that you scan the downloaded app with your antivirus. Your antivirus may detect the Reverse Mortgage (Equity Release) Calculator as malware if the download link is broken.
How to install Reverse Mortgage (Equity Release) Calculator on your iOS device:
- Click on the Continue To App button on our website. This will redirect you to the App Store.
- Once the Reverse Mortgage (Equity Release) Calculator is shown in the iTunes listing of your iOS device, you can start its download and installation. Tap on the GET button to the right of the app to start downloading it.
- If you are not logged-in the iOS appstore app, you'll be prompted for your your Apple ID and/or password.
- After Reverse Mortgage (Equity Release) Calculator is downloaded, you'll see an INSTALL button to the right. Tap on it to start the actual installation of the iOS app.
- Once installation is finished you can tap on the OPEN button to start it. Its icon will also be added to your device home screen.
