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Reverse Mortgage

A reverse-mortgage is a type of loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their home into cash.

With this loan, retirees with limited income can use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.

The loan is called a reverse mortgage because instead of making monthly repayments to a lender, as with a tradition mortgage, the lender makes payments to the borrower.

The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home, he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance and condominium fees (if applicable).

Credit One can assist with Reverse Mortgage's with our SEQUAL accredited finance specialists.

Calculators

What are my repayments?

How much can I borrow?

At today's lowest property finance rate of 2.79%,

you will pay approximately ...

$133.68
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At today's lowest property finance rate of 2.79%,

you can borrow approximately ...

$28,667.97
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The information which you calculate from this Calculator is intended for use by you as a guide only. See more in our Disclaimer.

It is not an offer and has no legal effect on any contracts entered into by you ‘ the client’. This simulation and the resulting calculations do not constitute a loan application or offer. The figures and formulae used within this calculator may change at any time without notice.Should you apply for any Credit One product, we will make our own calculations and we will not necessarily take your calculations into account. All Interest rates are displayed ‘are guides ONLY’, repayments as a result of this simulation have no legal offering.Credit One accepts no responsibility for any losses arising from any use of or reliance upon any calculations or conclusions reached using the calculator.Information provided on this calculator does not constitute an offer of finance. Any loan request is subject to assessment against normal lending criteria. Fees and charges may apply. This calculation does not take into account any fees, charges or government taxes which may apply to either the calculation of the loan amount or the monthly repayments, such as GST or Luxury Car Tax (where applicable).

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