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Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
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Definitions
- Lump sum advance
- The starting balance or amount you expect to receive immediately from your reverse mortgage.
- Years
- The total number of years you are planning draw from the reverse mortgage.
- Monthly loan advance
- Total monthly amount you plan on receiving, in addition to the lump sum advance.
- Interest rate
- The annual interest rate for this loan.
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