Karl’s Mortgage Calculator does not list reverse mortgages as an option and is designed to estimate the payment amount to the lender, according to Karl Jeacle. Reverse mortgages do not require monthly payments to a lender, explains the National Reverse Lenders Association.
The NRLA offers a reverse mortgage calculator at ReverseMortgage.org. Reverse mortgages allow homeowners to take out loans against their home equity and receive monthly payments, according to the NRLA. These loans allow borrowers age 62 and older with limited cash flow to use the accumulated value of their homes to assist with living expenses. Borrowers do not have to repay reverse mortgage loans until they sell or otherwise vacate their homes.