Switching gears with reverse mortgages offer a unique way to move forward into your retirement with extra income. As many individuals plan for retirement and turn to alternative sources of post work income, one that may come to mind is a reverse mortgage. We take a look at the basics.

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.