Reverse mortgages are not for everyone. Only people age 62 and over are eligible to apply for a reverse mortgage and qualification is based in part on home equity. Before you decide if a reverse mortgage is for you, learn more about what a reverse mortgage is, how it works and some of the pros and cons of taking out a reverse mortgage.
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The PMT function within Excel is a financial function that is used to calculate loan payments (it can also be used to calculate the value of investments over time); with the associated IPMT and PPMT functions it is easy to create a worksheet that will calculate an amortization schedule for a mortgage or other loan.
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Using PMT, PPMT, IPMT and ABS functions we create a simple mortgage calculator using Excel 2007 and Excel 2010. The calculator works with repayment / interest only and monthly / quarterly mortgages.
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