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Reverse Mortgage Calculator

Try our Free Reverse Mortgage Calculator and in just a few minutes, see how much you may qualify for.

Understanding Reverse Mortgage Calculations

The reverse mortgage loan estimate is calculated based on the following:

  • Your age – To qualify for a reverse mortgage, you must be at least 62 years of age.
  • The value of your home – this is the amount your home is worth in today’s market. Use your best guess if you are unsure.
  • The amount of any outstanding loans against your house this includes any mortgages and liens on your home. If you are still paying off a traditional mortgage, part of the reverse mortgage loan must first be used to pay off any existing mortgage. Then any remaining equity can be used for other wants or needs. Unlike a traditional (forward) mortgage, it does not require monthly mortgage payments*. This is the MAJOR benefit of the HECM program. By eliminating your monthly mortgage payments, you will improve your monthly cash flow.
  • Current interest rates

Lastly, there is a maximum loan amount – a loan limit – which is determined by law. As of 2018, the maximum limit on HECM reverse mortgages is $679,650, up from $636,150.

Use our free reverse mortgage loan calculator to get your estimate today – No cost or no obligation

Depending on your situation, having extra money at hand could mean:

  • Help staying in your home, where you're most comfortable, without the pressure of a monthly mortgage payment, and money to help pay for in-home care if someday needed
  • Help with property taxes, home repairs and upkeep – whatever you decide
  • Help with managing all of your other bills and expenses
  • Help prepare a safety net for life’s unexpected challenges

*The balance of the reverse mortgage loan grows over time and the lender charges interest on the outstanding loan balance.