What exactly is a reverse mortgage?
Reverse mortgages can provide financial flexibility for homeowners aged 62 and older—but they aren’t right for everyone. This guide will walk you through the key details, benefits, and potential drawbacks, helping you make an informed decision.
A reverse mortgage lets homeowners borrow against their home equity without monthly payments. Instead, the loan balance is repaid when you sell the home, move out, or pass away.
Reverse Mortgage Loan Calculator
Get the best possible quote on a reverse mortgage—instantly.
Calculate Your Eligibility
Your age determines the principal limit factor (PLF) for your reverse mortgage. Older homeowners typically qualify for higher loan amounts because the loan term is expected to be shorter.
Your home's current market value is used to calculate how much you may borrow. The higher your home value, the more you may be eligible to receive (up to FHA lending limits).
Any existing mortgage must be paid off with your reverse mortgage proceeds. We need this to calculate your net available funds after paying off your current loan.
Key benefits of a reverse mortgage
- Access Tax-Free Funds: Receive funds as a lump sum, monthly payments, or a line of credit.
- Stay in Your Home: Retain ownership and remain in your home as long as you meet the loan requirements.
- Flexible Financial Planning: Use the money for retirement, medical expenses, or other needs.
Who is this for?
Reverse mortgages may be a good fit if:
- You’re 62 or older and own your home outright or have significant equity.
- You want to supplement retirement income without selling your home.
- You need funds for healthcare, home improvements, or other expenses.
- You plan to stay in your home long-term and can maintain property taxes, insurance, and upkeep.
How to get started
1. Learn the Basics
Understand how reverse mortgages work and assess if they align with your financial goals.
2. Use Our Calculator
Estimate how much money you could access based on your home’s value and your age.
3. Talk to an Expert
Get personalized advice from a trusted reverse mortgage specialist.
Get a Quote »What Can You Do with the Information from the HECM Calculator?
The reverse mortgage affordability calculator and reverse mortgage eligibility calculator will let you know if you qualify for one of our reverse mortgages or not. There are a few parameters you have to fit into to receive a reverse mortgage. They include:
Being 65 years or older
Have valuable equity in the house
No intentions to move
The residence is your primary residence
You’re living in the residenceWe’ll Provide The Best Quote With Our HECM Reverse Calculator
Who is this for?
Reverse mortgages may be a good fit if:
- You’re 62 or older and own your home outright or have significant equity.
- You want to supplement retirement income without selling your home.
- You need funds for healthcare, home improvements, or other expenses.
- You plan to stay in your home long-term and can maintain property taxes, insurance, and upkeep.
How to get started
1. Learn the Basics
Understand how reverse mortgages work and assess if they align with your financial goals.
2. Use Our Calculator
Estimate how much you could access based on your home’s value and your age.
3. Talk to an Expert
Get personalized advice from a trusted reverse mortgage specialist.
Get Started NowGet Your Retirement Solution
Our average homeowner unlocks $96,000 with a reverse mortgage. Find out how millions of other retirees are “reversing” their financial stress with this free book—The Retirement Solution.
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