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Use our free reverse mortgage calculator to estimate how much money you can receive based on the value of your home. No personal information required.
- A reverse mortgage is a home loan that provides income to senior homeowners by drawing from their available home equity.
- A reverse mortgage might make sense if you need to supplement your income and plan to age in place. It also works if you can comfortably keep up wi...
- Requirements for a reverse mortgage vary by lender, but a good rule of thumb is to have at least 50% home equity. If you don’t own your home outrig...
- HECM Calculator Step 1 – Age and Home Value
- Step 2 – Mortgage Balances and Payments
- Step 3 – State
- Step 4 – Payout Option
- Step 5 – Confirm and Calculate
- Step 6 – Calculation Results
Reverse mortgage proceeds are calculated in part based on the age of the youngest borrower or non-borrowing spouse. Select the age of the youngest borrower (or non-borrowing spouse) and your home’s estimated market value in the fields on this page. 1. Age (of youngest borrower) –Select the age of the youngest borrower (or non-borrowing spouse). 2. ...
A HECM reverse mortgage can eliminate existing mortgage payments, which can save you thousands of dollars per year. That’s money you can use for other things, including home improvements, travel, building up savings, etc. Select the total of all mortgage balances (including any home equity lines of credit), total mortgage payments (without taxes an...
Select the state where your home is located. Keep in mind that a HECM reverse mortgage is only for a home you live in for the majority of the year. No second homes or rental properties are allowed. 1. Select your state –Select the state where your home is located. Click the Next button to continue to Step 4.
Our HECM calculator enables you to calculate multiple payout options, including lump sum, line of credit, and term/tenure income. Most online HECM reverse mortgage calculators calculate just lump sum. Select which payout option to calculate using the drop down box on this page. You can always return to this page to select a different option and run...
Confirm the information you’ve entered is accurate, then click the Calculate button. The calculation results will display on the next page. As we promised, no personal information was required!
The top of the Calculation Results page displays results for the two primary HECM products: the variable-rate HECM and the fixed-rate HECM. You can switch between the two products using the drop down box near the top of the page. Near the middle and bottom of the page, you’ll see a breakdown of benefits and payout estimates. Depending on what you s...
Use the reverse mortgage calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
May 26, 2024 · A reverse mortgage is a loan that allows homeowners who are 62 or older to borrow against a portion of the equity in their home. A reverse mortgage works differently than a traditional mortgage loan, though. Instead of making payments to your lender, your lender will make a payment to you.
- If you take out a HECM, the most popular type of reverse mortgage, you won't have to pay back more than what your home is worth when you pay off th...
- You can get out of a reverse mortgage, though doing so can take time and money. You can always sell your home, using the proceeds to pay off your r...
- Once you sell your home, you’ll use the proceeds from the sale to pay off your reverse mortgage. If you sell your home for its appraised value, but...
- The amount you can borrow with a reverse mortgage depends on the age of the youngest borrower, current interest rates and the amount of equity you...
- You can always refinance a reverse mortgage to get a lower interest rate or move to a different type of mortgage loan. You’ll have to pay closing c...
May 20, 2024 · A free reverse mortgage calculator helps determine how much you might receive from a reverse mortgage. It uses information like the age of the youngest borrower or spouse, your home’s estimated value, any existing debts against your home, and your home’s zip code.
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Dec 14, 2020 · Do your homework so you know what to expect before getting a reverse mortgage. Here are some common questions (and answers) to help you apply for and get a reverse mortgage. Get...
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Use the reverse mortgage calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
