Free FHA / HECM Reverse Mortgage Calculations

You can use this calculator to get an approximate estimate of the amount of money that you may be eligible for from a reverse mortgage. Please note that this is just an estimate, and you will need to speak to a lender to find out exactly how much you are eligible to receive. Our calculator is one of the few that you will find that requires absolutely no personal information.

Click here to get more information about a reverse mortgage and speak to a specialist, absolutely free.














Calculate

Estimated Funds Available:

Estimated Funds at Closing:

Estimated Closing Costs:

Estimated Origination Fee:

Up Front Mortgage Insurance:

Want a more accurate picture of much you can borrow? Click here to get more information about a reverse mortgage and speak to a specialist, absolutely free.

A Few Notes About the Calculator

  • Most of the fields are self-explanatory. For spouse’s age, you should input the age of the youngest owner of your home. In most cases this is a spouse, but not always.
  • Since most homeowners do not know the exact value of their homes, we’ve broken the home value option into $25,000 units. For example, $125,000-149,999 will calculate an estimate based on a home value of $125,000.
  • For interest rates below 5%, there are no differences in borrowing power. In other words, you are eligible to receive the same amount of money whether your rate is say 3.75% or 4.5%. So we’ve set the lower bound on rate to “Under 5.000%”.
  • Based on where interest rates are right now, you will likely receive the most accurate estimate by choosing “Under 5.000%”.
  • Estimated Funds Available calculates how much you are eligible to receive, before fees, based on your home’s value, your age, and HUD’s principal limit factor.
  • Estimated Funds at Closing calculates how much you are eligible to receive at closing. This is different from Funds Available because only 60% of the total is available immediately, and because costs have been deducted.
  • Closing costs and origination fees are estimates based on what we’ve seen in the marketplace. Closing costs vary, but this estimate should give you a reasonable idea of what to expect. These costs include title fees, appraisal fee, credit report, counseling, wire fee, and so on. For the origination fee, reverse mortgage lenders are allowed to charge you up to $6,500 depending on your home’s value, but you should be able to find a fee more in line with our estimate if you shop around.
  • As of this writing, the largest amount that you are eligible to receive from a HECM is $625,500. With this in mind, we’ve set the upper limit for home value at $625,500.
  • We spent a lot of time designing and developing the calculator. If you have feedback, suggestions where we can improve, or need help, please email us at info@reversemortgagealert.org.

Other Calculators that We Like

Here are a few other financial calculators that we recommend.

Optimal Retirement Planner (ORP): Helpful retirement calculator that includes reverse mortgages in its model.

CalcXML’s Find Out How Much You Need to Save for Retirement Calculator: Another useful retirement calculator.

Estimate Your Social Security Benefits from SocialSecurity.gov