Discover Your Reverse Mortgage Estimate in Minutes!

Helping senior homeowners unlock their home’s potential with tailored reverse mortgage solutions.

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Reverse Mortgage Estimator

Disclaimer: The calculations provided are estimates and for informational purposes only. Actual terms may vary. Consult a licensed reverse mortgage professional for detailed information.

Using the calculator is easy! Enter your home’s estimated value, current mortgage balance, and the youngest borrower’s age. Click “Calculate” to see your estimated principal limit, closing costs, cash draw, and line of credit.
Sure! For example, if your home is valued at $400,000, your mortgage balance is $100,000, and the youngest borrower is 72, the calculator will estimate:
  • Principal Limit: $200,000
  • Estimated Closing Costs: $12,000
  • Cash Draw: $8,000
  • Line of Credit: $80,000 These results give you a snapshot of your borrowing potential.
The calculator provides:
  • Principal Limit: The total loan amount you can borrow.
  • Estimated Closing Costs: Fees associated with setting up the loan.
  • Cash Draw: The upfront funds available after paying mandatory obligations.
  • Line of Credit: Funds available for future use, which may grow over time
A reverse mortgage is a loan available to homeowners aged 62 or older that allows them to convert a portion of their home equity into cash while still retaining ownership of their home. It is often used to supplement retirement income.
To qualify, you must be at least 62 years old, own your home outright or have significant equity, live in the home as your primary residence, and meet the lender’s financial criteria.
Instead of making monthly payments to the lender, the lender pays you. The loan balance grows over time and is repaid when you sell the home, move out, or pass away. You must meet loan obligations such as maintaining the property and paying property taxes and insurance.
Yes, you retain full ownership of your home as long as you live there as your primary residence and meet your loan obligations (e.g., property taxes, insurance, and maintenance).
The Principal Limit depends on the youngest borrower’s age, the appraised value of your home (up to the FHA limit), and current interest rates. Older borrowers typically qualify for higher limits.
You could face foreclosure if you fail to meet loan requirements, such as living in the home as your primary residence, keeping up with property taxes and insurance, or maintaining the property.

The loan is typically repaid by selling the home when it becomes due. Any remaining equity belongs to you or your heirs. FHA insurance covers the difference if the loan balance exceeds the home’s value.

Eligible properties include single-family homes, 2-4 unit properties (with one unit as the primary residence), FHA-approved condos, and some manufactured homes that meet HUD standards.
You can remain in your home indefinitely, as long as it is your primary residence and you meet your loan obligations (e.g., taxes, insurance, and upkeep).

Stay in Your Home

Retain ownership and live in the home you love while accessing its equity to support your financial needs.

Flexible Payout Options

Choose how to receive your funds based on your financial goals: as a lump sum, monthly payments, or a growing line of credit.

Access Tax-Free Funds

Receive loan proceeds as tax-free cash, whether as a lump sum, monthly payments, or a line of credit.

Federally Insured and Safe

Enjoy peace of mind with FHA-backed reverse mortgages, ensuring you’ll never owe more than your home’s value at the time of repayment.

Use Funds for Any Purpose

Cover in-home care, pay off existing debts, make home improvements, or simply supplement your retirement income.

No Monthly Mortgage Payments

Eliminate your monthly mortgage payment obligations, giving you more financial freedom. (You remain responsible for property taxes, insurance, and maintenance.)

Home Value Estimator

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How Does the Reverse Mortgage Process Work?

Step-by-Step Process:

Step 1: Initial Consultation

Speak with one of our reverse mortgage specialists to assess your needs and goals. We’ll explain how a reverse mortgage works and help determine if it’s the right fit for you. Check out the reverse mortgage calculator to get an idea of what you might be eligible for. This consultation is free and obligation-free.

Step 2: Reverse Mortgage Counseling

Complete a mandatory counseling session with an FHA-approved counselor. This ensures you fully understand the reverse mortgage process, benefits, and responsibilities. You’ll receive a certificate after completion, which is required to proceed.

Step 3: Application and Home Appraisal

Submit your application with basic details about your home and finances. A professional appraiser will assess your home’s value to determine your loan amount. This step typically takes 1-2 weeks.

Step 4: Loan Approval and Offer

Once your application is reviewed and approved, you’ll receive a loan offer outlining your principal limit, closing costs, and payout options. Review the terms with your loan officer and select your preferred option (e.g., lump sum, line of credit, or monthly payments).

Step 5: Closing

Sign the final loan documents. At closing, your mandatory obligations (e.g., mortgage payoff, and closing costs) will be deducted from the loan proceeds. This step finalizes your reverse mortgage.

Step 6: Access Your Funds

Receive your funds in the way that works best for you—whether as a lump sum, a line of credit, or monthly disbursements. Enjoy financial freedom while staying in your home.

“My mother-in-law lived in her home for over 60 years, but as she aged, she needed in-home care in a high-cost-of-living area. Despite owning a valuable home, her fixed income wasn’t enough to cover expenses.

A reverse mortgage was a lifesaver. It provided her with a steady income for the last few years of her life, allowing her to afford care and stay in the home she loved. After she passed, we sold the home, repaid the loan, and the remaining equity went to the family. It gave her financial security and peace of mind when she needed it most.”

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