NMLS #891464
Equal Housing OpportunityReverse Mortgage Calculator
See how much equity you could access — without monthly mortgage payments.
NMLS #891464Equal Housing OpportunityCalculator inputs and results
Your details
70 years
$450,000
$80,000
This is an estimate only. Actual amounts depend on lender, program, and current PLF tables.
Your results show a range based on current market interest rates. The actual amount you qualify for depends on the expected interest rate at the time of your application, which is calculated by combining the 10-year Treasury rate with a lender margin. Rates change weekly — contact Jerry for today's exact numbers and a personalized quote.
Estimated available proceeds
$120,650 – $90,950
Possible
- Principal limit: $219,150 – $189,450
- PLF: 48.7% – 42.1%
How a Reverse Mortgage Works
Access Your Equity
A reverse mortgage lets you tap into your home's equity without selling or moving. You receive funds based on your age, home value, and current rates — often with no monthly mortgage payments.
You Stay In Control
You remain the owner of your home. You're responsible for property taxes, insurance, and maintenance. As long as you meet those obligations and live in the home, the loan is not due.
Flexible Disbursement
Choose how you receive your money: a line of credit, monthly payments, a lump sum, or a combination. Many borrowers use a growing line of credit as a financial safety net.
FHA-Insured Protection
HECMs are FHA-insured and regulated by HUD. You must complete HUD-approved counseling. FHA insurance helps protect you and your heirs — you won't owe more than the home's value when the loan is repaid.
Frequently Asked Questions
What is a reverse mortgage?
A reverse mortgage is a loan that lets homeowners 62 and older access their home equity without selling or making monthly mortgage payments. The loan is repaid when you no longer live in the home (e.g., you move or pass away). The most common type is the FHA-insured HECM (Home Equity Conversion Mortgage).
How does a reverse mortgage work?
The lender pays you (or makes funds available) based on your age, home value, and interest rates. You keep title to your home and typically don't make monthly mortgage payments. Interest and fees are added to the loan balance over time. You must still pay property taxes, insurance, and keep the home in good repair.
Who qualifies for a reverse mortgage?
You must be 62 or older (or have an eligible non-borrowing spouse), live in the home as your primary residence, and have sufficient equity. You'll need to complete HUD-approved counseling and a financial assessment to ensure you can meet ongoing obligations like taxes and insurance.
How much money can I get from a reverse mortgage?
The amount depends on your age (youngest borrower), your home's value (capped by the annual HECM lending limit), current interest rates, and any existing mortgage. Our calculator gives you an estimate. Older borrowers and higher home values generally mean more available proceeds.
How much does a reverse mortgage cost?
Typical costs include an origination fee (often 2% of the first $200k of value, then 1%, with caps), an upfront FHA mortgage insurance premium (2% of the max claim amount), plus third-party costs like appraisal, title, and recording. These are usually financed into the loan.
What is the line of credit growth feature?
If you choose a HECM line of credit, the amount you don't use can grow over time at a rate tied to the loan's interest rate plus the ongoing MIP. That means your available credit can increase even if you don't draw more — a valuable option for many retirees.
Ready to explore your options?
Schedule a free consultation with Jerry Garcia to discuss your situation.