Specialty Loans
Reverse Mortgage Calculator
Estimated reverse mortgage proceeds
Estimate only — actual HECM proceeds depend on current rates, fees, and FHA limits.
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A reverse mortgage calculator estimates how much of your home equity you could convert to cash through a reverse mortgage, typically a Home Equity Conversion Mortgage (HECM). Designed for homeowners aged 62 and older, these loans let you tap equity without monthly mortgage payments, with the balance repaid when you sell, move out or pass away.
The amount available depends mainly on the youngest borrower's age, your home's value (capped at the FHA maximum claim amount, which is $1,249,125 for 2026), and current interest rates. Your proceeds equal that maximum claim amount multiplied by a principal limit factor (PLF) set by HUD: an older youngest borrower and a lower expected interest rate generally produce a higher PLF and more available cash. This calculator gives a ballpark figure so retirees can gauge whether a reverse mortgage could supplement income, cover expenses, or eliminate an existing mortgage payment.
Use the estimate as a starting point for deeper research, since reverse mortgages carry upfront costs, ongoing fees and important obligations. A practical tip: you must keep paying property taxes, homeowners insurance and upkeep, and HUD requires independent counseling before you can take out a HECM, which protects you and clarifies the trade-offs.
Frequently asked questions
- Who qualifies for a reverse mortgage?
- For a HECM, the most common reverse mortgage, the youngest borrower must be at least 62, live in the home as a primary residence, have substantial equity, and complete HUD-approved counseling. You also must keep up with taxes, insurance and maintenance.
- How much money can I get from a reverse mortgage?
- Your proceeds equal the maximum claim amount — your home's appraised value capped at the 2026 FHA limit of $1,249,125 — times a principal limit factor (PLF) set by HUD. Because the PLF rises with the youngest borrower's age and falls as the expected interest rate climbs (it has a 5% floor), older borrowers and lower rates generally unlock more equity.
- Do I have to repay a reverse mortgage?
- You make no required monthly mortgage payments while living in the home. The loan, plus accrued interest and fees, becomes due when the last borrower sells, permanently moves out, or passes away — usually repaid by selling the home.
- What are the downsides of a reverse mortgage?
- Reverse mortgages have significant upfront and ongoing costs, the balance grows over time as interest accrues, and they reduce the equity left to heirs. You can also face foreclosure if you fail to pay taxes, insurance or maintain the home.
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