Are you exploring reverse mortgage options?  Our guide to the 3 best reverse mortgage calculators, which require no personal information, will help you make an informed decision quickly and easily.

Whether you are a homeowner thinking about a reverse mortgage, a family member helping with financial planning, or just curious, this guide is for you.  We explain how these calculators work and give you tips on using them so you have all the information you need to feel confident in your reverse mortgage journey!

Understanding Reverse Mortgage Calculators

The internet is a helpful resource for exploring loan options, but it’s crucial to stick to reliable sources, especially for your financial decisions.  This is particularly true for reverse mortgages.  Many websites offer a “free reverse mortgage calculator.”  These tools allow you to enter information about your home and personal circumstances to check if you qualify for a loan and how much home equity you can access.

These calculators also demonstrate various ways to utilize your home equity.  For most, this includes considering the Home Equity Conversion Mortgage (HECM), a reverse mortgage program insured by the Federal Housing Administration.  If your home is of higher value, you might also explore private or jumbo reverse mortgage options, which can provide larger loan amounts than government programs offer.

Typically, the calculators will display how much money you could receive from a reverse mortgage, whether as a one-time lump sum, in regular monthly payments, or as a credit line.  This information is intended to help you make a more informed decision about whether a reverse mortgage suits your needs.

Caution with Online Calculators

Review of Top 3 Reverse Mortgage Calculators

1.  NRMLA Reverse Mortgage Calculator

The NRMLA Reverse Mortgage Calculator is user-friendly and comes from a respected ethics advocacy group for lenders, making it a trustworthy resource.  To use this calculator, enter your zip code, set the slider to the age of the youngest borrower, and type in your home’s value.  The calculator will then provide an approximate amount you might receive through different loan types: an annual adjustable loan, a monthly adjustable loan, and a fixed-rate loan.

While this tool is excellent for getting initial estimates, please note that it doesn’t include specific lender rates and fees, which can vary.  Therefore, the amounts shown might be more or less than what you could qualify for.  It’s a helpful starting point, but it’s best to speak directly with a lender for a detailed and precise financial assessment.

Access the NRMLA Calculator here.

2.  All Reverse’s Free Reverse Mortgage Calculator (No Info Required)

All Reverse’s free mortgage calculator is designed for your convenience and to protect your privacy.  To quickly check your eligibility, enter your zip code, any existing mortgage balance, home value, and your date of birth.  This tool provides insights into the Home Equity Conversion Mortgage (HECM) and jumbo/proprietary programs, which may be beneficial if your property’s value is high enough.

The calculator gives detailed information about different loan options, including the costs of origination, which vary depending on the type and rate of the loan.  It can also show amortization schedules for up to 20 years.  Thus, you can choose the loan that best fits your long-term financial goals.

This calculator does not require entering personal contact information, ensuring you won’t receive any unwanted follow-up calls.  All Reverse is committed to a respectful and pressure-free experience as you consider your options.

3.  Retirement Researcher’s Independent Calculator

The Retirement Researcher’s Independent Calculator is an advanced tool designed for those who already understand reverse mortgages and want to explore the details more thoroughly.  To use this calculator, you’ll need to input different loan terms, your age, and property details.  It provides information about HUD factors determining the potential loan amounts you could receive, not including costs or other factors.

However, this calculator does not calculate costs or interest rates.  You need to have this information ready to input yourself.  It also allows you to add parameters like funds reserved for repairs or necessary due to income or credit conditions, but it doesn’t indicate whether these reserves are required or estimate their amounts.

While this tool provides a deep insight into the basic framework of HUD HECM products, it does not include lender-specific costs or comparisons between different loans.  Thus, it’s useful for learning but less for actual loan comparisons.

Comparative Analysis: Choosing the Best Reverse Mortgage Calculator

• All the available calculators offer valuable insights, but we believe that the All Reverse Loan Optimizer (ARLO) by All Reverse Mortgage, Inc. is the top choice for those shopping for a reverse mortgage.  ARLO provides real numbers in real-time, with accurate costs applicable anywhere in the U.S.
• You can adjust your information to ensure the proposal meets your specific needs and includes the current rates and fees from All Reverse Mortgage, Inc.  Importantly, you do not need to provide your social security number to get your details, and if you prefer not to be contacted, let us know, and we will respect your privacy.
• We promise not to pursue you just because you used our site.  However, we are always here to help if you need us.  Our calculator covers the HUD Home Equity Conversion Mortgage (HECM), the government-insured reverse mortgage, and jumbo or private programs for homes valued above HUD limits.
• Unlike some companies, we provide a written proposal allowing you to see a complete and transparent cost breakdown, including those others might omit, like HUD or title fees.  We encourage you to shop around and compare lenders.  You’ll find that not all lenders provide transparent pricing through their calculators.

Frequently Asked Questions