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!

Best Reverse Mortgage Calculators (No Personal Information Required)

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

Many lenders provide reverse mortgage calculators on their websites.  However, it’s important to know that some of these tools are run by third parties who may share your information with lenders.  Also, some calculators may ask for more personal details than necessary.  Be cautious when providing contact information on these websites to avoid unwanted, persistent sales calls.  Always choose a reputable source that protects your privacy when exploring your options.

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 great 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.

Screenshot of National Reverse Mortgage Lenders Association Free Calculator

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.

Screenshot of ARLO Free Reverse Mortgage Calculator

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.

Screenshot of Retirement Researcher Calculator

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

Q.

How Does a Free Reverse Mortgage Calculator Work?

A free reverse mortgage calculator helps determine how much you might receive from a reverse mortgage.  It uses information like the age of the youngest borrower or spouse, your home’s estimated value, any existing debts against your home, and your home’s zip code.  The calculator then uses the current interest rates to arrive at the “Principal Limit,” which is the maximum loan amount you might qualify for based on your details.  The interest rate plays a crucial role in determining this amount.  A lower rate means you can potentially borrow more money.  For a more detailed explanation, check out my article on Forbes.com.

Q.

How Much Money Can You Get from a Reverse Mortgage?

The amount of money you can get from a reverse mortgage depends on several important factors: your age, the value of your home, any existing debts against your home, and the current interest rates.  Generally, the older you are, the more of your home’s value you can borrow.  Interest rates also play a significant role; lower rates mean you can borrow a higher percentage of your home’s value.
Q.

Why Do Reverse Mortgage Calculators Ask for Personal Information?

Reverse mortgage calculators need specific details to give you an accurate estimate.  To provide an exact quote, they ask for your birthdate, the property’s zip code, value, and any outstanding mortgage balance.  Importantly, you don’t need to provide your social security number to get a quote.  You can use limited details if you’re looking for a ballpark figure and don’t want to enter sensitive information.  These websites are designed to protect your anonymity and not track personal details, ensuring your privacy is maintained throughout the process.
Q.

How Is Interest Calculated on a Reverse Mortgage?

You aren’t required to make any monthly mortgage payments with a reverse mortgage.  Instead, the interest is added to your loan balance each month.  This interest only builds up on the balance that you’ve borrowed.  If you have a line of credit available, you won’t accrue interest on the funds until you use them.  While the loan is set up this way to prevent monthly payments, you’re still free to make voluntary payments towards the interest at any time if you choose to do so.
Q.

What is the Current Interest Rate for a Reverse Mortgage?

As of 5/20/2024, reverse mortgage interest rates vary based on whether you choose an adjustable or fixed-rate option.  Adjustable rates start at 6.890% with a 1.750 margin, while fixed rates begin at 7.560%, with an APR of 9.080%.  Understanding these rates is crucial because they directly impact the money you can borrow and your future home equity position.  For a more detailed explanation of how reverse mortgage interest rates work and their effects on your loan, visit our dedicated page to current interest rates.

Guide to Using All Reverse Mortgage Calculators

Type of CalculatorPurposeFeaturesIncludes Rates/APR
Free Reverse Mortgage CalculatorBasic Calculations for Estimating Monthly Payments, Single Lump-Sum Payouts, and Available Line of CreditQuickly Estimate Your Reverse Mortgage Payout Without Personal Details.No
All Reverse Mortgage CalculatorDetailed Calculations for Monthly Payments, Single Lump-Sum Disbursement, and Line of Credit OptionsCalculation of What You Could Get from a Home Equity Conversion Mortgage (HECM) or Jumbo/Proprietary Reverse MortgagesYes
Reverse Mortgage Line of Credit CalculatorSpecialized Tool for Estimating HECM Line of Credit and Simulating Credit Line Growth RatesEstimates Your Available Credit Line from a Reverse Mortgage and Projects Its Growth Over Time.No
Reverse Mortgage Refinance CalculatorHECM to HECM Refinance AnalysisAssists in Evaluating Whether Refinancing Your Existing Reverse Mortgage is Advantageous, Considering Current Home Value, Interest Rates, and the 5x Benefit Rule.No
Reverse Mortgage for Purchase CalculatorHECM for Purchase Calculates the Funds Needed to Buy a New Home with a Reverse Mortgage, Taking into Account Your Down Payment and Net Income from the Sale of Your Current Home.Yes
Reverse Mortgage Amortization CalculatorLoan Balance and Equity Simulator, Negative Amortization SchedulesOffers a Comprehensive Analysis of Loan Balance, Equity, and Accrued Interest Changes Throughout the Life of a Reverse Mortgage, Complete with an Excel File for Personal Tracking.Yes
This chart outlines the variety of calculators from All Reverse Mortgage, tailored to your needs for reverse mortgages. It's arranged with four easy-to-understand sections: the type of calculator, its purpose, its features, and information on whether it includes rates and APR details.

Conclusion

Choosing the right reverse mortgage calculator can significantly impact your financial planning and decision-making process.  The tools we’ve reviewed here are some of the best available, providing accurate and reliable estimates without requiring personal information.  Remember, it’s always a good idea to consult with a financial advisor or reverse mortgage specialist to fully understand your options and make the best decision for your financial future.

If you have any further questions or need personalized advice, feel free to contact us at (800) 565-1722.  We are committed to providing transparent and accurate information to help you confidently navigate your reverse mortgage journey!