Welcome to the Reverse Mortgage Calculator, Trusted by Thousands!
Calculate your reverse mortgage options instantly—no personal details needed. Get accurate, real-time quotes for HECM, Jumbo, and Proprietary programs, including loan terms, interest rates, APR, and closing costs. Whether you’re exploring borrowing limits or comparing loan options, trust the #1-rated reverse mortgage lender to provide precise, reliable information.
Key Features of Our Reverse Mortgage Calculator
- No Personal Information Needed
Start with basic details—no sensitive personal information is required to get started. - Real-Time Quotes
See accurate interest rates, APR, and loan terms updated instantly for complete transparency. - Side-by-Side Loan Comparisons
Compare reverse mortgage options easily to find the best match for your financial goals. - Easy-to-Use Interface
A simple, guided process ensures you can explore and choose the right reverse mortgage with confidence.
Step-by-Step Guide: How to Use the Reverse Mortgage Calculator
- Enter Your Zip Code
Start by entering your zip code to ensure accurate estimates for third-party closing costs, including local appraisal fees, title insurance, and recording fees. - Provide Your Home’s Estimated Value
Share your address to get a precise estimate of your home’s value, a key factor in calculating your reverse mortgage limit. - Input the Age of the Youngest Homeowner
Enter the age of the youngest homeowner on the title—this determines your maximum loan amount (principal limit). - Add Your Current Mortgage Balance
If you have an existing mortgage, include the outstanding balance. Your reverse mortgage can help pay it off, freeing up funds for your retirement.
Pro Tips for Getting the Most Out of Your Reverse Mortgage Estimate
- Include Your Spouse’s Age
If you’re 62 or older, make sure to include the age of any younger spouse, even if they’re not eligible for the reverse mortgage. Their age can impact your loan amount and terms. - Consider Timing for Higher Loan Amounts
Closing your reverse mortgage within six months of your next birthday could increase your loan amount as lenders adjust principal limits based on age. - Include All Mortgage Balances
For the most accurate borrowing estimate, include all existing mortgage balances. This ensures you know how much is available after paying off any obligations.
Breaking Down Your Reverse Mortgage Estimate
- Estimated Loan Amounts
See how much equity you can access based on the details you provide. This gives you a clear picture of the loan amount you may qualify for. - Real-Time Interest Rates
Get the latest interest rates updated regularly to help you make informed decisions and choose the best reverse mortgage option for your needs. - Estimated Closing Costs
Transparent estimates of upfront expenses, including appraisal fees, title insurance, and other associated costs. - Amortization Schedule
A detailed amortization schedule offers a clear, long-term view of your reverse mortgage and helps you understand how your loan balance and home equity may change over time.
Searching for the best reverse mortgage calculator to understand the numbers, I discovered All Reverse Mortgage and noticed their rates were lower than the major lenders. Their prompt response and quick follow-up demonstrated their commitment to excellent customer service. -Peter H. (BBB)
Frequently Asked Questions
How is the amount of a reverse mortgage determined?
The amount you can borrow with a reverse mortgage depends on several factors, including the age of the youngest borrower, your home’s appraised value, and current interest rates. HUD’s Principal Limit Factors (PLF) table determines the loan-to-value ratio, providing a clear estimate of your borrowing potential.
How do interest rates affect reverse mortgage calculations?
Interest rates significantly impact how much you can borrow with a reverse mortgage. Lower rates increase the amount of equity you can access, while higher rates decrease it. Staying informed about current rates can help you maximize your loan potential.
How does the HECM line of credit growth rate work?
The HECM line of credit grows over time based on a growth rate applied to the unused balance. This rate combines the current interest rate and the mortgage insurance premium, increasing your available credit each month.
How are monthly payments on a reverse mortgage calculated?
Monthly payments depend on your loan amount, the payment plan you select, and the age of the youngest borrower. Older borrowers may receive higher payments due to shorter life expectancies. You can customize your payment structure by choosing a tenure plan (lifetime payments) or a term plan (fixed period payments).
How is the lump sum payment calculated?
The lump sum payment is determined by HUD guidelines, factoring in mandatory obligations like closing costs and any existing mortgage balances. Depending on your loan type, you may receive the full lump sum at closing or have additional funds accessible through a line of credit.
