Reverse Mortgage Calculator: How much can I borrow?
A reverse mortgage could be a great way to tap into additional funds in your retirement based on the value you’ve built up in your home.
A reverse mortgage* could help you stay ahead of expenses and allow you to keep up the standard of living you’re accustomed to in your retirement. Calculate reverse mortgage estimates below to see how much you can borrow.
Reverse mortgage calculator
Use this calculator to estimate how much you could receive from a reverse mortgage loan. To obtain one of these loans, you and your co-borrower(if any) must be at least 62 years old.
Estimate your reverse mortgage loan
Our reverse mortgage calculator can help you determine how much money you might qualify to receive in a lump-sum payment.
Minimum age is 62
Your loan estimate is
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Reverse mortgage calculator FAQ
Whether you’re buying a home or refinancing, there’s never been a better time to lock in a lower rate.
A reverse mortgage allows homeowners 62 and older to convert a portion of their home equity into cash or a line of credit to pay down expenses or maintain a standard of living after retirement. You can even use the funds for the purchase of a new home or investment property. With a reverse mortgage, you can choose not to make monthly principal payments, and can you continue to live in and own your home.
The reverse mortgage calculator can help you estimate how much you could borrow, but speaking with an experienced Rate loan officer is the best way to get detailed numbers that reflect your financial situation. The amount you could qualify for depends on several factors, including your age, location, current interest rate, home value and the reverse mortgage product and disbursement option you select.
A reverse mortgage borrower must meet all loan obligations, including living in the property as the primary residence and paying charges such as taxes, fees, hazard insurance and homeowner’s association fees, if any. The borrower must maintain the home. If the borrower fails to meet these obligations, the loan must be repaid.
You have the option to receive a lump sum upfront, set up monthly disbursements or establish a line of credit. You can even choose a combination of all three options.
A reverse mortgage typically ends when you no longer use the home as your primary residence for reasons that include a permanent move, selling the home or the last borrower passing away. At this point, the loan balance must be repaid.
Keep in mind that a reverse mortgage is a non-recourse loan, which means that you or your estate cannot owe more than the value of the home when the loan becomes due and the home is sold.
If you want to access the equity in your home but aren’t sure which option is best for your needs, the team at Rate can help. Check out the differences between a reverse mortgage and a HECM.
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Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
*This is not a commitment to lend. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Otherwise, the loan must be repaid when the last borrower passes away or sells the home. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Rate, Inc. is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. To find a HECM Mortgage counselor near you, search the HECM Counselor Roster at https://entp.hud.gov/idapp/html/hecm_agency_look.cfm or call (800) 569-4287.
**If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
When the loan is due and payable, some or all of the equity in the property that is the subject of the HECM mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.