🏠 Reverse Mortgage Calculator
📊 Reverse Mortgage Results
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📅 10-Year Equity Projection
Enter your details and click "Calculate" to see the equity projection
📅 Amortization / Payment Schedule
Enter your details and click "Calculate" to see the full amortization / payment schedule
🧮 Understanding Reverse Mortgages
A reverse mortgage allows homeowners aged 62+ to convert part of their home equity into cash without monthly payments. The loan is repaid when you move out, sell, or pass away.
• Stay in your home
• Flexible payout options
• Tax-free proceeds
• Non-recourse protection
• Loan balance grows over time
• Potential foreclosure risk
• High upfront costs
• Impact on government benefits
Eligibility Requirements:
- All borrowers must be 62 or older
- The home must be your primary residence
- You must own the home outright or have significant equity
- You must undergo financial assessment and counseling
- You must maintain the home and pay property taxes and insurance
Use this calculator to estimate how much you might qualify for, but consult with a HUD-approved counselor before making any decisions.
🧭 How to Use This Calculator
- Select your preferred currency from the dropdown at the top of the calculator.
- Enter your home value and the age of the youngest borrower (must be 62 or older).
- Enter your existing mortgage balance, if any — this will be deducted from your available proceeds.
- Choose a payout type: Lump Sum, Monthly Payments (Term), Monthly Payments (Tenure), or Line of Credit. If you pick "Term," also enter the number of months you want payments for.
- Add the expected interest rate, home appreciation rate, and closing costs for a more accurate projection.
- Click Calculate to see your maximum loan amount, net proceeds, monthly payment, line of credit, and remaining equity instantly.
- Scroll down to review the 10-Year Equity Projection and the Amortization / Payment Schedule — toggle between Yearly View and Monthly View to see every month.
- Click Reset at any time to clear all fields and run a new estimate.
❓ Frequently Asked Questions
What is a reverse mortgage?
A reverse mortgage is a loan for homeowners aged 62 or older that converts part of their home equity into cash. Unlike a traditional mortgage, there are no required monthly payments — the loan is repaid when the borrower sells the home, moves out permanently, or passes away.
Who is eligible for a reverse mortgage?
All borrowers on the loan must be 62 or older, the home must be your primary residence, and you must own it outright or have significant equity. You'll also need to complete a financial assessment and mandatory HUD-approved counseling session.
How is a reverse mortgage repaid?
The loan balance, including accrued interest and fees, becomes due when the last surviving borrower sells the home, moves out for an extended period, or passes away. It's typically repaid by selling the home or through the borrower's estate.
Will I still own my home?
Yes. You keep the title and full ownership of your home. You remain responsible for property taxes, homeowners insurance, and routine maintenance to stay in good standing with the loan terms.
Are reverse mortgage proceeds taxable?
No. Because reverse mortgage proceeds are loan advances rather than income, they are generally not subject to income tax. Consult a tax advisor for guidance specific to your situation.