Thinking about borrowing a reverse mortgage? Our reverse mortgage calculator can help you determine how much money you might qualify to receive in a lump-sum payment. No personal information is required to calculate your estimate.
Start by inputting your property type, estimated home value, ZIP code, outstanding mortgage balance (if applicable) and the youngest co-borrower’s age (if applicable). You’ll also need to select the property use — this should be “primary residence” in order to meet reverse mortgage requirements.
Once you’ve added all your loan details, the calculator provides your estimated lump-sum amount. Now you’re ready to gather multiple reverse mortgage offers.
How does a reverse mortgage work?
Senior homeowners can use a reverse mortgage for income to maintain their lifestyle, pay off debt, cover home improvement expenses or meet other financial goals.
A reverse mortgage is a home loan that provides income to senior homeowners by drawing from their available home equity. Rather than making a payment each month as you would on a “forward” mortgage, you’d receive funds from your lender in the form of a lump sum, monthly payout or line of credit.
General reverse mortgage requirements include the following:
- Be at least 62 years old
- Have zero delinquencies on any federal debt
- Own your home free and clear or have 50% equity or more
- Participate in reverse mortgage counseling
- Use the home securing the loan is your primary residence