A reverse mortgage can increase your cash flow and allow you to improve your financial security by helping you extend the life of your retirement savings. Using the proceeds from a reverse mortgage to pay off your existing mortgage and consolidate other debt can also relieve you from monetary pressures and allow you to take control of your financial future.
When considering if a reverse mortgage loan may be a smart financial solution for you, using a calculator to estimate how much you may be eligible for can be helpful. The amount of money you can get depends on:
- The age of the youngest borrower or eligible non-borrowing spouse1;
- Current interest rates; and
- The lesser of:
- The value of your home;
- The current lending limit set by the Federal Housing Administration; or
- The sales price, if you are using the reverse mortgage to purchase a home.
Whether or not you have existing mortgage debt will also be a factor. The fastest way to get a general idea of how much you may be eligible for is by using a reverse mortgage calculator.
How to Use Our Reverse Mortgage Calculator
There are many calculators available on the internet, and most of them ask for detailed information. We understand that it can be intimidating to put your information into an online form without knowing what it will be used for, so our simplified process only asks for the minimum information needed to provide an estimate. Our reverse mortgage calculator asks for:
- Age of the youngest borrower or eligible non-borrowing spouse
- Estimated home value
- Current amount owed (existing loan balance)
- Street Address
- Zip Code
- Basic Contact Information (email not required)
To see how much you may be eligible for, fill out the calculator at the top right of this page. The result from our calculator is only an estimate, but it will give you a general idea of how much you may be eligible to get with a reverse mortgage loan.
It is important to keep in mind that every borrower’s situation is different, so getting a personalized loan assessment is also a great next step. You can talk to a licensed loan advisor by calling 1.800.976.6211.
1 A spouse under the age of 62 must meet the following requirements to be considered eligible: 1) Be the spouse of the reverse mortgage borrower at the time of loan closing and remain the spouse of the borrower for the duration of the borrower’s lifetime. 2) Be properly disclosed to the lender at origination and specifically named as a Non-Borrowing Spouse in the loan documents. 3) Occupy, and continue to occupy, the property securing the reverse mortgage as the principal residence.