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Unlock Your Home's Cash Potential with this FREE Reverse Mortgage Calculator

What will this reverse mortgage be used for?



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Do you need to sell an existing home?

No
Yes
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Have you found a new home?

Yes
No
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How will this property be used?

Primary Residence
Vacation Home
Investment Property
Something else
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How long will you keep this property?

(an estimate is fine)

Less than 5 years
5-10 years
11-20 years
Do not plan on moving again
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What's the purchase price of the new property?

(an estimate is fine)

[{"by":"5000","end":"100000","start":"80000"},{"by":"20000","end":"1000000","start":"100000"},{"by":"100000","end":"2000000","start":"1000000"}]
null
"240000"
  • $80K
  • $2M+
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What's your estimated down payment?

["1% Down","3% Down","3.5% Down","5% Down","10% Down","15% Down","20% Down","25% Down","30% Down","35% Down","40% Down","45% Down","50% Down"]
null
"3% Down"
  • 0%
  • 50%+
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What's your primary reason for considering a reverse mortgage?

Reason For Reverse Mortgage
Reason For Reverse Mortgage
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Is there a co-borrower/spouse?

No
Yes
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For whom is this reverse mortgage?

Myself
Parent
Sibling
Friend
Client
Somebody else
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What type of property will be used for this reverse mortgage?

Single Family Home
Condominium
Townhome
Multi-Family Home
Mobile/Manufactured Home
Something else
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How long will you keep this property?

Less than 5 years
5-10 years
11-20 years
Do not plan on moving again
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Please estimate the value of the property.

[{"by":"5000","end":"100000","start":"80000"},{"by":"20000","end":"1000000","start":"100000"},{"by":"100000","end":"2000000","start":"1000000"}]
null
"17"
  • $80K
  • $2M+
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What's your primary reason for a reverse mortgage?

Reason For Reverse Mortgage
Reason For Reverse Mortgage
i'm finished
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What's your current mortgage balance?

(an estimate is fine)

[{"by":"10000","end":"100000","start":"0"},{"by":"20000","end":"1000000","start":"100000"},{"by":"100000","end":"2000000","start":"1000000"}]
null
"65000"
  • $0
  • $2M+
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Is there a co-borrower/spouse?

Yes
No
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For whom is this reverse mortgage?

Myself
Parent
Sibling
Friend
Client
Somebody else
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What's your age?

["62 within 90 Days","63 years old","64 years old","65 years old","66 years old","67 years old","68 years old","69 years old","70 years old","71 years old","72 years old","73 years old","74 years old","75 years old","76 years old","77 years old","78 years old","79 years old","80 years old","81 years old","82 years old","83 years old","84 years old","85 years old","86 years old","87 years old","88 years old","89 years old","90 years old"]
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"7"
  • Under 62 years
  • 90+ years
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Where is the home located?

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What's your full name?

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What's your email address?

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What's your phone number?

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Reverse Mortgages: The Essentials

A reverse mortgage is a unique financial tool tailored for homeowners aged 62 and above. Unlike traditional mortgages that require monthly repayments, a reverse mortgage allows homeowners to convert part of their home equity into tax-free cash, monthly income, or a line of credit. 

The homeowner isn't required to make monthly loan repayments, and the loan is repaid when the homeowner sells the home, moves out, or passes away. It's a powerful way to leverage the value you've built in your home over the years.

Benefits of Reverse Mortgages

  • Financial Flexibility: Convert your home equity into cash, supplementing your retirement income.

  • No Monthly Mortgage Payments: Free up your budget and alleviate financial stress.

  • Stay in Your Home: Enjoy your retirement years in the comfort of your home, maintaining your ownership.

  • Tax-Free Proceeds: The funds you receive aren't considered income; thus, they're tax-free.



See If You're Eligible for a Reverse Mortgage Now!


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Considerations Before Choosing a Reverse Mortgage

  • Accruing Interest: As you're not making payments, interest accrues over time, which can reduce your home's equity.

  • Long-term Implications: It's essential to understand how a reverse mortgage might affect your heirs or estate.

  • Potential Fees: Just like traditional mortgages, there can be fees or closing costs associated with the loan.

Dispelling Reverse Mortgage Myths

Myth: The lender can take your home.
Fact: You retain the title and ownership of your home. Lenders can't take your property as long as you meet the loan's obligations, like maintaining the home and paying property taxes.

Myth: Your heirs will be burdened with loan repayment.
Fact: Heirs will never owe more than the home's value. If the home sells for more than the owed amount, the extra funds go to the heirs.




See how much cash you could unlock from your home's equity with our reverse mortgage calculator today!


It's FREE, and there's no SSN or login required!




FAQs about Reverse Mortgages

Can I lose my home under a reverse mortgage?
Answer: No, as long as you comply with the loan terms like paying property taxes, maintaining home insurance, and keeping the property in good condition.

How can I use the funds from a reverse mortgage?
Answer: There are no restrictions! You can use the funds for medical expenses, home improvements, travel, or any other purpose.

Will a reverse mortgage affect my Social Security or Medicare benefits?
Answer: Typically, no. However, it might impact Medicaid or other state or federal assistance programs. Always consult with a financial advisor.

Do I need good credit for a reverse mortgage?
Answer: Credit history is considered, but it's not the sole determining factor. The focus is more on your home equity and its value.

What happens if the loan balance exceeds my home's value?
Answer: You or your heirs are never obligated to pay back more than the home's value. Any shortfall is covered by the FHA insurance on the loan.

A reverse mortgage can be an instrumental tool in retirement planning. As with any financial product, understanding its nuances and consulting with professionals ensures you make the most informed choice.





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