Reverse Mortgage Calculator

How this calculator works

Enter your home value, the age of the youngest borrower and your current mortgage balance. Borrowers must be 62 or older. The calculator uses a simplified percentage of home value that rises with age, up to a cap, and subtracts your existing mortgage balance. It is only a rough guide. A real lender uses current rates, loan limits, age and home details to set the actual amount.

Example

A home worth $450,000, a youngest borrower aged 70, and a mortgage balance of $120,000. The calculator shows: Rough Estimate Available: $51,000.00 (estimate only; a lender sets the real amount).

Tips

• A reverse mortgage is a loan. The balance grows over time, and it must be repaid when the last borrower leaves the home or sells it.
• You still need to pay property taxes, homeowners insurance and upkeep, and failing to can put the loan in default.
• Federally insured reverse mortgages require counseling from an approved counselor. Use it, and compare other options before deciding.

Common questions

Is this the amount I would actually get?

No. It is a rough estimate. A lender sets the real amount using current rates, loan limits and your circumstances.

What happens to the home?

You keep the title and live in the home, but the loan must be repaid later, usually when you move out or pass away, often by selling the home.

Related calculators

• Medicare Budget Calculator
• Senior Living Cost Calculator
• Long-Term Care Cost Calculator
• All 64 calculators

Results are estimates only. See our disclaimer.